Prime Minister Margaret Thatcher predicted that the Euro was doomed to failure.
Perhaps the Iron Lady was right.
The Common Market instituted a common currency in order to facilitate trade throughout the Eurozone, yet the economic innovation has given rise to a superstate which does not behave itself, which has failed to maintain fiscal discipline among its member states.
Greece's debt surpasses its dwindling gross national product by so large a margin, one wonders if the Greeks will ever get back on their feet.
Italy, with an economy six times the size of its Aegean neighbor, has to discharge a debt %120 percent large than its revenue intake.
The European leaders scrambling to make ends meet with less and less have offered pleas for time from demanding creditors, begged for more handouts from the Central Bank, have been cajoled into taking sympathy loans from the IMF, and now it appears that the voters of these desperate nations are willing to force another round of elections to foist another set of hapless politicians into power.
None of these leaders possesses the iron determination and leadership needed to steer these teetering, leaking ships of state. Now, the Europeans are begging for a bailout from Great Britain, a nation still hacking away its bloated bureaucracies while harnessing whatever sources of remaining revenue to defray their long-standing debt burdens.
The welfare state has failed, from the Continent to the Royal United Kingdom, and now the grand experiment of financial liberalism has given way to the multistate-sponsored socialism which has run out of other people's money to spend.
I am certain that Merrie Olde Englande is breathing a sigh of relief that they stayed out of the Euromess. At this point, calls for the United Kingdom's full withdrawal from the Common Market are more than in order.