Monday, June 04, 2012


One might think that an emergency is not the right time to contemplate massive changes in governmental structure, but history tends to show that it's the only time for such changes. Thus, the depredations of the Barbary pirates triggered the formation of the United States and today's Euro crisis is provoking very serious contemplation of a major step toward fiscal union in the Euro zone.

It won't be easy - or painless.