Hope springs eternal among policy makers in Europe’s beleaguered periphery. At five minutes to midnight in Athens, and with a bank run having started in Madrid, these policy makers cling to the forlorn hope that somehow Germany is going to relent on its strong opposition to euro bonds.

When the G8 major economies convened at Camp David last weekend, the continuing crisis of the euro, common currency of 17 European Union (EU) members, dominated the economic discussions. The agonies of Greece, badly divided in recent parliamentary elections, and forced to vote again on 17 June, were at the forefront.

America's version of capitalism has been much more dynamic than Europe's. Why don't Obama and Romney debate that?

Today's IMF does little or nothing for US national interests, especially when we face enormous domestic economic challenges. Why should Washington not support Agustin Carstens, break the EU hold on the IMF and stop IMF support for the euro?

Greece's interests would be best served by an early large default and an early exit from the euro.

Saving the euro is up to them, not us. They're perfectly entitled to try to create an alternative to the US dollar as the world's reserve currency, but we are equally free to let it fail.

With Europe collapsing, China stumbling, and India and Brazil retreating from full free market reform, we’re the last stable, pro-growth economy left.  

On May 6, all eyes will be focused on the second round of the French presidential election, which Socialist challenger Francois Hollande is likely to win. Equally important for Europe’s future is the Greek parliamentary election scheduled for the very same day.