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Opinion

Robert J. Samuelson: Don't think Germany can save the rest of Europe

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  • SEY Sandy, UT
    June 12, 2012 12:20 p.m.

    The euro is suffering a long and painful death. Nothing can save it, but it's excruiciating to watch it happen. The idea was doomed from the start, but optimisim was high at the beginning because the world was experiencing an economic boom. As long as people are willing to borrow and spend, the euro (or any fiat currency) looks invincible. Once those borrowers are tapped out, they walk away from the punch bowl and the party's over. Even if government pays for the punch, they can only buy it with taxes, another draw-down of consumer wealth. Rather than face the inevitable breakup of the European Union, world banksters will pressure Germany and the US to bail out their banking system because (are you ready to hear it again?) they're TOO BIG TO FAIL!