Europe Lays an Egg - by Stephen Lendman
Europe's deepening financial/economic crisis.
Like earlier summits, they met. They talked. They agreed to talk more and solved nothing. Once again Europe laid an egg.
In fact, in 2011 alone, EU leaders held 19 emergency meetings/summits, proposed dozens of rescue packages, made as many promises, yet are back at square one.
It reminded some of Variety's October 30, 1929 post-market crash headline: "Wall Street Lays an Egg."
After the latest Brussels summit, business publications hinted at systemic failure. On December 12, a Bloomberg editorial headlined, "Europe's Fiscal Pact May Solve Next Crisis, Not This One," saying:
Summit leaders "asked the wrong questions - then failed to answer even those." Moreover, whatever they agree on won't stick. It didn't before and won't now.
"In concentrating on long-term fiscal issues, the leaders mostly ignored the crisis around them." Putting off for later what's needed now never works. The summit made only one thing clear. EU leaders can't shoot straight. Moreover, they're aiming at the wrong targets.