David Frum: What If Europe Had A Revolution And Called It A Debt Crisis?Quicklink submitted by Amanda Lang Permalink
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What we're seeing now is a kind of slow-motion bank run, with investors losing confidence in country after country.
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|What if they had a revolution, and called it a debt crisis?
This is the real story of what is going on in Europe right now. It's not about Greece. It's not about budget deficits.
When the European Union created the euro currency, they created a disaster-in-waiting. Unlike the United States, which can never run out of dollars because it can always print more, the various governments of the eurozone could potentially run out of euros. The European Central Bank does not work for one eurozone government. It works for all the eurozone governments -- and that's a very different thing.
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