Either the eurozone moves to a federation or it eventually breaks up, bringing the world economy to its knees in the process. The choice is clear and the consequences of that choice could define our generation.
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This past week the now hydra-like Greek debt crisis reared yet another one of its re-growing heads. Anti-austerity protests returned to Athens as Greek ministers attempted to acquiesce to the demands of European Union leaders who thought that the problem had already been dealt with. The continuation of the Greek recession, now entering historic periods of length and severity at five years and a 16 percent decrease from pre-recession GDP, should not be seen as a surprise.
Read MoreA growing sense of anxiety has begun to simmer in the eurozone as the year’s dramatic events put the single currency in an increasingly precarious position. Earlier this month, Silvio Berlusconi’s announcement that he would step down and allow technocrats to try to salvage the Italian economy seemed extraordinary. Now, however, pundits are looking fondly at the days when they could bite their nails over the collapse of individual countries as the euro itself appears to be in mortal danger.
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