Robb: The Decline Of The West

From John Robb:

Most analysts (at least the ones that are worth reading) contend that the sovereign default crisis (Greece, Portugal, Spain, etc.) in the EU is about the collapse of a system that created monetary union without a political union. It isn't. That's actually a narrow, parochial view. Instead, the current sovereign debt crisis is about something much more interesting: it's another battle in a war for dominance between "our" integrated, impersonal global economic system and traditional nation-states.

At issue is whether a nation-state serves the interests of the governed or it serves the interests of a global economic system.

Who's winning?

The global economic system, of course. The 2008 financial crisis, the first real battle of this war (as opposed to the early losses in skirmishes in Russia, Argentina, the Balkans, etc.), generated a very decisive outcome. It was a resounding defeat for nation-states.* The current crisis in the EU will almost certainly end with the same results.

When this war ends, and it won't be long, the global economic and financial system will be the victor. Once that occurs...
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