It’s not just about economics; it’s about anger.
“The wars of peoples will be more terrible than those of kings,” Winston Churchill warned Britain’s House of Commons in 1901, correctly forecasting the horrors of World War i. The thrust of his message: “Democracy is more vindictive than cabinets.”
Churchill’s insight also explains the growing hatred in Europe today. If the solution to the Greek crisis was up to bureaucrats, it would still be tricky, but emotions would be much more subdued. Few people get too emotionally invested into what happens with other people’s money. Continue reading