"Arrogance." A single word encapsulates the problem with the European Union.
What Brexit and the Trump revolution have in common is that they are both a response to arrogance by the ruling elites. The wealthy and the elite have no respect for the average citizens in Europe or in the United State and have consistently ignored their interests for more than a generation. It is clear from reading the NY Times or the Washington Post that this lack of respect continues.
The European Union and the Euro were terrific ideas and should have succeeded. Both concepts promised improved economic performance for Europe and its citizenry. So, what went wrong. Two things went wrong.
First, the elites decided that the Greece debt should be prolonged and enlarged. A simple bankruptcy would have resolved the Greek financial crisis relatively painlessly. But, the elites would have none of it. Merkel and Sarcozy arrogantly imposed austerity on Greece in exchange for bailing out the hedge funds that owned Greek debt. Now the situation in Greece is a disaster and the financial health of Germany and France is much, much weaker because of their underwriting of Greek debt. Everyone has lost, thanks to the arrogance of the elitists.
Second, the EU arbitrarily admitted millions of immigrants from cultures that despise western society and whose communities are the source of terrorists and terrorist agitations. These millions were dumped unceremoniously on community after community throughout Europe. This was the final straw for Britain.
The elitists never had to contend with immigrants whose culture has little or no respect for women or children, because the immigrants are always placed far from the homes and communities of the elitists. Average Brits were left to contend with the enormous political and cultural battles that hordes of immigrants posed. But the elite leaders could return comfortably to their leafy neighborhoods, cruising comfortably in the limousines. Average folks were left to contend with the real problems created by the elites.
A similar dynamic has taken place in the United States. The vast bulk of terrorist-infested immigrant groups were placed in small mid-western towns far from the comfortable wealthy suburbs of the elitists. Meanwhile, of course, the elitists castigated the culture and the dreams of average Americans from their limousines and jets.
Enough is enough. So, two good ideas -- the European Union and Euro -- will die because of the arrogance of the elites.