Europeans are starting to resent President Obamas increasing tendency to preach to them about sovereign debt and push them towards a massive new rescue plan to solve their financial mess. Just the other day, for example, at a press conference pushing his jobs bill, the president urged European leaders to come up with a very clear, concrete plan before the upcoming Nov.3-4 G20 finance meeting in Cannes.
Europeans are asking: What lessons can we learn from the country that triggered this three-year crisis and whose budget deficits and debt levels are on par with our own?
President Obama knows this well. But Europes problem has become his problem. And it could cost him his reelection.
|Alvaro Vargas Llosa is Senior Fellow at The Center on Global Prosperity at the Independent Institute. He is a native of Peru and received his B.S.C. in international history from the London School of Economics. His Independent Institute books include Global Crossings: Immigration, Civilization, and America, Lessons From the Poor: Triumph of the Entrepreneurial Spirit, The Che Guevara Myth and the Future of Liberty, and Liberty for Latin America.|
GLOBAL CROSSINGS: Immigration, Civilization, and America
The erosion of national boundariesand even the idea of the nation stateis already underway as people become ever more inter-connected across borders. A jungle of myth, falsehood and misrepresentation dominates the debate over immigration. The reality is that the economic contributions of immigration far outweigh the costs.