By Arnold Kling
I am making the mistake of reacting to the latest twists in the saga of Greece and other European countries. I started by reading this:
Britain is poised to provide billions of pounds for a new global economic rescue package, prompted by concerns that the EU plan to save the euro will not be enough to stabilise the world economy.
This would be via an expansion in the International Monetary Fund, presumably requiring an even larger contribution from the United States. The Anglo-Saxons to the rescue of Europe?
So, I went to Google News to find out the latest, and got to this:
After a tumultuous day in Greek politics, the chances of the referendum being held dwindled to almost nothing on Thursday. Papandreou offered to drop the idea anyway if the conservative opposition backed the bailout in parliament.
So it seems that the Greek politicians will circle the wagons against the voters. What could go wrong?
But what I was really looking for was more information on the IMF intervention, so I Google-newsed the International Monetary Fund and found this.
The Group of 20 developing and industrialized nations is discussing three options for how the International Monetary Fund could help struggling euro-zone governments finance their debts, European Union officials said Friday.
Again, this looks to me like elites circling the wagons. We are going to have TARP for Europe, laundered through the IMF. My guess is that the G-20-crats are trying to come up with an option that has the best chance of being approved by–or even better, bypassing–democratic legislatures.
It is hard to see this as anything other than the political class awarding itself a bailout.
We may be observing an international Crisis and Leviathan moment. It may represent a turn, and a decisive turn, toward world government freed from popular restraint.