A European's Warning to America
The perils of following us toward greater regulation, higher taxes and centralized power.
The critical difference between the American and European unions has to do with the location of power. The U.S. was founded on what we might loosely call the Jeffersonian ideal: the notion that decisions should be taken as closely as possible to the people they affect. The European Union was based on precisely the opposite ideal. Article One of its foundational treaty commits its nations to establish "an ever-closer union." Full Story »
Posted by Jon Mitchell - via Memeorandum, Wall Street Journal (Most Emailed), AllTop, Wall Street Journal (Opinion), Real Clear Politics
Unfortunately for Great Britain Margaret Thatcher bought into this stale philosophy of government and that country is still writhing under the considerable amount of our bad debt gobbled up by British banks in the form of C.D.O.s. The statement that "for the past 40 years Europeans have fallen further behind Americans in their standard of living" is a cruel absurdity when one considers our rate of growth was based on an economic credit bubble and the safety net was taken away for many when it finally broke.