The Scheisse Hits The Fan

Andrew Sullivan —  Aug 10 2011 @ 6:05pm

Michael Lewis, the most gifted nonfiction writer in America, explores Germany today. The basic problem with the euro-disaster (which some of us saw coming one day):

One of two things must happen. Either Germans must agree to a new system in which they would be fiscally integrated with other European countries as Indiana is integrated with Mississippi: the tax dollars of ordinary Germans would go into a common coffer and be used to pay for the lifestyle of ordinary Greeks. Or the Greeks (and probably, eventually, every non-German) must introduce “structural reform,” a euphemism for magically and radically transforming themselves into a people as efficient and productive as the Germans. The first solution is pleasant for Greeks but painful for Germans. The second solution is pleasant for Germans but painful, even suicidal, for Greeks.