Wednesday, April 3, 2013

My letter to the NY Times re: The Myth of European Solidarity

Re: Cypriots Feel Betrayed by European Union

Dear Sirs:

The frustration felt by ordinary Cypriots is illustrative of the myth that Europe is moving toward solidarity, prosperity, and greater social cohesion. The Cypriot crisis revealed the reality that lies beneath the Brussels rhetoric. The Cypriots were fools to believe that they could engage in reckless economic practices, moving away from agriculture and into services, and depend upon the EU to bail them out of any setbacks along the way. Just as each individual must rely upon himself and his own resources, the same is true of nations. Just as in Greece, the Germans are being blamed for not coming to the Cypriots' aid. But why should they? Would the Cypriots bail out the Germans, if the shoe were on the other foot? Of course not. Rather than build amity and good will, the EU has triggered massive misallocation of resources that has engendered enmity, distrust, and hatred. This is to be expected from any government-run, socialistic wealth transfer union.

1 comment:

  1. Another Blogger has commented on this poignantly:

    lead in:

    Comment from reference:

    "There will not be an economic recovery
    given the economic policies of this
    country. A recovery is not unlikely, I
    would argue it is closer to impossible
    if not impossible. The reasons for this
    position are not complicated. In short,
    the nation has become an out-of-control
    welfare state that is rapidly destroying
    the incentives to work or create jobs."

    "The depositors in Cyprus believed they
    owned what was in their bank accounts.
    They found out otherwise. Bondholders
    of General Motors believed they were
    protected by bankruptcy laws when GM
    was bankrupted by the government. They
    found out otherwise. Do you own your
    pension plans and IRAs. Well you always
    believed you did except now there is talk
    about confiscating a portion or all of
    these funds."