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| Outside my office, I discover a new friend. |
If there is to be monetary unity, there must be a unity of fiscal systems; that there was not was the "birth defect" of the Eurozone. And further, a major cultural difference has never been resolved, that between the relatively productive and tightfisted "Northern Protestants" (Germany, Holland) and the free-living, spend-it-all "Southern Metlife Catholics" (Spain, Greece, Italy). The availability of easy money to the Catholics gave them impetus to incur massive debt, which now brings the entire eurozone to the brink of collapse.
(Based on commentary from
NPR Morning Edition)
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