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Preface: The Red Blanket
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terms
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notes
succor
(en)
assistance and support in times of hardship and distress
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Before long the working class in one nation turned against the working classes of all other nations, looking to protectionism for succour. In 1929 protectionism took the form of devaluing one’s currency vis-à-vis others. As we shall see, in 2010 it took the form of devaluing one’s labor vis-à-vis others.
notable
6 years, 8 months ago
Before long the working class in one nation turned against the working classes of all other nations, looking to protectionism for succour. In 1929 protectionism took the form of devaluing one’s currency vis-à-vis others. As we shall see, in 2010 it took the form of devaluing one’s labor vis-à-vis others.
notable
6 years, 8 months ago
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[...] A tale of two debts was turning into a morality play with no end. Europe is an ancient continent and our debts to each other stretch decades, centuries and millennia into the past. Counting them vindictively, and pointing moralizing fingers at each other, was precisely what we did not need in the midst of an economic crisis in which large new debt, piled upon mountains of legacy liabilities, was a mere by-product.
comparing post-war German debt with contemporary Greek debt (the usual)
[...] A tale of two debts was turning into a morality play with no end. Europe is an ancient continent and our debts to each other stretch decades, centuries and millennia into the past. Counting them vindictively, and pointing moralizing fingers at each other, was precisely what we did not need in the midst of an economic crisis in which large new debt, piled upon mountains of legacy liabilities, was a mere by-product.
comparing post-war German debt with contemporary Greek debt (the usual)