“EUROZONE NEARS MOMENT OF TRUTH ON STAYING TOGETHER” (June 3, 2012)

Thus The New York Times in its online edition today. How perceptive! And how timely! Only kidding, of course. Now that the euro is in tailspin already, the Eurozone is well past its moment of truth. It came and went at least a year ago, if not earlier. And the European Union’s leaders behaved as though everything was hunky-dory. The euro was their baby, after all. What we are waiting for are the consequences of their indecision. As well as their inability to fathom the situation they were facing. But the dissolution of the so-called monetary union, for it has lacked the rules worthy of that name from its kickoff a bit more than a decade ago, is the least of the Union’s problems at this stage. By now, it itself is in question. Although the Union’s unraveling will take some years, it is well under way already. Sadly, it will take The New York Times many more years to spot that particular moment of truth. In the fullness of time, though, it surely will.