The EU and the Iron Law of Oligarchy

The EU is an oligarchy governed by a small self-perpetuating ruling class that sees “the people” as impediments to its technocratic program. long, long time ago—27 years, to be exact—my boss (the inimitable Mark Melcher) and I predicted that the European Monetary Union would be the death of the EU. The Euro, we wrote for our clients at a now-defunct big brokerage house, would be a disaster and would destroy everything that the post-war Europeans had spent the previous several decades working to build. Specifically, we wrote: Psst! You wanna know a secret? The Euro, and the mess it represents,...