It is important to remember what the European Central Bank (ECB) was doing when the "debt crisis turned into a liquidity panic."
These Republicans (Trump included) seem totally in agreement that progressive taxation is less effective than light taxation; that it is the scale of public spending and debt which is holding back economic growth, and that it is the burden of taxation to sustain that spending which currently is the key barrier to the generation of private sector-based enterprise and employment.
Europe is adapting to new challenges by reforming its political system and economic model. It strives hard to remain faithful to all that Europe stands for purified by the purgatory over centuries. Getting to where it is now Europe has not followed a straight line.
The challenge for the European Union and its member states, particularly Germany, is in balancing the often incongruous demands of co-operation and self-interest, and thus demonstrate to their own citizens that concrete achievements can still create a Europe of solidarity and prosperity as Schuman envisaged.
Of course, no winners would emerge from this titanic battle. Not even the concept of a unified Europe, as we have come to know it, with the idea of a democratic, united continent shattered by the overwhelming dominance of conservative German hegemony.
At least with Germany's credit rating, alles ist gut.
The outcome of Greece's referendum represents a personal triumph for Prime Minister Alexis Tsipras and a political victory for his Syriza party. He galvanized and consolidated his political base, and potentially even expanded it. However, the poll results also marked a loss for Greece.
Understanding the consequences of leaving the Euro has to be analyzed in two separate parts: first the consequences during the transition to the drachma and second the long-term outlook for the Greek economy with its own currency. The transition is, of course, hugely important.
The above graph compares creditors' projections of how their reform prescriptions would affect Greece's economy in 2010 and
Greece also has the second-highest youth unemployment rate in the European Union, just under that of Spain. Latest EU statistics
The obvious alternative to the catastrophe that the government is contemplating is to implement real structural reforms. This would first require a deal with the creditors to keep Greece afloat.