Things are accelerating as the scale  of the Eurozeone’s self-delusion emerges.

And read this good piece by German TV anchor Tom Buhrow in the IHT:

Most European governments wanted the cake and eat it, too — remain nation-states politically while expecting solidarity economically. That’s like having your own checking account and expecting your neighbor to provide overdraft protection.

I recently talked to a German expert who was closely involved in setting up the Eurozone. He identified the single biggest mistake:

"It simply did not occur to us that another EU country would tell lies about its own situation."

The Eurozone’s various rules indeed were intended to keep would-be wayward governments in line, absent the financial controls in a unitary jurisdiction.

But rules work only insofar as there are shared assumptions about what those rules are.

It turns out that the the Eurozone has no such shared assumptions.

What does all this remind me of? Oh yes:

Paper is a mortgage on wealth that does not exist, backed by a gun aimed at those who are expected to produce it. Paper is a cheque drawn by legal looters upon an account which is not theirs: upon the virtue of the victims.

Watch for the day when it bounces, marked ‘Account overdrawn’.