The European Union, a union that is mostly known for not paying it bills, has a rule that all member nations must keep their deficits below 3 percent of GDP. How's that rule doing?
Like most laws in the EU, the 3 percent rule is mostly violated. France, according to today's Financial Times, last had a fiscal deficit that obeyed the rule in 2007 and is expected to violate the rule this year as well as next.
Does anyone care?
No, no one cares.
So, what is the point of having rules if they are observed mainly in the breach, while Angela Merkel winks and nods her tacit approval.
There is simply no reason for the 3 percent rule. No one really pays any attention to it and sovereign debt is racing to the moon in the European Union. Meanwhile the bailout artists are readying their bailouts. This will only end with the dissolution of the European Union.
There is no reason for the coming EU breakup and the collapse of the Eurozone. Simply let countries go bankrupt without bailouts. That way, countries who behave badly will pay the price and learn from their mistakes.
The insanity of the current EU rules is a typical outcome of the arrogance of elitist European politicians who lack the most basic sense of honor and truthfulness. Compared to these Euro politicians, the Trump Administration looks like a pillar of virtue.