A few weeks back, the respected Martin Wolf wrote an op-ed for the Financial Times in which he lamented the inability of Europe’s elites to stop an inexorable collapse of the Euro monetary union. This one was widely noted not only because it was Martin Wolf saying it, but because of how he said it.
|By: emptywheel Wednesday July 14, 2010 6:40 am|
At the point in the World Cup when five South American teams had made it to the knockout round and European teams like Italy and England performed badly, I wondered whether this year’s Cup would be a kind of revenge on the IMF. All these South American countries that had spent much of the 80s and 90s struggling with onerous debt crises were winning. Teams from Europe, which is now being subjected to similar austerity measures, were losing or failing to qualify. I thought the Cup might end up marking a symbolic shift of dignity away from Europe at a time when Europe is being treated as South America once was.