European Union must become a federalised fiscal union (in other words with central power to tax and spend)

Comment:

• He's right .... US is on the same path as Greece
  
• But the second "nugget" is interesting
  

US faces same problems as Greece, says Bank of England

Excerpt:

Mervyn King, Governor of the Bank of England, fears that America shares many of the same fiscal problems currently haunting Europe. He also believes that European Union must become a federalised fiscal union (in other words with central power to tax and spend) if it is to survive. Just two of the nuggets from one of the most extraordinary press conferences I have been to at the Bank.