Since the sovereign debt crisis, Europe has been frequently compared to the Titanic. On April 15th, 2012, 100 years will have elapsed since the ship sank after hitting an iceberg.

Bloomberg recently wrote that "Germany bought itself a one way ticket on the Titanic". The latter comparison was made by Harvinder Sian of the Royal Bank of Scotland, who was wondering whether Germany isn't actually the last first class passenger on the Titanic.

But, can Europe still be compared to the Titanic? The ship cutting edge in its time, and its sinking was not caused by technical flaws, but by its recklessness in going over the Atlantic in search of a new record.

Perhaps the Eurozone was only perceived as a Titanic, that majestically led the regatta of European welfare. Because this seems to be the only explanation why the small boats of the East engaged in a desperate race to catch up the flagship.

In fact, it was not the countries in question that were engaged in a race, but rather their leaders, led by personal ambition, who sold their countries for nothing, in the hope that they would be proud European Commissioners. Far too few of them wondered why the ship that they were trying to tie their ropes to was called "Freedom", not "Titanic".

But the United Europe was never a titan with a common vision, but a huge amalgam of agendas, brought together by unprecedented bureaucratic reins. The cheap money created the illusion of welfare, in spite of the accelerated loss of competitiveness and the stripping of countries in particular those on the outskirts of the EU, of their production resources.

In 1995, Bernard Connolly published a book called "The Rotten Heart of Europe", in which he explained the true reasons behind France's and Germany's plans to create a European Union. At the time, Connolly was the head of the monetary division of the Europ