12 Signs of the Europocalypse

Foreign Policy ^ | 12 June 2012 | Douglas Rediker and David Gordon

[Rummyfan]

From the Chinese buying spree to the rise of extremism, here's what to watch for as the continent teeters on the brink of disaster.

Two short years ago, if anyone had suggested that we would be considering pan-European bank regulation, cross-border deposit guarantees, joint and several Eurobonds, and the very survival of the common currency, they would have been dismissed as nothing short of crazy. But what was unthinkable then appears to be verging on the inevitable now. With last weekend's announcement of a bailout for Spanish banks and with potentially euro-shaking elections in Greece this weekend, we can now say with certainty that the staid European Union we knew for its first two decades is a thing of the past.

What we're not yet sure of is just what will take its place. The complexity and breadth of the unfolding European financial crisis, with another imminent flash point seemingly around every corner, have made it particularly difficult to distinguish noise from signal and the valuable data from the spin in each day's headlines. In particular, the news focus on daily -- or hourly -- developments in the crisis often obscures the broader dynamics that will shape the European response over the next few months, which will in turn shape Europe itself over the next few decades.

Here are 12 key trends to watch over the next few weeks for help in projecting what the new Europe will look like if it finally emerges from the mire.

[MrEdd]

Well Doug and David, anyone who was two damned stupid to see the collapse coming five years ago, and thought people explaining what was coming were crazy isn't in a position to credibly prognosticate with a series of points about where things are going to go now.

[Georgia Girl 2]

As Nigel Farage said yesterday. “the Titanic has finally hit the iceberg”

[ronnie raygun]

Number 1 thru 10............you vote in the same dickheads that got you into this mess.

[exit82]

Thanks,Rummyfan—good article—lots of good points to ponder.

The IMF—Christine Lagarde in particular—is becoming quite a powerhouse in all of this.

The emperor has no clothes—the question is how long will the Europeans keep fooling themselves into thinking otherwise. If human history is a guide, too long.

[wolfman23601]

I find it unbelievable that this issue was never addressed in the republican primary process throughout something like 20 debates and the media still hasn’t pressed Obama or Romney for their thoughts. We know Obama is a one worlder, but if Romney ever has to answer to this, his thoughts may well determine if he gets my vote. Since he supported and hasn’t backed down from his position on TARP, I am not too optimistic. Unfortunately, we will probably only hear about gay marriage and other manufactured issues.

[GOPJ]

Rise of extremist parties. They seem to be ascendant everywhere in Europe these days, on the right and on the left. In Greece, Syriza threatens the bailout while the neo-Nazi Golden Dawn received nearly 7 percent of the vote in May's elections. In Germany, the idiosyncratic Pirate Party has drawn a significant following. In France, Marine Le Pen's far-right National Front and Jean-Luc Mélenchon's Left Front are actually battling over the same voters...

They could vote in much worse... and will - as panic sets in...

[blam]

I read a headline yesterday that said the Chinese were pulling their money out of Europe.