The Crisis in Eastern Europe
I know it’s hard to release ourselves from the illusion that our own navels lie at the center of the universe but it’s a good to put some effort into. Specifically: the economic whirlwind is not only in Ohio and Michigan, not only in the U.S.
The debt crisis in Eastern Europe is much more than an economic problem. The wrenching decline in the standard of living caused by this crisis is provoking social unrest. American subprime borrowers who have had their houses foreclosed on are not — at least not yet — rioting in the streets. Workers in Eastern Europe are. The roots of democracy in the region are not deep and the specter of right-wing nationalism remains a threat.
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