I do like a good conspiracy theory.....
At a G20 summit in Mexico, Mr. Barroso - the EC president - blamed the Eurozone crisis on the Americans. More precisely, this is what he said:
"Frankly, we are not here to receive lessons in terms of democracy or in terms of how to handle the economy. "This crisis was not originated in Europe … seeing as you mention North America, this crisis originated in North America and much of our financial sector was contaminated by, how can I put it, unorthodox practices, from some sectors of the financial market."
So, let us deconstruct, as they would say in Paris, what Mr. Barroso actually said.
Lessons in Democracy
Mr. Barroso isn't actually elected by the European people. He is appointed, in contrast to say, Mr. Obama. So, a lesson in Democracy from the Americans might have its uses.
The origins of the crisis
In the wacky world of Mr. Barroso, Greek public debt accumulation was due to subprime lending in America. The Spanish banking crisis happened because of Wall Street. Likewise, the Irish and Portuguese economies were sucked down a black hole because of viperous capitalists three and a half thousand miles away.
The implication from Barroso's outlandish comments must also be that the crisis had nothing to do with the adoption of the Euro. A useful conclusion for someone who is keen to avoid any responsibility for what is unfolding within the Eurozone.
Barroso ludicrously claims that the Europeans caught the disease from the Americans. European bank regulators were powerless to stop the infection. Eurozone politicians, zombie-like, just kept on accumulating debt, once they caught the borrowing bug from across the Atlantic.
Barroso just doesn't get it
Blaming the Americans for the Eurozone crisis is a crude and unconvincing attempt to shift responsibility for the Eurozone disaster onto innocent American shoulders. The sad thing is that Anti-Americanism is so rampant in Europe that many people will be quite comfortable parroting Barroso's contemptible nonsense.
The Eurozone crisis was cooked up on this side of the Atlantic, Mr. Barroso. Blaming others will not save the Euro.