This is not meant to imply that today's ultra democratic Germans have the same ambitions as their erstwhile evil Chancellor.
Is it not ironic, however, to note that Sarkozy, whose UMP party claims to be the heir of le grand Charles, should cave so rapidly to to the Germans' misplaced demands for trans-European austerity? Methinks they've laid themselves wide open to scathing attacks from the far right and far left.
Isn't it even more ironic that 66 years after the victory of the Allies in Europe, the remnants of a so-called Gaullist party, should docilely support the paranoid ideology of a reactionary majority in the German parliament?
True, inflation once nearly ruined Germany, but that was 90 years ago. Why do they continue to fight the wrong battles against the advice of our greatest living macro economists: Paul Never-Wrong Krugman, Martin Wolf, Joe Stglitz, Dr. Doom Roubini and Paul De Grauwe, to name just a few? There is absolutely no danger of destructive inflation in Europe (or America for that matter) as long as resources remain so underutilized.
Perhaps some good may come out of this. The Euro crisis may abate for a couple of weeks, and some European banks may be able to boost their capital.
Perhaps the best part was that Angela, la nouvelle dame de fer, had the fortitude to tell the international mega banks to take their CDS's and shove them you know where, which some hopefully speculate may predestine the end of those instruments, at least the nasty uncovered kind.
Unless there is a sharp left turn toward federal democracy in Europe as well as in the United States, I fear the world is in for a long period of stagflation, and I do mean stag-DE-flation.