Time To Panic About Europe Again

But Spain and Italy and Greece don?t have an independent currency to collapse. In this, they?re hardly unique. In a large country like the United States, sometimes investment flows in to a given area and then halts, damaging the local budget and employment situation. But in the U.S., a jurisdiction facing a sudden investment decline?think of Florida or Arizona today?still benefits from a continued stream of Social Security and Medicare checks. What?s more, unemployment insurance, food stamps, and Medicaid ensures that the worse you get hit, the more federal assistance you get. Last but by no means least, when the local economy collapses, you can always move to another state. And indeed, leaving has long been an important part of America?s adjustment process. Regions whose industries are in decline lose people, regions that prosper gain people, and a desire to not see the entire population flee acts as something of a check on malgovernment.

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