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Euro straightjacket rules destroyed it. Other troubled Eurozone countries face similar problems made worse by austerity and more debt. The system doomed to fail is cratering. From inception it was sure to happen, but fraudulent reengineering made it look workable.
In contrast, mainstream economists are paid to see blue skies and say so even when so often they're wrong. In addition, they consistently miss key turning points. Their Eurozone analysis is wrongheaded, and so aren't major media opinions. At least so far.
On December 9, a New York Times editorial headlined, "Europe's Latest Try," saying:
How many times have "historic" agreements "fall(en) apart as markets judged they were inadequate or irrelevant to the problem of making good on old debts and generating enough growth to pay off future obligations."
"We are not optimistic that" the latest one "will now break that cycle." Europe prefers learning the hard way. Winston Churchill explained US problem solving that way, saying, "The Americans will always do the right thing after exhausting all other options." In other words, when there's nothing left to try.
On January 1, New York Times writer Nelson Schwartz headlined, "Austerity Reigns Over Euro Zone as Crisis Deepens," saying:
In fact, cut and borrow assures greater crisis conditions ahead than now. According to Graduate Institute of Geneva Professor Charles Wyplosz, "We're going straight into a wall with this kind of policy. It's sheer madness," but Eurozone leaders are pursuing it like lemmings blindly near the abyss.
On January 1, London Guardian writer Heather Stewart headlined, "Economics in 2012: no gain, just pain as austerity brings misery to all," saying:
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