Way back on July 13th economist Zanny Minton Beddoes suggested on Radio 4’s Today programme that although Italy had coped thus far with its large debt, that if (if!) problems occurred then the ECB could step in and start buying their bonds, that in turn being the likely start of federalising the debt.
And sure enough, as Berlusconi froths about the ‘locusts of international speculation’ (shades of the interwar era?) the West’s senile economies are only kept going by increasingly large doses of their chosen narcotics.
Over here Federal Europe may be beckoning. Declan Ganley will be pleased.