Dalrymple has written a piece for the new National Review that summarizes the problems of “the giant Madoff scheme that is the European social model“:
For years it has been clear that there is no means by which the state can meet its increasing self-assumed obligations without large-scale borrowing. The cost of meeting the obligations has stifled the economic growth that is the only way they could have been met without a Madoff scheme. France, by no means the worst offender, has managed to balance its budget three times in the last 40 years. In other words, borrowing is our way of life, and in some cases (that of Greece, for example) it might even be said to be our livelihood.
Read it here