Tuesday, 30 June 2015

#grexit, #PRexit

Patriotism aside, the USA and the EU are in many ways organised around the same basic principles. Although I am sure that many would like to back away from such a comparison by pointing out important distinctions and the fact that the US is a more (or less, depending on one’s point of view) coherent bloc, despite or because of varying jurisdiction, taxes, etc.
The US cannot exactly boot out the recalcitrant and the under-performing and succession has been made an illegal-fiction—and while the fledgling EU has untried provisions to kick-out members or let them leave voluntarily, and perhaps more importantly, on balance with the insistence that this experiment will work, the ability to selectively invite new partners—which really isn’t a possibility for America—and the core of badly-behaving Europe achieve a new and hopefully better character in expanding its borders. Though many of the contiguous territory, in my opinion, are in far worse financial straits, the Colombian Union is baiting and beating up on one of its colonial outliers in insolvent Puerto Rico with mounting attention that may well match captivation that the Greek tragedy is providing.  Receivership does not seem like an option that will do anyone any good, other than the lenders of last resort.