In fact, it worked for Russia and Argentina. In fact, to keep ‘bailouts’ on the table for countries that are currently set up to spend more than they take in is, I’ll use a technical word here, crazy. It is a waste of everyone else’s money and does not solve the problem.
Socialist states must restructure. The post WWII boom days are over. The demographics are nothing like they were 50 years ago. And ‘reform’ means ‘taking away.’
The cure means a new economic model for Europe. The lesson for the United States is that transforming America into the image of Europe is not only the absolute wrong direction for our country, but is antithetical to President Obama’s responsibility of being the steward of the country and the Constitution.