European leaders continue to tinker, seeking yet another in a series of financial engineering fixes. It is an elusive search for some Holy Grail financial fix. It will not work. The problem is much more deeply rooted (the same applies for the United States). Financial and economic incentives that are woefully out of line with the individual spirit are doomed to failure, sooner or later. Just ask the Russians about that if you have any doubt.
A man named Wihelm Röpke warned us of the danger of the so-called "economic unions" and global "free trade" deals and the like. He said it would unleash the worst parts of capitalism and crush the human spirit in its wake and ultimately lead to more radical political action.
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