Economics / History / Warfare

The July Crisis: the Pirates of Lake Champlain

Great War Economics, Part 1 Reenter the economic angle.  Almost any study of German First World War economic performance inevitably gravitates to the 1923 hyperinflation… The German government also funded its Great War through inflation. By war’s end, money in circulation had risen fourfold. Prices were up 140%. Yet, on international exchange, the German mark … Continue reading

History / Warfare

First Great German Failure

The preceding posting, which traced the ugly history of Germany from imposing a massive indemnity against France in 1871, endeavored to show when Bismarck’s realpolitik was supplanted by Miquel’s weltpolitik in 1897 the First World War became inevitable.  This isn’t a new theory: The new German Empire, which emerged from three local wars against Denmark, … Continue reading

Economics / History / Warfare

The Unacknowledged History of the Plundering Nation, 1870-1923

In the unfolding drama of Greece versus the Troika (the European Central Bank, the European Commission and the International Monetary Fund), another powerful actor, the Federal Republic of Germany, casts a long pall over the “negotiations.”  Considering the FRG and its antecedents have a very checkered history in relation to the rest of Europe, this … Continue reading

Current / Economics / History

Unacknowledged Damage

So, Europe has entered its endgame with regards to Greece, namely it appears to be strangling the Hellenic Republic: The European Central Bank’s governing council is expected to turn off Emergency Liquidity Assistance (ELA) for Greek banks at its meeting later today, according to well-placed sources. So unless Greek savers miraculously decide to cease withdrawing … Continue reading