{"id":21416,"date":"2021-06-08T10:51:40","date_gmt":"2021-06-08T08:51:40","guid":{"rendered":"https:\/\/michelsanti.fr\/?p=21416"},"modified":"2021-06-08T10:51:40","modified_gmt":"2021-06-08T08:51:40","slug":"these-germans-insulting-keynes-and-the-citizens-of-europe","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/austerity-2\/these-germans-insulting-keynes-and-the-citizens-of-europe","title":{"rendered":"These Germans insulting Keynes and the citizens of Europe"},"content":{"rendered":"

\"\"<\/p>\n

 <\/p>\n

On June 2nd<\/sup> Wolfgang Sch\u00e4uble, President of the German Bundestag and former Minister of Finance of the country decided to pen a piece for the Financial Times<\/a> where he invokes multiple times the spirit of the great Keynes, quoting him on no less than six occasions!<\/p>\n

During Europe\u2019s great crisis of the 2010s, the journalist Wolfgang M\u00fcnchau very astutely observed that German economists can be split into two groups: \u201cthose who haven\u2019t read Keynes, and those who have read him but didn\u2019t understand a thing\u201d. From this last article of Wolfgang Sch\u00e4uble\u2019s, it is now a necessity to call out these German politicians who have absolutely no understanding of the economic facts and processes and who try to manipulate opinions by quoting John Maynard Keynes (to whom I wish a happy birthday, having been born June 5th<\/sup>). This article in the FT is a terrible embarrassment for the German elites who are stuck at the Adam Smith stage. It only serves to further confirm their economic illiteracy, and of course explains (for those who might have not yet joined the dots) their disastrous management of Europe\u2019s crisis.<\/p>\n

This latest production in the FT is typical Sch\u00e4uble, totally equivalent to what he had published in 2011 in the same paper and whose title was \u201cWhy austerity is only cure for the eurozone\u201d. In passing, Sch\u00e4uble takes a swipe at the person who he probably hates the most in the world, Mario Draghi, as in his article he raises the point of \u201cmoral hazard\u201d multiple times with the former president of the ECB that, in his opinion, encouraged speculation by deepening public deficits. Let\u2019s not kid ourselves, because this article of Sch\u00e4uble\u2019s is at the same time a warning to Mario Draghi who is meant to find out \u2013 now that he is Prime Minister of Italy \u2013 that he has much less power than when he was head of the ECB, and also a message from the Germans to the Italians, who must start \u201cdoing their homework\u201d, to quote Angela Merkel.<\/p>\n

So how should Sch\u00e4uble\u2019s article be read, when he was in fact one of the main agents of Europe\u2019s catastrophe during the 2010s, and how can we not be outraged by his allusions to Keynes, who he just doesn\u2019t understand? How can our democracies tolerate that such people lead our economies without having understood at all their most elementary of mechanisms: like that an economy can work only in the presence of an indebted counterpart, that this debt is the source of corporate profits, that this debt is also the source of household savings, and that this debt must indeed be generated and owed by a credible debtor \u2013 the government, that is \u2013 via its currency and its central bank??<\/p>\n

Citing Keynes from 1919, Sch\u00e4uble affirms that the master was opposed to debt and inflation. However, Keynes actually warned against using inflation to eliminate debt as a political strategy, and certainly not something to undertake after World War One. Keynes \u2013 who was never asking for debts to be paid back in order to avoid inflation \u2013 in fact called for the cancellation pure and simple of certain countries\u2019 debts<\/em>, like Germany\u2019s. But speaking of the Keynes of 1919 allows Sch\u00e4uble to skip over the Keynes of 1936, whose bases he\u2019s always rejected, despite Keynes being the author of \u201cGeneral Theory\u201d that redefined the whole economic discipline. In doing so, Sch\u00e4uble uses Keynes as a tale of moral caution in order to exhort the payment Europe\u2019s debts and the introduction of austerity, a course of action that Keynes actually deemed to be very harmful in periods of depression.<\/p>\n

Whereas Sch\u00e4uble asserts that only balanced budgets can avoid social collapse, Keynes pleaded for a deepening of deficits, the only tool able to bring back full employment, reduce inequalities and restore social cohesion. Sch\u00e4uble has therefore understood absolutely nothing from history, and has been caught red-handed manipulating Keynes\u2019s teachings, just like he intentionally distorts the actions of Alexander Hamilton, the first US Secretary of State for the Treasury, who is also cited in this FT piece. Sch\u00e4uble basically takes Hamilton as testimony, for having in 1790 (and not in 1792 as is falsely cited in this article) forced the States of the Union to pay back their debts, when Alexander Hamilton\u2019s measures (that were visionary for the time) were to strip different States of the ability to borrow for the sole benefit of the federal government, to in turn gain credibility on the financial markets. Contrary to Sch\u00e4uble\u2019s allegations, Hamilton only imposed fiscal discipline to reform the US. It gets worse for Sch\u00e4uble who manages to lose all credibility, as the famous \u201cHamilton moment\u201d was the starting point for a real and effective mutualisation of debts for the American Union\u2026for the exact kind of union that Sch\u00e4uble would so loathe in Europe!<\/p>\n

But why shouldn\u2019t we play Sch\u00e4uble\u2019s game, hoping desperately and sincerely that Europe will adopt Keynes\u2019s precepts, who considered that all public policy must have a priority that eclipses all others, centred around full employment? This nonsense from Sch\u00e4uble is nevertheless precious, because we can now hold it up as a deterrent, a nausea-inducing reminder of what were the tragic errors and intolerable oversights towards the citizens of Europe made through the policies advanced during the 2010s. Let us never again tolerate such things.<\/p>\n","protected":false},"excerpt":{"rendered":"

  On June 2nd Wolfgang Sch\u00e4uble, President of the German Bundestag and former Minister of Finance of the country decided to pen a piece for the Financial Times where he invokes multiple times the spirit of the great Keynes, quoting him on no less than six occasions!<\/p>\n","protected":false},"author":4,"featured_media":21410,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_crdt_document":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"mc4wp_mailchimp_campaign":[],"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[648941742,648941253,648941653],"tags":[],"class_list":["post-21416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-austerity-2","category-germany","category-ordoliberalism"],"yoast_head":"\nThese Germans insulting Keynes and the citizens of Europe - 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Germany\u2019s disproportionate public\u2026","rel":"","context":"In "Germany"","block_context":{"text":"Germany","link":"https:\/\/michelsanti.fr\/en\/category\/germany"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/wolfgang-schauble11.jpg?fit=736%2C759&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/wolfgang-schauble11.jpg?fit=736%2C759&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/wolfgang-schauble11.jpg?fit=736%2C759&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/wolfgang-schauble11.jpg?fit=736%2C759&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13595,"url":"https:\/\/michelsanti.fr\/en\/germany\/there-is-no-german-miracle","url_meta":{"origin":21416,"position":2},"title":"There is no German miracle","author":"Michel Santi","date":"March 14, 2015","format":false,"excerpt":"German politicians live and evolve in a parallel universe. Their trade surpluses, their fiscal and restrictive fiscal policies and their anemic domestic investment are all compelling evidence of the \u201ceconomic autism\u201d of their government elites. Those political leaders incessantly affirm in public the validity of these surpluses as if trying\u2026","rel":"","context":"In "Germany"","block_context":{"text":"Germany","link":"https:\/\/michelsanti.fr\/en\/category\/germany"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/nein.jpg?fit=600%2C300&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/nein.jpg?fit=600%2C300&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/nein.jpg?fit=600%2C300&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":25555,"url":"https:\/\/michelsanti.fr\/en\/european-union\/germany-holds-back-europe","url_meta":{"origin":21416,"position":3},"title":"Germany holds back Europe","author":"Michel Santi","date":"January 21, 2024","format":false,"excerpt":"The most serious economic mistake of Germany in the last 20 years. Celebrated at the time as a victory for fiscal and budgetary discipline, breaking away from the carelessness attributed to the vast majority of European Union members strongly encouraged to follow suit. Engraved in the marble of the Constitution.\u2026","rel":"","context":"In "European Union"","block_context":{"text":"European Union","link":"https:\/\/michelsanti.fr\/en\/category\/european-union"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/01\/OS.jpg?fit=1200%2C513&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/01\/OS.jpg?fit=1200%2C513&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/01\/OS.jpg?fit=1200%2C513&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/01\/OS.jpg?fit=1200%2C513&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/01\/OS.jpg?fit=1200%2C513&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":13710,"url":"https:\/\/michelsanti.fr\/en\/germany\/overcoming-the-german-autocracy","url_meta":{"origin":21416,"position":4},"title":"Overcoming the German autocracy","author":"Michel Santi","date":"May 29, 2016","format":false,"excerpt":"German households and businesses are clearly creditors and in surplus with regards to countries abroad. As for the German government, its objective is to clear its public debt and run a budget surplus. So why would it now trouble itself with the endemic deceleration of the country\u2019s domestic investment, which\u2026","rel":"","context":"In "Germany"","block_context":{"text":"Germany","link":"https:\/\/michelsanti.fr\/en\/category\/germany"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21302,"url":"https:\/\/michelsanti.fr\/en\/keynes-en\/should-we-be-scared-of-the-government","url_meta":{"origin":21416,"position":5},"title":"Should we be scared of the government?","author":"Michel Santi","date":"March 29, 2021","format":false,"excerpt":"Government always caused fear and those who we now call \u201clibertarians\u201d always viewed public powers gaining momentum with unease since the expansion of a government\u2019s remit has been interpreted by many citizens across the Western world as a rolling back of their own freedoms. For those who subscribe to this\u2026","rel":"","context":"In "big government"","block_context":{"text":"big government","link":"https:\/\/michelsanti.fr\/en\/category\/big-government"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/21416","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/comments?post=21416"}],"version-history":[{"count":1,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/21416\/revisions"}],"predecessor-version":[{"id":21417,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/21416\/revisions\/21417"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/21410"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=21416"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=21416"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=21416"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}