Why The Euro Crisis Isn't Over -- BRIAN M. CARNEY, Wall Street Journal
The economist who dared to predict Europe's mess, and was fired for it, says there is much more pain to come.
Seventeen years ago, Bernard Connolly foretold the misery that awaited the European Union. Given that he was an instrumental figure in the EU bureaucracy and publicly expressed his doubts in a book called "The Rotten Heart of Europe," he was promptly fired. Mr. Connolly takes no pleasure now in having seen his prediction come true. And he takes no comfort in the view, prevalent in many quarters, that the EU has passed through the worst of its crisis and is on the cusp of revival.
As far as Mr. Connolly is concerned, Europe's heart is still rotting away.
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My Comment: As I have said many times in the past .... tax and spend, followed by tax, borrow, and spend .... the outcome is never going to be good. In Europe's case .... many of these troubled countries have not even started doing the structural adjustments that would put their budgets into some semblance of sanity. My prediction .... and it is not a hard one to make .... Europe's economic crisis will continue and will get worse.
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