Lessons from the Greek Bailout

"One thing which history shows that the USA got right, as it evolved, was in waiting until its respective states became parts of the union before trying to ensure that they all shared the US' currency. It is a lesson that Europe is now learning the hard way.

The lesson is being learned with the harshest results by the frugal German taxpayer, who has just paid $140 billion towards a bailout for Greece, a country which has serially spent much more than it has brought in, lied to the EU about it, and looks incapable of change. Worse — this behavior is affecting the value of the euro in the pocket of those very German voters whose money is already being spent bailing Greece out. The truth is that membership of the euro means that Germany's bailout hurts, but is needed to protect the value of its currency...."

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