Paris, January 28, 2015 – The European Union can see a ribbon of dawn light upon the horizon. Years of trudging through an economic slough of despond, guarded by German warders, have left the states of the European Union’s south near to despair. This is true of France – a rich center of high-tech industry before the Wall Street-induced crash. It now must depend more heavily upon its luxury and fashion sector to keep the German-indoctrinated International Troika appeased, stern supervisors from the IMF, European Central Bank and European Commission, who speak only the language of Austerity, itself a dialect of German. François Hollande, France’s president, is unable to speak Austerity, as he has painfully demonstrated since his election.
This nonetheless has been the common language of the modern international economy, but is under attack now by the new interpretation of wealth accumulation and finance of France’s Thomas Piketty and the neo-Keynesian views of the latest generation of economists, led by the indefatigable Nobel laureate and columnist Paul Krugman.
The Italian head of the European Central Bank, Mario Draghi, has just departed from the bank’s previous monetarist orthodoxy by issuing a near-three-trillion-dollar quantitative easing package, to general outrage in Germany. The Greeks, who have just elected a new government, are outraged that the Germans should be outraged, as to a lesser extent is the EU’s belt of Mediterranean members, the main victims of austerity.
As any politically sophisticated Greek will happily tell you, whatever modern Greece’s notorious failures and corruption in fiscal matters, and the irresponsibility and tax evasion of Greece’s business and social elite, Germany in modern times has been far and away the greatest burden upon the taxpayers of other countries – not least by twice destroying by war much of Europe’s industry, cultural inheritance, and social structure in the twentieth century.