Of Mad Men …

Off the keyboard of Steve from Virginia

 

Not many people would recognize the name Edvard Beneš, some might identify him as a Hungarian. Others would suggest an obscure novelist or a symphony conductor … obviously intelligent and well-mannered individual, an economist or law professor. He would have a hotel or a library named after him somewhere: take a little time to look up the name Edvard Beneš:

 

Edvard Beneš was born into a peasant family in the small town of Kožlany, Bohemia, ca. 60 km west of Prague.  …  He spent much of his youth in Vinohrady district of Prague, where he attended a grammar school from 1896 to 1904. During this time he played football for Slavia Prague. After studies at the Faculty of Philosophy of the Charles University in Prague, he left for Paris and continued his studies at the Sorbonne and at the Independent School of Political and Social Studies (École Libre des Sciences Politiques). He completed his first degree in Dijon, where he received his Doctorate of Laws in 1908. Then he taught for three years at the Prague Academy of Commerce, and after his habilitation in the field of philosophy in 1912, he became a lecturer in sociology at Charles University.

[…]

During World War I, Beneš was one of the leading organizers of an independent Czechoslovakia abroad. He organized a Czech pro-independence anti-Austrian secret resistance movement called “Maffia”. In September, 1915, he went into exile where in Paris he made intricate diplomatic efforts to gain recognition from France and the United Kingdom for the Czechoslovak independence movement, as he was from 1916–1918 a Secretary of the Czechoslovak National Council in Paris and Minister of the Interior and of Foreign Affairs within the Provisional Czechoslovak government.

[…]

From 1918–1935, Beneš was first and the longest serving Foreign Minister of Czechoslovakia, and from 1920–1925 and 1929–1935 a member of the Parliament. He represented Czechoslovakia in talks of the Treaty of Versailles. In 1921 he was a professor and also from 1921–1922 Prime Minister. Between 1923–1927 he was a member of the League of Nations Council (serving as president of its committee from 1927–1928). He was a renowned and influential figure at international conferences, such as Genoa 1922, Locarno 1925, The Hague 1930, and Lausanne in 1932.

Beneš was a member of the Czechoslovak National Socialist Party (until 1925 called Czechoslovak Socialist Party) and a strong Czechoslovakist – he did not consider Slovaks and Czechs to be separate ethnicities.

In 1935, Beneš succeeded Tomáš Garrigue Masaryk as President. He opposed Nazi Germany’s claim to the German-speaking so-called Sudetenland in 1938. In October, the Sudeten Crisis brought Europe on the brink of war, which was averted only as France and Great Britain signed the Munich Agreement, which allowed for the immediate annexation and military occupation of the Sudetenland by Germany.

 

Neither Beneš nor any member of the Czecho-slovak government was permitted to attend the conference where the little country was sacrificed to Hitler and his mad men.  The Euro-powers England and France were unprepared for war, they overestimated Hitler’s readiness and demurred. Czecho-slovakia was sacrificed to buy goods that could not be had: peace or greater preparedness. Out of recession and deleveraging of the 1930s, no country had anything but a transient material advantage over the others.

What emerged instead was a contest of institutional restraints, or between restraints on one part versus their absence on the other. There was the high-minded rationalization on the part of the powers versus the total absence of same on the part of the Germans. The German strategic advantage was set in high relief in Munich by Germany’s reasonable and well-intended adversaries. To outmaneuver whatever obstacles Germany might encounter on its path to geographic empire it had only to react to restraint as if it was acknowledgement of fatal weakness. The Germans would demand everything, to threaten annihilation otherwise, to exceed all limits, to put its army on wheels so that it might be turned loose in all directions, to massacre without conscience … to be unorthodox in all things or appear to be so. To be modern, in other words: restraint was prissy and old-fashioned, bourgeois and incompetent. According to German doctrine, there was to be no place in the modern world for anachronistic little duchies and principalities … Negotiations and conferences existed only to produce surrender documents.

After Munich, restraint was synonymous with cowardice and appeasement along with the word ‘Munich’ itself. Hitler was outraged that the appeasement had cost him a war that he was sure Germany would win.

Neville Chamberlain, British ambassador Neville Henderson, German foreign minister Ribbentrop and Hitler at Munich. By 1946 all of these men were dead, all of the European countries and their economies were destroyed.

Sudetenland was handed over immediately after the Munich Accord, announced with fanfare, the rest of the country was annexed by Germany and Hungary within six months. The accord offering ‘Peace in our time’ was not worth the paper it was written on, like so much else within modernity, it was a another false ‘tomorrow promise’.

After Munich, Beneš fled into exile in Britain, after the war he was part of a brief independent Czech government that was eventually undermined by the Soviets in 1948.

Right now ‘Munich 2.0′ spools out right under everyone’s noses: the Spanish public is sold into the abyss by the feckless government seeking to buy a little time. Like the Czechs and Slovaks in 1938, the people have nothing to say about their own fate … which is determined in the shadows by unrestrained and unaccountable mad men (Telegraph):

Prime minister Mariano Rajoy explains the surrender of Spain to the Anglo-American banking cabal in front of the Spanish Parliament, admits draconian terms demanded by EU financiers. Photo: AFP

 

Debt crisis: Spain bows to EU ultimatum with drastic cuts

Spanish premier Mariano Rajoy has raised VAT sharply in a humiliating volte-face and pushed through €65bn (£51bn) of drastic austerity measures to comply with a European Union ultimatum, risking a downward spiral into full depression.

Ambrose Evans-Pritchard

In Churchillian tones of blood and toil – even as Asturian miners and their wives clashed violently with police after a three-week march on Madrid – Mr Rajoy called for yet another round of cuts, admitting that Spain was obliged to take “urgent” action under the terms of the latest EU summit deal.

“We Spanish no longer have the choice whether or not to make sacrifices. We no longer have such liberty,” he said.

Hours before, the daily newspaper El Pais had stunned the nation by publishing the leaked “Memorandum” imposed by the eurozone’s creditor bloc as the condition for Spain’s €100bn bank rescue.

The draconian terms include an EU takeover of the Spanish financial system, with calls for haircuts on €67bn of junior and hybrid bank debt, a bad bank to wind down crippled lenders, “on-site” raids by inspectors, and intrusive demands across the gamut of fiscal policy.

 

The Washington Consensus succeeded brilliantly in Greece, the obvious reason to apply it with more vigor in Spain.

Chamberlain and Daladier ‘understood’ that Germans would not annex anything more than a small part of Czecho-slovakia. Rajoy understood that Spain would not be subject to severe austerity by the finance sector in return for what amounts to a trifling borrowed sum. Unlike the aggressive, militaristic Hitler, today’s mad men are well mannered and abstract. The outcome for the victims is identical, bondage and pillage. Because no one else will lend to Spain, with no great power England or France — or United States — to rescue her, there is no choice for the unimaginative Rajoy but to sell his country down the river.

Like the hapless Beneš there is certain to be a place in the Spanish rump for the elder statesman Rajoy long after the country is a smoking ruin. Like Beneš, he looks good in a suit.

The Spanish establishment does not understand symmetry. There is nothing to compel Spain to borrow under duress, or to prevent Spain from repudiating the odious- and ill considered debts it has already taken on. If the country had a real government instead of a cowardly fake it would behave the same as the mad men, to stand up to them, to beat the bullies and put them in their place. The establishment fails to understand the economic dynamic that is underway. The cost of submission is no different from the cost of non-submission. Putting the costs of unrestricted capital back upon capital is where it belongs. Spain would abandon its costly ‘prosperity’ but would maintain its sovereignty and the freedom if its citizens to act for themselves. By surrendering, the prosperity is gone and so is the sovereignty. The citizens are free to be paupers or emigres. Spain becomes a colony of Wall Street.

The current tragedy in Europe is unfolding with the same sense of dishonor and inevitability as during 1938. History may rhyme as Mark Twain once said, but it clearly is repeating itself, now. The establishments around the world insist on sacrificing others to the mad men. This strategy fails, appeasement makes these men bolder, they cannot be satiated or even evaded. Their ambition and reach has become universal, they are monsters. They must be destroyed, annihilated and all memories of them done away with. Their tools of destruction which they promote as ‘efficiency’ must be hammered flat and repudiated. The steps leading to Munich failed to bring peace but led instead to a great war, the steps leading to Brussels follow the exact same path. It is the cowardice of the good people, the moral relativism of the disinterested who refuse to see it.

The Europeans and their economic ministers and economics do not understand what it underway. Europe is subject to an Anglo-American credit embargo similar to those implemented in Latin America in the 1980s and in S. Asia in the 1990s. The US gains more from Europe’s bankruptcy than it can gain as return on new credit.

Because the establishment does recognize the energy component to their economic troubles they cannot see the potential gains to others … from Europe’s collapse.

Europe consumes 15 million barrels of petroleum per day: by bankrupting the EU 10 millions of those barrels can be exported to the US instead. This is the equivalent to the production of Saudi Arabia, without all the drilling.

The 5% reduction in fuel availability in the West in 1973 resulted in what was the world’s deepest post- WWII recession, excluding the current recession. At issue is a reduction of 70%.

Analysts blame the European problems on corrupt Greeks and others but these countries did not make the loans to themselves: it takes two corrupts to tango. The Eurozone was a pit of predatory lending under false pretenses (for fake, USA-style ‘prosperity’). The euro was — and is — a defective credit instrument similar to a sub-prime mortgage.

No sovereign can repay finance-level debts, such a thing is impossible. Greece cannot repay, Spain cannot hope to begin to repay.

Not only cannot Greece repay, Germany in full flower of industrial output cannot repay Greek debts. The demand for repayment is a charade and anyone bothering to look for more than five minutes can see that this is true.

The rate of change in GDP year over year is the surplus carried forward over the previous year’s expenses. It is this margin from which a country’s debts might be serviced — not retired — the annual increase in German GDP might be sufficient to partially service Greek debts for that year. Anyone who believes that Germany could repay Greek debts believes in unicorns and fairies.

Keep in mind that GDP growth must also meet other expenses besides service of loans outstanding. Almost all debt service is financed along with principal roll-over.

The Germans object to the obligation to repay Greek debts, it is because such a thing is impossible regardless of intentions.

Greece is dependent upon external sources of (borrowed) capital: Germany genuflects in the direction of capital because Germany itself is just as dependent on external capital flows as is Greece.

If Germany cannot repay Greek debts how can Greece be expected to do so, in the face of a credit embargo?

The embargo is effective because there is no European lender of last resort: what passes for one appears to offer unsecured loans to banking clients which themselves are insolvent. A lender of last resort cannot at the same time be insolvent: the one concept excludes the other. When the central bank takes on the impaired loans of its clients it becomes insolvent, it loses credibility.

Because of system insolvency there are fatal bank runs. These are taking place this minute.

Debts are intractable: they must either be replaced/refinanced with more debts or they must be repudiated, there is no other way. When debts are repudiated, the country is de-industrialized as it cannot import fuel, its money is unacceptable.

The fantasy of industrialization and so-called ‘progress’ is what various ‘leaderships’ including Rajoy’s are loathe to abandon. This is even as industrialization destroys the countries’ economies and the countries themselves. Managements cling to the false promises that have been offered for 400 years, that have brought wealth to a handful of thieves in exchange for Napoleon, revolutions. Communism, Hitler, world wars and great depressions. This, then … is the dividend of concentration and economies of scale, leaving out the complete destruction of the very air, land and water upon which we as living creatures absolutely depend … for a few pieces of colored paper.

If the country does not repudiate its debts, its money is unacceptable anyway as the money is proxy for nothing but unserviceable debts.

This non-acceptance is the end of the road … the end of all the roads.

By repudiating the debts all of the associated wealth is annihilated: wealth = debt. The problem is the foolish Europeans  want to get rid of the debt and keep the wealth. They do not accept that, a) this cannot be done, and b) there is really no such thing as money-wealth.

What comes this way is the contest between the few, the mad men with their machines and their blandishments, their constant readiness to do the world ill for their immediate gain. On the other side of the contest is the void, a bloated dependent (over)population: here is the reason for overpopulation in the first place! Dependents dare not agitate without risking starvation, homelessness or withholding of institutional ‘benefits’. There is the loss of place, a generalized self-contempt, selfishness and institutionalized laziness. Not the stuff of revolutions or reform.

The mad men inch closer to self-immolation, to take the rest of the world with it. This is the end-game of industrialization, the promise of Valhalla the reality of a wasteland.

Keynes was wrong, in the short run we are all dead.

Knarf plays the Doomer Blues

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