[rmp2150]

The events unfolding in the Eurozone is the result of it being only a monetary union instead of a fiscal and monetary union. Milton Friedman predicted this would happen in '04.

[mbreese]

It is hard to control an economy when you don't control your own currency.

[bayesianhorse]

Tons of people predict tons of doom in advance... It's not really a smart idea to pick the "correct" doomsayer a decade later...

[rmp2150]

First off, Friedman is not a doomsayer. Friedman correctly diagnosed the underlying causes of the Eurozone's malaise a decade ago. If the Eurozone entered into a fiscal union, much of the fundamental problems would be remedied. Political pressure/forgoing of sovereignty makes such an event highly improbable.