Murray recommends that readers should study the record of Heinrich Bruning, predecessor of Adolf Hitler as German chancellor. They could discover 'the real reason for Germany's descent into Nazism.'As Mrs. Synon notes, Greece is now suffering from policies of similarly "catastrophic austerity".
'Monetarist fetishists have helped to circulate a pernicious falsehood that the Weimar über-inflation caused the rise of Hitler.'
'The wild inflation storm occured in 1924. The Weimar economy recovered from it.'
'The Nazis came to power only in 1933, as an immediate consequence of the deflationary spiral that resulted from what Mr Wolf [commentator Martin Wolf, in an earlier article] refers to aptly as the "catastrophic austerity" introduced by Bruning.'
And then a thought occurs to Mrs. Synon: The three top people now forcing this catastrophic austerity on the eurozone are Angela Merkel from Germany, with its history of national socialism, ECB president Mario Draghi from Italy, with its history of fascism, and IMF chief Christine Lagarde from France, with its history of collaboration with Nazism.
But, God help us, they've all forgotten their own history.That is one scary thought.