I was looking at Piketty's actual interview. Here was my orginal post on it.
http://diaryofarepublicanhater.blogspot.com/2015/07/piketty-calls-out-german-hypocrisy-on.html
Piketty showed that the Germans are the country that has never paid back its debts in 200 years. The British on the other hand did just that. They're policy was very similar to what is being forced on the Greeks today.
(Some of the phrasing is a little awkward as though I was able to Google translate it the word usage isn't adjusted to how we would put it in English. Still I think the gist is clear, hopefully.)
"But not when it comes to German debt! The memory of it just for today's Germany would have to be of importance. Look at the history of public debt to: Great Britain, Germany and France have all been in the situation of Greece today, even suffered even higher debts. The first lesson that can therefore be drawn from the history of sovereign debt, is that we do not face new problems. There was always plenty of opportunities to pay off the debt. And never want only one, as Berlin and Paris looking to make the Greeks."
"My book tells of the history of income and assets , including the public. What struck me in writing: Germany really is the prime example of a country that has never repaid its government debt in history . Neither after the First nor the Second World War. There was another pay about after the Franco-German War of 1870, when it called for a high payment of France and they got it. For the French state was suffering then for decades under the debt. In fact, the history of public debt irony. They rarely follow our ideas of order and justice."
"Just such a state is Germany. But slowly: The story teaches us two options for a highly indebted country to settle its arrears. One has fooled the British Empire in the 19th century after the Napoleonic Wars expensive: It's slow method, which today also recommends Greece. The UK division at that time the debt through rigorous financial management from - although it worked, but took extremely long. Over 100 years the British relatives two to three percent of its economic output on the debt, spending more than they for schools and education.That must not be and should not be today. For the second method is much faster.Germany has it tried in the 20th century. Essentially, it consists of three components: inflation, a special tax on private assets and liabilities sections."
So the British quioxtically gave up 2 to 3% of GDP for the next 100 years on the war debt and this is what the offer for Greece basically amounts to. It's actually a very intersting interview if you can get past some of what awkward phrasing. Piketty corrects the record on why the Allies were so much more generous with the Germans on their WWII debt.
The German interviewer suggest that, "This was from the realization that the high repayment demands on Germany after the First World War on the grounds of the Second World Warincluded. They wanted this time forgive the Germans for their sins!"
"Nonsense! This had nothing to do with moral insights, but was a rational economic decision. It was recognized at the time correctly: According to major crises which have a high debt burden result, there comes a time when you have to turn to the future. We can not expect to pay for decades for their parents' mistakes of new generations. Now the Greeks have undoubtedly made great mistakes. By 2009, the government in Athens have forged their budgets. Why not the younger generation of Greeks now bears more responsibility for the mistakes of their parents as the young generation of Germans in the 1950s and 1960s. We must now look forward. Europe was founded on forgetting the debt and investing in the future. And it is not on the idea of eternal penance. We need to remember."
He also criticizes Hollande:
"In Germany more people do, in fact thoughts that go in the direction of a democratic new foundation of Europe, as in France, with its numerous Sovereignty believers. In addition, our president still makes a prisoner of the failed EU Constitution referendum in France in 2005. François Hollande does not understand that a lot has changed by the financial crisis. National self-interest, we need to overcome."
So the history is here-how likely though that it will be heeded?
http://diaryofarepublicanhater.blogspot.com/2015/07/piketty-calls-out-german-hypocrisy-on.html
Piketty showed that the Germans are the country that has never paid back its debts in 200 years. The British on the other hand did just that. They're policy was very similar to what is being forced on the Greeks today.
(Some of the phrasing is a little awkward as though I was able to Google translate it the word usage isn't adjusted to how we would put it in English. Still I think the gist is clear, hopefully.)
"But not when it comes to German debt! The memory of it just for today's Germany would have to be of importance. Look at the history of public debt to: Great Britain, Germany and France have all been in the situation of Greece today, even suffered even higher debts. The first lesson that can therefore be drawn from the history of sovereign debt, is that we do not face new problems. There was always plenty of opportunities to pay off the debt. And never want only one, as Berlin and Paris looking to make the Greeks."
"My book tells of the history of income and assets , including the public. What struck me in writing: Germany really is the prime example of a country that has never repaid its government debt in history . Neither after the First nor the Second World War. There was another pay about after the Franco-German War of 1870, when it called for a high payment of France and they got it. For the French state was suffering then for decades under the debt. In fact, the history of public debt irony. They rarely follow our ideas of order and justice."
"Just such a state is Germany. But slowly: The story teaches us two options for a highly indebted country to settle its arrears. One has fooled the British Empire in the 19th century after the Napoleonic Wars expensive: It's slow method, which today also recommends Greece. The UK division at that time the debt through rigorous financial management from - although it worked, but took extremely long. Over 100 years the British relatives two to three percent of its economic output on the debt, spending more than they for schools and education.That must not be and should not be today. For the second method is much faster.Germany has it tried in the 20th century. Essentially, it consists of three components: inflation, a special tax on private assets and liabilities sections."
So the British quioxtically gave up 2 to 3% of GDP for the next 100 years on the war debt and this is what the offer for Greece basically amounts to. It's actually a very intersting interview if you can get past some of what awkward phrasing. Piketty corrects the record on why the Allies were so much more generous with the Germans on their WWII debt.
The German interviewer suggest that, "This was from the realization that the high repayment demands on Germany after the First World War on the grounds of the Second World Warincluded. They wanted this time forgive the Germans for their sins!"
"Nonsense! This had nothing to do with moral insights, but was a rational economic decision. It was recognized at the time correctly: According to major crises which have a high debt burden result, there comes a time when you have to turn to the future. We can not expect to pay for decades for their parents' mistakes of new generations. Now the Greeks have undoubtedly made great mistakes. By 2009, the government in Athens have forged their budgets. Why not the younger generation of Greeks now bears more responsibility for the mistakes of their parents as the young generation of Germans in the 1950s and 1960s. We must now look forward. Europe was founded on forgetting the debt and investing in the future. And it is not on the idea of eternal penance. We need to remember."
He also criticizes Hollande:
"In Germany more people do, in fact thoughts that go in the direction of a democratic new foundation of Europe, as in France, with its numerous Sovereignty believers. In addition, our president still makes a prisoner of the failed EU Constitution referendum in France in 2005. François Hollande does not understand that a lot has changed by the financial crisis. National self-interest, we need to overcome."
So the history is here-how likely though that it will be heeded?
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