…another grand slam by Bill Whittle:
Only a pundit with Bill’s aeronautical background could even conceive of linking the crash of Air France Flight 447, an Airbus A330, with the impending crash of the euro. In both cases, contradictory control inputs and a lack of feedback to those providing the inputs seem largely to blame. Indeed, both cases remind me of the famous “178 Seconds to Live” narration:
Each government in the eurozone is seeing different indicators on their preferred instruments (election results, economic indicators, public opinion polls and the like). That being the case, it’s not surprising that they would draw different conclusions (driven not only by the instruments in their view, but also by each government’s “seat of the pants” ideology-based indicator) from what they see. While the results of the inevitable conflicting inputs are left as an exercise for the student, I offer the following anecdote as an analogy for why I believe the euro is looking to book a whole bunch of rooms at The Auger Inn:
As a young teenager, I twice attended a one-week Russian-language camp. Besides immersion in both the Russian language and the Russian culture, the camp activities included a several-mile canoe float trip (my home state of Missouri features quite a few small rivers). I was younger than most campers during my first year, so I was left with one of the least-popular campers as partner in my canoe.
I was dismayed (though not surprised) that many of my fellow campers would lay in wait to ambush and swamp my canoe. What made things worse was that my partner would fail to react to the sight of fellow campers swimming towards our canoe; he was much more concerned with swatting away deer flies.
Eventually, when my older brother was one of the sharks that sought to feed on my partner (as best I can tell, I simply with the right target at the wrong time), I abandoned my canoe for the canoe my brother had recently crewed. The Young Lady who had been my brother’s canoe partner and I paddled happily away, leaving my brother and his merry band of brigands (who were continually delayed by my erstwhile canoe partner) to deal with their tardy arrival at the recovery point.
How is this an analogy to the euro situation? Simply this: those who fail to carry their weight cannot forever expect others to drag along dead weight. The Greeks, the French, the Germans are all pulling on the eurozone’s monetary controls; unless they figure out some sort of agreed course, their contradictory control inputs will end in disaster.
ETA: I changed the word “narrative” to “narration” in describing “178 Seconds to Live.”