Save the Euro, tax banks


As can be expected with Germany being asked to pay for Greek debt woes, the question has to be asked.  Is the great European experiment over?  In the way that it has come to mean free trade and free movement, I hope not.  In the reality of it being a social experiment, with a common farm subsidy policy and tax harmonization, let's not mourn.  But the truth of the matter is, if they bury Europe, or even just the Euro, we will get more individual country responsibility, but likely keep free trade and freedom of movement.  That would be good.

If the Euro is to remain as a major currency, they really can't and shouldn't care if Greece uses the Euro or not.  After all, the US Dollar is a defacto currency in Ecuador, El Salvador and Panama and the United States.  Uncle Sam doesn't exactly regulate the debt ratios of those countries, and there would be no clamor for bailout of Panama. 

How does Germany plan on solving the Euro crisis?  With a global financial tax.  She called this a signal of strength, but in truth it is more of the same, via Times:
Angela Merkel led calls for an international financial tax today as a “signal of strength” as stock markets continued to slump from a lack of confidence in the euro.

The German Chancellor, whose apocalyptic warnings about the single currency yesterday started the latest slide in European shares, insisted that new regulations would demonstrate that politicians had a grip on the febrile financial markets.

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