I had a bad dream, or maybe even vision last night, that Europe’s political elite, led by Germany and its preference for rule-based policy, would not give up on austerity and other contractionary policies. We were already a few years from now, and living in a wasteland, because the rigidities of the various pacts and so-called Fiscal Compact had demolished the social safety nets in all European countries, because it was failed to be acknowledged that it is a) bad that a country doesn’t have control over the currency it uses when there is no proper fiscal redistribution system (like in the US) and b) governments simply cut everything that they didn’t have money for because of that.
I had flashes of Grapes of Wrath in a post-industrial, European setting. I saw Europe as a Belgium on a larger scale. A wasteland, in which there is insufficient demand and the crisis is never over, because Europe could not rely on external demand. Even Germany got stuck at some point.
Fortunately I woke up and I hope it is like said in this book, that there are still outsiders who see what is wrong and that may have some influence.