Greece Default? How About the U.S.?
The European Union is reeling with disbelief that so many of its member-states are in tenderly if not dire economic straits; Spain, Greece, Italy Portugal, Ireland. And the most financially sound and prudent states like Germany are not too taken with the need to once again hoist Greece back into a position where it may yet face recovery on the back of yet another huge loan. Despite which it may still go into default.Should that occur, the common currency, the unified approach to mutual assistance and recognition of a collective goal as a global powerhouse would suffer grave consequences. Something that might look alarmingly like the proverbial pack of cards falling one after another. There is some dysfunction even within the governance of the EU itself, which bases itself in Brussels, Luxembourg and Strasbourg.
The exorbitant costs in awkwardly transporting five thousand people each month to pack up and make the 350-kilometre trek from Brussels to plenary sessions in Strasbourg, necessitating a 6-hr train trip where the 736 MEPs, political and bureaucratic staff, media and translators representing the 27-nation EU alternately meets, costs the taxpayers of Europe up to $285-million annually.
Nations and collectives of nations sometimes do strange things, impelled by forces from within vying for the balance of power. Just as a single nation often occupies itself with an ongoing activity that proves excessively costly and constitutes a gross interference on the international scene, yet feels itself committed to do so. In the case of the United States, this is its superpower role as global arbiter.
On its 235th birthday as a unified country, America faces the uncomfortable reality of economic decline, huge unemployment figures, a relentless deficit and massive debt; the need for infrastructure renewal but no funding available, and its citizens' urgent cry for an end to foreign interventions that costs the country the lives of its soldiers and the sapping of its treasury.
The country that has for centuries exemplified what rule of law, financial management through capitalistic ventures within a free Republican democracy can achieve to create wealth and security and a huge middle class, sees itself in potential feeble decline. The rivalry between the Democratic and Republican factions has become so toxic that the Senate and Congress have become hotly adversarial between the two, rather than helpfully non-partisan to solve the nation's problems.
There is such dissonance and such a political-social distance between the two parties that there hardly seems that they share much in common with respect to values and priorities and directions to lead the country back to a sound and prosperous footing. No one with an ounce of common sense, however, should be too swift to condemn the country to final disaster, even with the threat of default hanging over government.
The tenor of the political tone has descended to a low order, and the character and sensibilities of many Congressmen and Senators hit an aggravatingly low ebb with tales of sexual misconduct and peccadilloes, but the crises of confidence will inevitably be resolved, the Republicans will finally agree to end the latest standoff to allow Congress to take on debt above the defined limit.
The sheer strength of American ingenuity, resourcefulness and the dogged determination of the people will ultimately transcend the growing incompetence of their two governing parties, returning the country to previous positions of confidence and economic and political security. Much depends on it, not only for the United States but for the rest of the world.
What occurs to this country resonates internationally far more vitally than the outcome of the EU solving its problems.
Labels: Economy, Education, Energy, Political Realities, United States
posted by Pieface @ Wednesday, July 06, 2011
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