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The E.U.’s Soft Underbelly

E.U. enthusiasts have recently scored a hat trick of good news.  First, there was the election of Rothschild banking protégé Emmanuel Macron to the presidency of France along with a parliamentary majority, followed by the much-improved pre-election poll ratings of German Chancellor Angela Merkel, and now the Tories’ loss of their party’s once solid parliamentary majority in Great Britain’s snap election last June.  Despite Brexit, despite economic stagnation across much of the continent and the tsunami of migrants flooding Europe, the political project of a European megastate is set to proceed.

The key wormhole in the central planners’ tottering but still grand scheme is the troubled euro, which is the handiwork of politicians, bureaucrats, and court economists whose vision proved to be more political than economic.  The result is a kind of Ponzi scheme, a piling up of moral hazards, whose failure would take the entire E.U. project along with it.

Two recent books on the subject address the question that has been at the heart of the common-currency project from its very beginnings: Would the euro be the instrument of a new era of economic freedom and prosperity among the members of a tariff-free trade block supporting the cross-border movement of sovereign nations’ goods and services, financial capital, and citizens (as agreed by the 1957 Treaty of Rome), or would...

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