WRM To Europe
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  • Norman Roberts

    While you are in St. Petersburg, whatever else you do don’t miss the amber room in Catherine’s summer palace.

  • Maybe you can use this trip to get to the bottom of Germany’s paradoxical relationship to the euro.

    Many German elites seem to have an almost theological belief in the eurozone, as if Germany will once again become an aggressive, imperialist state without it. Hence the German mantra that “more Europe” is the solution to every problem. Yet the eurozone crisis is engendering resentment of Germany (since Germany is forcing it’s economic culture on everyone), while Europe’s democratic deficit is fueling the growth of the sort of populist/extremist parties (from France to Greece to the Netherlands) that “Europe” was supposed to prevent!

    At the same time, Germans have rational reasons to support the eurozone, since Germany has gained tangible economic benefits from the common currency (at the expense of the periphery). Yet precisely because of this, saving the eurozone will require massive wealth transfers for which German taxpayers will have to foot the bill.

    Throughout all this, many German elites have convinced themselves that if Greece reverts to the drachma, everything else can be managed and held together.

    It’s all enough to make one’s head explode, and wonder if Germany, despite all her recent success, is in denial about where things are headed.

  • Kris

    “WRM To Europe”

    Ford to City.

    [email protected]: If I may simplify your presentation of (elite) German attitudes:
    1. If we allow our currency to weaken, it will be Weimar redux, and the Nazis will come back.
    2. If we don’t cooperate and even merge with our neighbors, we will slide back to a Nazi-like attitude.
    3. Many of our neighbors are demanding a weaker currency.

    Quite the conundrum.

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