The sovereign debt crisis has come home to Europe's roost. Accompanied by a blatant and tyrannous attempt to limit parliamentary rule by the European Commission, economic necessity is wrenching the Eurozone into a protostate for now. Will Club Med countries will themselves into 'protectorates': the new term for their predicament?
The unrest from Greece and the delay of riotous assembly from 2009 will test this rigging of democracy. Lacking the backing of force, Europe's farcical extension of power will founder before the awesome dislocation that it created. Will the Euro endure? That is the question passing across commentaries in May.Neither the United Kingdom nor the United States are immune. Britain's problems, disguised during the election, clearly seen afterwards, have been trawled for some months. Barack Obama's deficient response to the deficit is rising slowly in his country's awareness. According to the IMF, the US structural adjustment amounts to approximately the UK's annual economic output. Such an adjustment will only take place under crisis conditions.
One of the consequences of the Great Recession is the normalisation of the US economy and the end of its exceptional status.