James Poulos, a fine Greek-American, even if he did take a 100 percent haircut on his sideburns, says that we ought to recognize that the EU’s economic problems are largely the result of its chief political problem: economic and currency union without political union. Euroskeptics and Europhobes may be pleased to see the utopian EU dream crumbling, but Poulos isn’t so sure that’s what’s about to happen:
It would be exciting if Europe’s failed states and crumbling economic project gave way to a decentralized, apolitical landscape akin to Peter Thiel’s vision of the possibilities of post-sovereign flourishing. But this is Europe, remember. A few cities might be able to push away from the shore of Continental history. They would find themselves seasteading in an ocean of political violence.
Hard as it is to believe, the real revenge of the sovereign nation in Europe would have to entail the rise of exactly what Britain and the US have worked so dearly to prevent — a single dominant power on the Continent. The time is now to begin thinking, far outside the box of conventional wisdom and the preconceptions behind ‘respectable’ opinion, about which power that will be.
In other words, the thing we may see emerge out of the collapse of the current unworkable EU model is an even more unified Europe — a true European superstate and successor to the Holy Roman Empire — because the chaos and potential violence of the alternative would strike Europeans as worse. Well, we know the Roman Catholic Church would probably be on board, at least.
If Poulos is right, I’d say go long on Rapture Corp. stock.