Solving the European debt crisis

The European Union (originally the European Coal and Steel Community) was created in the 1950s to prevent repeating the disastrous mistakes of the 1930s, and yet today, it seems as though nothing has been learned.

Once again Europe is on the brink. There has been an abject failure by Europe’s leaders to adequately tackle the euro crises head-on. Greece, Ireland and Portugal are shut out of the bond markets, and it looks like Spain and Italy will follow shortly.

We are told that these two are too big to save. So, what happens next?