The willingness of U.S. Government officials to print money rather than tackle tough debt-cutting measures is in sharp contrast to the approaches to relieving the public debts in the E.U. The state of Ireland, for example, nearly doubled its package of spending cuts and tax increases in 2010 to rein in its huge deficit. Even so, borrowing costs in the states of Spain, Portugal and Greece spiked upward again in late 2010 and in 2011 amid bailouts by the E.U. via contributions from the state governments. The issues are as much political as economic.
The
complete essay is at Essays on Two Federal Empires, available at Amazon.
