What? John Bolton, a former US ambassador to the UN, says that Europeans have to save the Euro crisis? No way! Uncle Sam has to solve all our problems. We Euro weenies are just kids.
Okay, I get it. It's just a New York Post headline. But still. The premise behind the headline is.puzzling.
So what is John Bolton saying exactly:
As the euro encounters even graver difficulties, America should resist the temptation to save the EU from itself. We must avoid propping it up directly through loans or financial assistance or indirectly through the International Monetary Fund.
"Temptation"? Seriously? Given all the short- and long-term US financial problems, are Americans really tempted to "save the EU from itself"?
I am not an IMF expert, but is not the fund's purpose to help member states, who are in trouble, but have a plan to bring their finances in order? The EU is not a member, but Greece, Ireland, Spain are members. As sovereign countries they can ask for support. The IMF should grant the support, especially if it is in the interest of the world economy. The IMF's purpose is neither to promote the Euro nor to defend the US-dollar as the world's leading reserve currency. A few years ago, pundits debated whether the IMF is obsolete.
Since the US is the biggest contributor to the IMF, it also gets to influence a country's recovery policies, which is one of the reasons, why some Europeans (France?) used to be against IMF involvement in the Euro crisis.
I agree with Bolton's conclusion, which is just common sense and therefore boring and waste of ink: "We should worry about President Obama's staggering deficit spending and let Europe worry about its own."