Waiting for Hamilton: The 'imbecility' of the EU
Alex J. Pollock | The American
February 01, 2012
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Article Highlights

  • The #EU is a "political monster" incapable of enforcing its own laws

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  • Our founding fathers warned us about the downfalls of confederacies #EU

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  • How the European economic crisis will continue to reveal the futility of the #EU

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The budget is the state stripped of ideological pretensions.1 So when the European Union, a confederation, sets out to control the budgets of its member governments, what is being discussed is not just debt, but the question of who will be sovereign. The fiscal debates are thus a constitutional debate, as my American Enterprise Institute colleague Michael Greve has recently discussed, with particular attention to Alexander Hamilton and Federalist No.15.2

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Alex Pollock is a Resident Fellow at AEI.

About the Author

 

Alex J.
Pollock
  • Alex Pollock joined AEI in 2004 after thirty-five years in banking. He was president and chief executive officer of the Federal Home Loan Bank of Chicago from 1991 to 2004. He is the author of numerous articles on financial systems and the organizer of the “Deflating Bubble” series of AEI conferences. In 2007, he developed a one-page mortgage form to help borrowers understand their mortgage obligations. At AEI, he focuses on financial policy issues, including housing finance, government-sponsored enterprises, retirement finance, corporate governance, accounting standards, and the banking system. He is a director of the CME Group, the Great Lakes Higher Education Corporation, the International Union for Housing Finance, and the chairman of the board of the Great Books Foundation.

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  • Phone: 2028627190
    Email: apollock@aei.org
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