Europe’s Real Crisis
George Friedman has a new piece out on Europe’s dilemma. He emphasizes the critical role of nationalism in Europe’s history, and worries about its resurgence as prosperity becomes more elusive and sacrifice is increasingly required:
In the end, Europe will remain an enormously prosperous place. The net worth of Europe — its economic base, its intellectual capital, its organizational capabilities — is stunning. Those qualities do not evaporate. But crisis reshapes how they are managed, operated and distributed. This is now in question
The deeper worry is nationalism. European nationalism has always had a deeper engine than simply love of one’s own. It is also rooted in resentment of others. Europe is not necessarily unique in this, but it has experienced some of the greatest catastrophes in history because of it. Historically, the Europeans have hated well. We are very early in the process of accumulating grievances and remembering how to hate, but we have entered the process. How this is played out, how the politicians, financiers and media interpret these grievances, will have great implications for Europe. Out of it may come a broader sense of national betrayal, which was just what the European Union was supposed to prevent.
Read the full thing here.
[...] The eurozone decision on a critical 11 billion installment of a bailout loan for Greece has been delayed until October, according to Eurozone chief Jean-Claude Juncker after a meting of eurozone finance ministers. In a closed address at the talks, US Treasury Secretary Timothy Geithner reportedly warned that divisions in the eurozone over Greece posed a “catastrophic risk”. Read a related piece by The Asianist here. [...]
Asia Weekly (September 10- September 16, 2011) « The Asianist
September 16, 2011 at 12:03 pm
[...] Germany’s parliament passed a much-needed measure to expand a Euro bailout fund for heavily indebted European countries, which Chancellor Angela Merkel has said is critical to ensure Europe’s economic stability. Yet analysts believe even if an expanded fund is approved by countries in the coming weeks, will not be enough to curb the continent’s deepening crisis. For a more big-picture take, see the article The Asianist comments on here. [...]
Asia Weekly (September 25 – October 1, 2011) « The Asianist
October 2, 2011 at 10:27 pm