Sunday, May 20, 2012

'German Austerity Means Global Catastrophe'

Britain's Ed Balls: Berlin Must Change Course

Bloomberg reports:
The global economy faces a “catastrophe” unless Germany eases pressure on euro-region nations to cut spending, said Ed Balls, finance spokesman for Britain’s main opposition Labor Party.     
“Somebody’s got to persuade Germany that this is a catastrophe for Britain, Europe and the world and Germany’s got to change course,” Balls said in an interview with Sky News television today.    
Read more. Click here for the transcript. This reporter's view: German democracy is one of the great postwar success stories; and the importance of Germany's friendship with the United States--and support for Israel--cannot be overstated. But the country that embraced and backed Hitler's mad dream of world domination and genocide--and would probably have been conquered by Stalin had it not been for the U.S. policy of containment--should feel a special responsibility not to wreck the global economy. After two world wars and the destruction that Germany brought to millions of Europeans, there is something especially odious about the spectacle of a chancellor in Berlin lecturing--and essentially threatening--Greece, where memories of the German jackboot are still very much alive.

Related: Thousands March in Frankfurt Against Austerity
Local Italian Vote to Test Anti-Austerity Movement