The euro zone has Greece. The United States has Mississippi. Or Missouri.
The difference between the U.S. and Europe is that when the Greek economy “pulls a Mississippi” (or perhaps I should say, when Mississippi “pulls a Greece”), the EU and the U.S. have 180-degree opposite reactions. Over here, we calmly write checks to Mississippi in the form of Medicaid and unemployment insurance, no questions asked. Europe has no comparable “Peripheraid” for its weak peripheral states. Instead, it has chaos.