Tony Blankley

As Cameron went on to say: "The French wouldn't have us trying to move their aerospace industry to Poland, so I'm not having them trying to move our financial services industry to Frankfurt -- forget it." The French European Union Commissioner Michel Barnier responded that "I don't know if I'd quite put it like that," which is euro-diplomatic talk for a barnyard epithet.

Of course, it is precisely this Anglo-French contretemps -- now over a thousand years in duration -- combined with the growing and stubborn desire of the various European electorates not to let their leaders and bankers sell them out to other European nations (many of them historic enemies) that is at the heart of Europe's failure to solve its debt crisis.

As the Financial Times' editorial argued: "Policies to put funding for Europe's sovereigns and banks on a secure footing cannot wait. But wait they will until the leaders fill the most serious deficit threatening the Euro. That of trust -- between countries and between voters and leaders ... Above all, leaders must create the political conditions for good policy ... The world beholds Europe and sees a region turned in on itself, whose squabbles pose a global economic threat."

Admittedly, it is gratifying, as an American, to see our European cousins -- who constantly disparage our culture and government -- struggle to govern themselves after over a thousand years of practice.

And, of course, the United States -- with the advantage over the eurozone of enjoying a unified federal fiscal policy amongst our several states -- also does not currently have effective leadership to solve our dreadful economic and related debt problems.

Nonetheless, it is shocking to see what a pitiful, helpless thing a great nation -- or continent -- can become for lack of competent leadership.

President Obama and Prime Minister Cameron are right about one thing at least -- if the Europeans fail to contain their debt crisis, America, Britain and the world will pay a horrible price. The powerful impact of a possible Euro-failure on the world economy is reflected in the fact that world stock markets go up or down 2-to 3 percent on the day over the slightest hint of good or bad Euro-debt news.

If such volatility can be caused by mere rumors, imagine the collapse that would come with the certainty of a failed Euro-debt policy.

Tony Blankley

Tony Blankley, a conservative author and commentator who served as press secretary to Newt Gingrich during the 1990s, when Republicans took control of Congress, died Sunday January 8, 2012. He was 63.

Blankley, who had been suffering from stomach cancer, died Saturday night at Sibley Memorial Hospital in Washington, his wife, Lynda Davis, said Sunday.

In his long career as a political operative and pundit, his most visible role was as a spokesman for and adviser to Gingrich from 1990 to 1997. Gingrich became House Speaker when Republicans took control of the U.S. House of Representatives following the 1994 midterm elections.

©Creators Syndicate