Throughout the history of European integration, its supporters have often used transport metaphors to sell their project.
In the 1960s, Europe was a bicycle which had to keep moving forward for fear of falling over.
In the 1980s, Europe was a boat or a train which laggards were in danger of missing.
These metaphors were banal and nonsensical until 1999, when one of them proved to be prophetic. In the euphoria generated by the launch of the single currency, the euro, on Jan.1 of that year, a European official announced that Europe was now “on a freeway which has no exit.”
What he meant, of course, was that Europe wasn’t going back to national currencies. However, he hadn’t thought his metaphor all the way through. A freeway without an exit can lead to only one thing: a very serious car wreck. That is precisely the outcome that horrified European leaders are now being forced to contemplate. [more]
[Personally I don't think we're ready for a 20% drop yet, but I thought this brief article was interesting enough. I also like that he said something positive about Canada.] [more]
Perhaps this is nothing, but it is interesting to note. From the Wall Street Journal: [more]
I almost never post anything non-stock (or economically) related on here, well... unless it's something I think is really, really funny. [more]