IN BRIEF

Huge Step Taken by Europe’s Bank to Abate a Crisis

SEPTEMBER 07, 2012

“The decision propels political leaders farther down the uncertain and winding road toward a Europe with centralized control over government spending and economic policy, instead of a collection of nation states that sometimes seem to share little more than a currency and a slumping regional economy.

Mr. Draghi demonstrated once again that he may be Europe’s most powerful leader, perhaps the only one capable of brokering an accord among politicians whose national concerns and mistrust of one another have allowed the crisis to boil for two and a half years.” (New York Times)

Central banking is a form of central planning.

FEE Timely Classic

“The Euro versus Currency Competition” by Richard M. Ebeling