EURO-COUNTRIES, US STATES AND OBAMANOMICS: A Shaken Europe Looks for Bolder Fixes - WSJ.com
Where is the comparison with America's separate states?
For instance, why should any other state backstop profligate California?
Or, why should Texas change its pro-job-creation, pro-business policies to be more like the socialist entitlement, anti-business, hi-tax policies of other states like California or Michigan?
Countries with anti-business policies like Greece should face the same problems over-spending by a US state would face - i.e. bankruptcy!
If California went bankrupt, would it effect the value of the US dollar? I don't think so!
As such, if Greece goes bankrupt and maybe Portugal, it should have no impact on the euro. By joining the euro, the easy-way-out of devaluation is gone. Nothing else should change.
Why not get on with things and force these countries to recognize their problems? Well, maybe because they are like Obama and his obamanomics - which believes their policies will 'eventually' produce good job growth, low inflation, etc.
I wouldn't count on Obama's policies being successful and it looks more and more as though the markets are moving in that direction as well.
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