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[...] Bewildered Europeans caught in a permanent downward spiral and devoid of democratic control over those whose decisions determine their lives are turning inward and blaming themselves. Back in the Middle Ages, when the Black Death hit Europe, most Europeans genuinely believed that the plague w…

[...] The essence of that sorry treaty was not so much that it crushed Germany economically and caused Germans untold collective pain, but that, in the end, it was an own goal: a terrible deal even for the victors--a self-defeating punitive act that John Maynard Keynes understood early on and the r…

[...] a federation replaces sovereignty forfeited at the national or state level with sovereignty at the unitary, federal level, centralizing power within an alliance of states is, by definition, illegitimate, for there is no body politic that can legitimize it.

The idea is simple: the central bank buys from commercial banks other people's debts. Who are these 'other people'? They can be families that owe mortgages to the bank, corporations, or even a government that has sold bonds to the bank. In exchange for these debts and the stream of income they prod…

But this was not a bailout. Greece was never bailed out. [...] Greece's bailout, then Ireland's, then Portugal's, then Spain's primarily rescue packages for French and German banks.