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Приїзд цісаря до Львова увічнено у сріблі
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День 12 мая. Памятные даты и события
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Das Weisse Rössl verbindet historisches mit neuem Charme
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How Xi Jinping’s China Is Wilhelmine Germany Come Again
While China’s South China Sea strategy is more nuanced and sophisticated, it might fall into the same traps as the Kaiser’s.
The 1910 funeral of Edward VII, king of the United Kingdom and emperor of India, represents the last time before World War I that the leaders of Europe met in person: kings, emperors, tzars, and presidents. That assembly illustrated the ties of blood and commerce of the time, which seemed to have bound the world in a tight embrace of common interests and visions. No one believed at the time that this family of nations was just a few steps away from a world conflict more terrible than any other in the history of humanity. Yet, ominous events, such as the Russo-Japanese War or the colonial crisis induced by the German face-off with France in Morocco, both around 1905, already forecasted a stormy twentieth century.
High inflation takes off where political forces are too strong to permit the implementation of harsh remedial measures with respect to taxation and monetary policy such as to prevent an implosion of the national currency. In the contemporary global financial marketplace, there has been fluctuating concern about the US heading toward this point, albeit at a highly uncertain date, as evidenced by waves of attack last spring, summer, and autumn on the US dollar. In reality, though, the long-run inflation threat level is higher in Europe than the US.
Any substantial European remedial action sufficient to arrest in the future a threatened emergence of high consumer price inflation would unleash forces which could potentially sweep away the present status quo of political and economic power. Hence, whatever the immediate cause of the inflation acceleration, we should expect a consensus of policymaking elites Berlin in full acquiescence to kick the can down the road.