Caveat: We just call it “Missouri.”

At The Atlantic webiste, I saw a post by Derek Thompson, that is a very, very interesting discussion of fiscal transfers vis-a-vis the EU, the Greek crisis, recalcitrant Germany, etc. It sums it all up very simply and clearly. The key idea, at the end:

When you hear commentators say, "the euro zone must begin to transition toward a fiscal union," what they are saying, in human-speak, is that the Europe needs to be more like the United States, with balanced budget laws for its individual members and seamless fiscal transfers from the rich countries to the poor, to protect the indigent, old, and sick, no matter where they reside.

The Germans call this sort of thing "a permanent bailout." We just call it "Missouri."

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