Keynes’ Economic Consequences of the Peace and Europe Today

Looking at the euro crisis today, I get the feeling that translating Keynes’ classic work for this contemporary crisis might be interesting.  Keynes predicted that there would be hell to pay for extracting the pound of flesh from Germany, which lacked the capacity to pay its reparations.  Germany produced a monster, but one who was effectively able to channel the anger which had welled up in the country.  How will the present European anger play out?


4 comments so far

  1. JJ García on

    Alain Badiou on Verso/Badiou blog recommends that France and Germany join to confront the larger economies in the world. Will the anger be channeled in the way of reorganizing along the lines of the larger/stronger economies and the end of the EU? WIll this follow a pattern as South America has? But keeping out the anti-democratic and more market-economic/monopoly countries, i.e. Paraguay, Colombia?

    “I’ve thought for a long time that France should merge with Germany. I’m very happy, moreover, that other people, such as Michel Serres, now share my opinion. There is no future for France alone. The European combination is teetering, as we’ve seen with Greece, and everyone understands that France and Germany form the hard core of Europe. A merger would make it possible to stand up to the other economic great powers, which neither France nor Germany, nor Europe, is capable of doing today. The French and German economies are already intertwined, so let’s have this hard core realized politically! That could be in the form of a federal state, as is already the case with Germany.”

  2. mark hansen on

    hear this morning on the BBC that Italy has the third largest economy in Europe and the World’s third largest debt.
    the same commenter also said that Silvio “Al Treche”
    Berlusconi is trying to manouver himself back into being the primeminister.

    • Vassilis Serafimakis on

      @Mark Hansen:
      Political mavericks such as Berlusconi, who also happens to be a successful businessman, are actually the only prospective leaders that can lead the Eurozone out of the current impasse. Let’s go bunga bunga.

  3. PhilJoMar on

    Everyone is entitled to their opinion but just because a philosopher has a blog doesn’t mean he has any special insight into such a major change in politics. It actually sounds to me like he’s abusing his celebrity.
    I (yes, obscure little old me) try not to sound off like that but it seems to me that the whole debt problem is about deciding whether the rich pay for their mistakes or does the debt get socialised….the latter is happening at the moment. If the state didn’t have all the military, police, and intelligence instruments to cower the population I would have thought we would be looking at a revolutionary situation very soon.
    US QE is causing monetary havoc in countries holding dollars, so this is pretty heavy stuff we’re all going through. Again, the US comparative advantage in military hardware looks like a pretty good investment to cower the world’s nations. I can’t see a way out without the rich taking the hit. No idea if Steve Keen’s debt jubilee is possible but does anyone else have any better ideas? I haven’t heard them…

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