With Greece on the precipice of default, and Portugal and Italy approaching the ledge, the European monetary union appears in peril.
Should it collapse, the European Union itself could be in danger, for economic nationalism is rising in Europe. Which raises a larger question.
Is the New World Order, the great 20th century project of Western transnational elites, unraveling?
The NWO dates back as far as Woodrow Wilson's League of Nations, which a Republican Senate refused to enter. FDR, seeking to succeed where his mentor had failed, oversaw the creation of a United Nations, an International Monetary Fund and a World Bank.
In 1951 came the European Coal and Steel Community, love child of Jean Monnet, which evolved into the European Economic Community, the European Community and the European Union. A European Central Bank and a new currency, the euro, followed.
The hidden ultimate goal of economic union was political union -- a United States of Europe as model and core of the 21st century world government.
With the disintegration of the Soviet Union, the EU expanded to the east. And the New World Order, formally proclaimed by George H.W. Bush in 1991, was out in the open and seemingly the wave of the future.
Progress was swift.
A North American Free Trade Agreement, bringing the United States, Mexico and Canada into a common market that George W. Bush predicted would encompass the hemisphere from Patagonia to Prudhoe Bay, was signed in 1993.
A World Trade Organization was born in 1994. U.S. sovereignty was surrendered to a global body where America had the same single vote as Azerbaijan.
The Kyoto Protocol, brought home by Vice President Al Gore, set up a regime to control the worldwide emission of greenhouse gases.
An International Criminal Court, a permanent Nuremberg Tribunal to prosecute war crimes and crimes against humanity, was created.
A doctrine of limited sovereignty had been asserted. Elites claimed a higher law than national sovereignty, "a responsibility to protect," enabled them to intervene in countries where human rights violations were egregious.
Serbia, bombed by Bill Clinton for 78 days for fighting to hold its ancient province of Kosovo, was the first victim.
Suddenly, however, the progression has stalled. Indeed, the New World Order seems to be unraveling.
Emerging powers like China, India and Brazil are demanding they be exempt from restrictions that developed countries seek to impose. The follow-up summits to Kyoto -- Copenhagen in 2009, Cancun in 2010 -- ended in failure. The Doha round of world trade negotiations ended in failure.