The chilling irony of German austerity

Mass unemployment is the fuel of fascism

Germany protests
(Image credit: (Hulton Archive/Getty Images))

The competition for which nation can have the worst post-2008 economic policy is a stiff one. The United States has literally left free money on the table for years. Argentina is monetizing its debt, and inflation is a serious problem as a result.

But the victor in these failure sweepstakes is undoubtedly Germany, with its till-death-do-us-part love of austerity and tight money. German political and economic pressure has created a continent-wide depression that is now worse than that of the 1930s. Though Germany has managed to avoid the worst of the crisis itself, it is also just barely staying out of recession, and letting its own infrastructure rot for no reason. And now German policymakers are moving to quash the only tentative, hesitant action to fight the depression that is on deck.

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Ryan Cooper

Ryan Cooper is a national correspondent at TheWeek.com. His work has appeared in the Washington Monthly, The New Republic, and the Washington Post.