Rep. John Campbell: Europe’s lesson for the U.S., Socialism Doesn’t Work
Unless you have been hiding in Attorney General Eric Holder's "Fast and Furious" file cabinet, you know that trouble is brewing in Europe. Real big trouble. None of us knows where it will go from here, but I can see no good outcome.
The experiment of monetary union without fiscal or political union has failed. Most of the solutions European leaders are discussing will simply delay the inevitable. Using debt that you have no plan to repay in order to pay other debts that you can't repay doesn't work with mortgages and will not work with governments. And, it is hard to even describe the political challenges they have over there. Look at the gridlock we have here with one country, one culture and two political parties. Now, imagine having 17 countries, dozens of cultures and more like 100 political parties.