Anyone who claims to know what is about to happen to Europe is a fool. An unprecedented collapse in world credit has hit against years of reckless state borrowing to produce economic meltdown. Where there is economic meltdown, there is always a danger of political meltdown. While all other sciences have advanced over the ages, that of government “is little better practised now than three thousand years ago”, wrote John Adams. We can all have a view on what ought to happen next, but few can predict how democratic leaders really behave when things fall apart.
Hence we have had Clegg sulking, Cameron banging his chest, Ed Miliband fuming in frustration and the British media defaulting to pantomime mode as sceptics or cheerleaders, Cavaliers or Roundheads, Catholics or Protestants. Abroad, we have Nicolas Sarkozy’s anti-British rhetoric supposedly to win him an imminent election. For the same reason we have had Angela Merkel refusing to liberate Europe’s central bank. Nothing is done to rescue the euro, except what is always done in such crises: a move to “ever-closer union”.
In the meantime, as I may have mentioned
It’s still “the political trilemma.”
[Europe is still sexy! – Ed] Of course it is.