Europeans today have latched onto the practical side of Hamilton’s argument—that is, the idea that debt mutualization might be a means to cheaper credit; but they have worked out neither the political institutions, nor the shared public virtue, that Hamilton deemed crucial.
—Harold James, “Alexander Hamilton’s Eurozone Tour,” Project Syndicate, 5 March 2012.
“… deemed crucial.” It is time to deem.
Thursday “evening” beckons and all of it is unknowable, if not ugly. Harold James hits the ball out of the park with a must-read and smart essay on institutions sans courage.
We are desperate, in search of “public virtue.” We need to find Brusselian institutions quickly. Because this—this—is Europe incognito. Discuss.