What Cameron wants, by contrast, is a change to Europe's underlying treaties that would let "The City" -- London's big banks -- opt out of such a system and maintain their monetary forum shopping in which revenue and assets are moved to whichever country or island protectorate offers the best deal.

He likes it. We like it, even though I believe it's the system that led to the 2008 economic collapse. He's threatening to take the UK out of Europe if he doesn't get his way.

The key to the Merkel order is a "financial transaction tax" that Britain and the U.S. oppose but 11 European countries, including Germany, fully support. As Nouriel Roubini's EconoMonitor points out the tax would greatly reduce economic velocity and could shut down the economic repo market. A blog post on the site calls it "vindictive populism masquerading as the pursuit of fairness."

Maybe. It may also be seen as a way of imposing central control over an economic system that continues to spin out of control, beyond the reach of any government or governmental entity. It is, in short, the rule of law against the rule of capital.

Merkel is often described as a conservative, and perhaps in domestic terms she is one. But she is better understood as an internationalist, determined to bring the rule of law into the market. Historically, she may prove to be more important than Margaret Thatcher ever dreamed of being.

And the lady's not for turning, either.

At the time of publication, the author was long VEURX, a Vanguard European index fund.

This article is commentary by an independent contributor, separate from TheStreet's regular news coverage.

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