Forget America, A Crisis Is Brewing In Europe

While the United States economy is nothing to write home about, Europe remains a basket case. The next financial crisis is more likely to emerge from Europe than any other region of the world — even before China falls apart. China is an authoritarian state that can paper over its internal contradictions for a while (though not forever), but Europe doesn’t have that luxury. Instead, it has to obtain the agreement of 28 member states, often an impossible task.