July 21, 2011
According to William Blake, the tigers of wrath are wiser than the horses of instruction. At Thursday's routine emergency summit in Brussels, the howler monkeys of panic will probably be more than a match for either.
Angela Merkel could be forgiven for thinking that in order to save the euro as it should have been, she has to destroy the euro as it is. In reality, she is not likely to get the chance to choose.
If she rejects a massive extension to the EU's institutions for mutual support, she will almost certainly unleash untold chaos on Europe's body politic, and on the world economy. If she accepts, she will have completed one of the biggest sellouts of a people by its political class in modern times. Truly, there are no good choices, only degrees of evil.
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