As the European economic crisis unfolds, it is becoming obvious that there are two distinct ideas out there about how to proceed. One is favoured by the international financial elite, the European Union and the political leaderships of member states – and the other is the approach that is gaining purchase outside the chancelleries.
The former is the creation of a true European nation, a fiscal and debt union; the latter is allowing market forces to work and letting Greece unpick its monetary handcuffs and find its own level. I ask whether we would prefer to live under a benevolent dictatorship now because the time for answering it is fast approaching, the fork in the road is upon us and we are going to have to choose. I am not going to argue that one answer is entirely good, and the other entirely bad, but that each has its positives and negatives. It depends on your perspective, that is all.
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