Monday, February 23, 2015

The Senate as a solution?

One of the indignities of living in DC is that we have no representation in Congress yet states that are barely inhabited such as Rhode Island, Alaska, Wyoming, Vermont, etc. not only have that but also TWO Senators.

Though DC does not have the representation it deserves, one has to applaud the Founding Fathers for designing a legislative body that balances the interests of large and small, rich and poor, states. 

I thought about that design when reading all the stories about the latest turns in the eurozone and Greece in the Sunday Post and Times. One problem plaguing the eurozone is that nations share a currency but not much else. Their budgets, bonds, borrowing and spending - and politics - is each different. Exhibit A is Greece and Germany, with Germany obviously fed up with Greece's spending and politics.

One goal of a united, post-war Europe was to put an end to political rivalries and nationalism.  Another goal is economic; the eurozone is supposed to create one, big, united economy much like the one in the U.S. As you know, in our united states wealthier ones such as California and New York support their poorer brethren like Mississippi and Alabama. Unfortunately, now that the chips are down Germany does not want to eurozone to function like that. Instead of propping up they have decided to force austerity on the poorer nations of Europe. 

In doing so, Berlin has cynically prioritized their banks over their fellow European citizens. Clearly, German-imposed austerity has not worked. 

As the New York Times editorialized today, one way to make the eurozone actually function is to unite European financial markets and economies - not just currencies. The Times goes on to point out that that kind of unity is unlikely since countries such as Greece, Italy, Spain and Ireland do not trust eurozone bureaucrat in Brussels (even though the Greeks would obviously benefit from being as transparent and prudent, etc. as the Germans), and vice-versa.  

That's where the Senate comes in. Though it slows things down, which can be but isn't always a bad thing, I am still a big fan of bicameral legislatures (sorry parliamentary democracies and Nebraska). Perhaps integrating currencies, economies and markets would work better if the existing European parliament was given greater authority AND was complimented by a Senate that functioned exactly as ours did - complete with the filibuster and cloture, and most importantly, every member of the European Senate, no matter how big or small, had 2 seats.  

Countries would be equals financially AND politically. Joining such a union or zone would also force a nation to decide, "Do you care about a union of equals or do you only care about YOUR national interests" -- and in this case German banks.


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