“The strong do as they can and the weak suffer what they must.” —Thucydides
My new book offers a history of Europe’s monetary union. America plays a central role in the narrative. Indeed, the book begins with developments in Washington D.C. in the run up to the Nixon Shock of August 1971 but also ends with an account of how the Eurozone’s crisis affects the United States and the world economy today. In between, the story of how Europe mishandled its yearning for a common currency by never having learned the lessons that US policy makers learned the hard way in the 1930s and 1940s; namely that if the burden of crisis falls upon the ‘weak’, capitalism goes into hideous spasms that threaten its very existence. Thus the fate of the global economy hangs in the balance, and Europe is doing its utmost to undermine it, to destabilize America, and to spawn new forms of authoritarianism. Europe has dragged the world into hideous morasses twice in the last one hundred years… it can do it again.