In response to:

Europe, Unemployment and Instability

citizen al Wrote: Mar 06, 2013 9:31 AM
Very insightful column, although I have a beef with one thing: the EU definition of austerity. Cutting gov't spend and raising taxes is economic suicide. Lowering taxes is the only way to stimulate what the EU, and the US as well, desperately need: growth. Friedman also dances around the 800-pound gorilla, namely the reality that at some point, millions of unemployed Southern Europeans will figure out that the EU itself is one of the greatest scams ever perpetrated on an unsuspecting, but until now, eager populace who thought a "free lunch" was just that. It isn't, and the catastrophe of going back to national currencies pales in comparison to maintaining a common currency that virtually guarantees endless recession.
johnm h Wrote: Mar 06, 2013 10:07 AM
Going to national currencies would not be a catastrophe except for the financial interests for whom the whole bail out is designed.

The global financial crisis of 2008 has slowly yielded to a global unemployment crisis. This unemployment crisis will, fairly quickly, give way to a political crisis. The crisis involves all three of the major pillars of the global system -- Europe, China and the United States. The level of intensity differs, the political response differs and the relationship to the financial crisis differs. But there is a common element, which is that unemployment is increasingly replacing finance as the central problem of the financial system. 

Europe is the focal point of this crisis. Last week Italy...