Hello Karthik,

Thank you for your feedback. I am happy that it resonated with you.

In answer to your questions...

1. It is hard to know exactly why the other nations in Europe did not respond strongly to Greece admitting it had lied its way into the EU and the eurozone. My guess - and it is just that - is that European politicians thought that admonishing Greece threatened the perceived sanctity and quality of the Euro as an alternative to the U.S. dollar as a reserve currency. Additionally, as I describe above, the various nations in Europe have no enforcement mechanism in place to punish a member that does not follow the diktats.

2. Yes, I think that the crisis would be much reduced if political union existed as well. However, even the inventors of the EU experiment, the French, voted against political union. My own view is that political union is impossible in Europe for the next several decades. This is because the reality on the ground is that there are still national, ethnic, and cultural differences that make unification extremely difficult.

With smiles!

Jason