European Union R.I.P.?
By Patrick J. Buchanan
When communism collapsed in Moscow, Prague and Belgrade at the end of the Cold War, ethnic nationalism surged to the surface in all three nations and tore them apart into 24 countries.
Economic nationalism is now resurgent across Europe. And it is hard to see how a transnational institution like the European Union, run by faceless bureaucrats, and the 16-nation eurozone it created long survive.
As of Monday, Greece and Ireland had been bailed out – Greece with $145 billion, Ireland with $89 billion. All eyes have now turned to Iberia, to Portugal and Spain, where bond prices are sinking and interest rates are rising, and investors are eying the exits.
MondayÕs stock and bond sell-off across Europe testifies to a belief that this storm is far from over.