Regan: The EU needs its own Alexander Hamilton

As the eurozone teeters on the brink of a breakup, it's clear — Europe needs its own Alexander Hamilton.

As our nation's first Secretary of the Treasury in the late 1780s and early 1790s, Hamilton understood what the eurozone has failed to grasp; in order to succeed as a unit, all states must invest together in a united economic and political future.

Less than a decade after our Revolutionary War, Hamilton insisted our federal government absorb the war debts of every state. This meant a state like Virginia — which had already paid off its bills — needed to assume the debts of states like Massachusetts.

It was the Colonial America equivalent of getting Germany to assume the debts of Greece. Good luck.

Granted, Europe faces a set of challenges that are vastly different from America's in the 1790s. We were a young country with similar cultures amongst our states. In contrast, the eurozone is comprised of 19 diverse countries — countries with their own cultures, languages and storied histories. Northern Europeans are understandably frustrated by their spendthrift, and less successful, southern neighbors. Famed economist Milton Friedman was right to argue against the eurozone before its inception — pointing out that it would eventually prove a political and economic disaster.

It seems that disaster is here. And, there's no Hamilton to save us.

As Greek voters head to the ballot box to vote on Europe's austerity proposal, and the world prepares for a possible exit of Greece from the eurozone, it's worth remembering Hamilton's critical role in economic history. Most especially now, as his legacy is in jeopardy.

Our current Treasury Secretary, Jack Lew, is about to kick Hamilton off his perch on our $10 bill in favor of a woman. Noted economists, including the former head of the Federal Reserve Ben Bernanke, are outraged. Understandably.

While everyone, including this author, agrees a woman is long overdue on our bills, why ditch Hamilton? Surely Andrew Jackson — who has a more checkered history, for example — might be a better target.

The Treasury Department says it's just timing; The $10 bill is next in line for a redo.

Contributors to history matter more than timing.

Hamilton's foresight, innovation and political savvy are what enabled a young country to survive turbulent economic times following the Revolutionary War and eventually thrive. His contributions empowered us to become one country — with one currency. He provided our government with the critical ability to borrow money and saved our nation from major hardship through the creation of a national bank.

Hamilton is the founding father of our economy and deserves a place on the currency he created.

As we celebrate our nation this Independence Day, while simultaneously witnessing the potential unraveling of the eurozone, don't forget Hamilton. He made us the UNITED States of America.

Trish Regan is the anchor of "The Intelligence Report with Trish Regan" daily at 2 p.m. ET on Fox Business Network and a columnist at USA Today. Follow her on Twitter @Trish_Regan