It's painful, but do read up on the nonsense underway at the G20 summit in Los Cabos, Mexico.
The world's major nations, with one or two exceptions, are in the hands of confused dopes with no idea of what they are doing. One of the biggest dopes is none other than European Commission President Jose Manuel Barroso. He is the classic Eurocrat: able to be arrogant, pompous, stupid, anti-American, and wrong in several languages. In other words, he is a bit like a mad maitre'd at a five star restaurant. In response to a perfectly good question from a Canadian reporter who asked why North Americans should be expected to help bail out Europe, Barroso, who makes about $30,000/month plus housing and other benefits, quickly let his inner anti-American take over, blaming Europe's crisis on the United States. He is an ideological fool. Europe has been living well-beyond its means for years, for decades, in fact. It relied on a free-ride provided by the United States on defense, and almost unfettered access to the US market. The beginning of the end for Europe came with the Euro, the magical amulet that would make Europe a superpower and shake off the global economic domination of the United States.
What the Euro did, of course, was something quite different. As we have discussed before, the Euro made unproductive Spain, Italy, Portugal, and Greece as expensive as productive Germany. Thanks to German productivity, shoddy bookkeeping of the Al Capone variety, and willful blindness and chicanery by European politicians and electorates, for a time it seemed the Euro was, indeed, a magical potion that would restore the grandeur that was Europe's. Alas, however, reality came knocking, and the brutal mathematics of the market place finally caught up with the Europeans. The whole EU house of cards is now in danger of collapse. The solution? Let the blame game begin! It wasn't wild spending (such as on Barroso's salary), or a vast entitlement culture, or anything else the Europeans did that caused the crisis. NO! It is the fault of the United States . . . when times are good, however, I don't hear the Eurocrats thank the USA.
Dog bites man . . . nothing to see here, move along . . .