Germany Forgets

Steve KinsmanStarred Page By Steve Kinsman, 19th Feb 2015 | Follow this author | RSS Feed | Short URL
Posted in Wikinut>News>World

As Greece seeks to be relieved of its crushing debt load, Angela Merkel forgets her nation's history.

Remembering history

The year was 1953, and Germany was suffocating under its enormous debt, created by its prosecution of two wars. In July of that year they approached their creditors, the central bankers and lords of money who had financed both sides in both wars, and begged for debt forgiveness. After all, they reasoned, you want a strong and prosperous Europe, which will be a bulwark against the great Red threat from the east.

The Germans succeeded in getting their debt reprieve. It was lowered by fifty percent, and the rest of its debt was renegotiated as a thirty-year low-interest loan which could be easily paid off. As a result, Germany thrived and in due time became the economic powerhouse of Europe, with by far its largest economy.

Why not now?

What Germany got in 1953 is no different from what Greece wants now, but the "Troika" of the International Monetary Fund, the Eurozone and the European Central Bank, along with the Germans, led by Angela Merkel, are playing hardball. Negotiations between Syriza and Greece's creditors have gone nowhere, with the Troika demanding continued austerity and a full repayment of the nation's debt.

Syriza, of course, was elected because it promised that it would not give in to the demands of the central bankers. Syriza remembers recent European history: Francois Hollande was elected in France by promising to fight austerity, but after his election he did an about-face, and he is now the most unpopular leader in all of Europe. Syriza will never acquiesce to demands which are guaranteed to keep the country from achieving any kind of recovery.

Stay tuned...

Link: The Rise of Populism in Greece and Spain is Making the Lords of Money Nervous

Photos from wikimedia commons


Angela Merkel, Austerity, Ecb, Economics, European Central Bank, Eurozone, Germany, Imf, International Monetary Fund, Steve Kinsman, Syriza, Troika, World Bank

Meet the author

author avatar Steve Kinsman
I live in California with my wife Carol, where I have been practicing professional astrology for 35 years. I write articles on astrology, but I enjoy writing on a variety of other subjects as well..

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author avatar M G Singh
19th Feb 2015 (#)

Nice post Steve, I have a gut feeling the EU will ultimately collapse or at least greatly truncated.

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author avatar Retired
19th Feb 2015 (#)

You make a good point, Steve.

I find it interesting how often the person or nation that receives generous treatment when it is at a low ebb turns into a bully when it gets stronger. The State of Israel comes to mind as a good example.

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author avatar GV Rama Rao
19th Feb 2015 (#)

I agree with you Steve. It's grossly unfair on the part of Germany.

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author avatar Kingwell
19th Feb 2015 (#)

Very well said Steve. I hope this new government is able to stand firm but it doesn't look good at the moment.

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author avatar Deepizzaguy
19th Feb 2015 (#)

Failure to learn the lessons of history will come back to haunt you in the future.

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author avatar L. R. Laverde-Hansen
19th Feb 2015 (#)

Excellent post. Steve! "The quality of mercy is not strained...It is twice blessed:
It blesseth him that gives and him that takes."

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author avatar Carol Roach
20th Feb 2015 (#)

all I know is that I have friends in Germany whose businesses went belly up and they haven't got back on their feet years latter. The moral of the people is down

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author avatar Randhir Bechoo
21st Feb 2015 (#)

Interesting article.

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author avatar SaigonDeManila
11th Mar 2015 (#)

It seems few learned from history...sigh

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