Technocrats Fail to Fix Eurozone
In the wake of Italian Prime Minister Silvio Berlusconi's resignation, economist and former European Commissioner Mario Monti ascended to power. Monti's rise to lead Italy is remarkable in the fact that he has never won an election. As Berlusconi's rule came to a close, Italian President Giorgio Napolitano appointed Monti to parliament as a Senator-for-Life then asked him to lead the new Berlusconi-free government. Monti promised as premier a government of experts, a true technocracy tasked with solving the economic crisis threatening to sink Italy and tear down the rest of the Eurozone with it. So this unelected leader and his cabinet of other unelected officials were heralded by the powers-that-be in Europe as the saving grace for the Euro currency. It seems that technocracy needs to be made of sterner stuff, however, as the Italian economy continues to plummet and the Eurozone contagion is now starting to show drags upon the all-powerful German economy. Somewhere, probably in the midst of one of his depraved bunga bunga parties, Silvio Berlusconi--a man elected and reelected and, despite multiple opportunities, never voted out of office--is smirking at his technocratic replacements. Democracy was the last thing Italy had to sacrifice, and it appears to be failing miserably.
President Obama met with
the leading bureaucrats of the European Union--European President Council Herman van Rompuy and European Commission President José Manuel Barroso (yes, Europe has two presidents)--at the White House, but the meeting did not provide anything of substance. Obama highlighted our vested interest in the success of Europe, and the EU leaders insisted that the problem will be resolved and brought up America's $15 trillion debt and the need to focus on that as well. Others do not share the optimism of Messrs. Van Rompuy and Barroso. The United Kingdom's Foreign Office is preparing for the collapse
of the Eurozone and drawing up contingency plans to help Britons around the European Union in the event of riots consuming the European continent in the midst of a complete banking collapse. As American banks own a huge portion of European debt, there is certainly cause for concern among us as well. The economic forecast does not look good at all. It may be time for the American government and American banks to start taking measures to best protect us from the contagion contaminating Europe in order to try soften the blow when it comes.
9:35 PM / November 28, 2011
: include(/srv/users/prod-php-nltashbrook/apps/prod-php-nltashbrook/public/sd/nlt-blog/_includes/promo-main.php): failed to open stream: No such file or directory in
: include(): Failed opening '/srv/users/prod-php-nltashbrook/apps/prod-php-nltashbrook/public/sd/nlt-blog/_includes/promo-main.php' for inclusion (include_path='.:/opt/sp/php7.2/lib/php') in