Tag Archives: Hannah Arendt

Intellectual stupidity a practice common to both Economists and Politicians

Intellectual stupidity is not a concept that is to be found in book on either the subject of economics and politics. This is a concept that was created by Robert Musil. He distinguishes between two types of stupidity, natural and intellectual. The first is the one due to physiological factors, it occurs when an individual lacks the mental capacity for higher order thinking. Although he would be criticised today for his use of this offensive word, he can be justified when its contrasted with intellectual stupidity. A term Hannah Arendt had in mind when she criticised evil as personified by Adolf Eichmann as banal. This was a man who lacked intellectual curiosity, he was unable to empathise with the millions of victims of the holocaust. He thought the was a good man because he made the trains to the death camps run on time. The fact that these trains took millions to their deaths was no significance to him. Their deaths were somebody else’s responsibility. He was in his mind a good administrator not an essential player in the holocaust.

Politics and economics practitioners are blighted with a similar failing. Milton Friedman was guilty of this failing. When Milton Friedman was told that the Chilean government when introducing the free market reforms he advocated were imprisoning, torturing and killing opponents of these reforms, he said it was a price worth paying. Just as with Adolf Eichmann his vision all that mattered was the introduction the Chicago School of Economic management to human societies. Human rights was for him just a matter of secondary concern. Recent political history has been dominated by such practitioners of intellectual stupidity.

In Britain such stupidity has been demonstrated by successive governments in there implementation of the free market economy. They see there role as being facilitators of a Hayekian free market system. When ever such reforms produce failures such as the collapse of Carillon, a company to which many government sources had been outsourced; it was a consequence of poor management with the company. Never was the policy of privatisation of government services considered to be a flawed concept. The ‘Economist’ magazine while exposing the failures of Carillon’s management mounted a strong defence of the outsourcing of government services. Now two other outsourcing giants Capita and Interserve are in trouble. Yet our government remains committed to outsourcing as a policy practice. This is demonstrates intellectual stupidity, as government ministers cannot contemplate any alternative policies or thinking.

Intellectually stupid politicians are always trying to second guess their civil servants. Rather than seeing them as experienced administrators who can offer them practical and useful advice on policy matters; they are seen conspirators who are trying to obstruct their policies. The traditional civil service practice of providing the minister with a series of policy alternatives from which to choose is seen as a threat to the integrity of government policy making. Just recently a senior politician who studied history at University decided that economists at the Treasury were conspiring to undermine Brexit, by producing erroneous data on the consequences of leaving the EU. This politician who has only a brief acquaintance with the subject of economics, claimed he could see not just errors but treachery in the work of these Treasury economists. This failure to accept any alternative view of events to the individual’s own is typical of the intellectually stupid thinker.

Why is intellectual stupidity the default mode of thinking of our politicians?

Perhaps part of the explanation lies in the books they read. Friedrich Hayek’s book ‘The Road to Serfdom’ can be read in a few hours, possibly on a wet afternoon, when there is nothing else to do. In this short book he claims to offer the solution to our contemporary malaise. There is no end to these books that claim to have the answer. Another such is Ayn Rand’s ‘Atlas Unchained’, yet another writer who claims to provide the solution to our current malaise. What these books encourage in their readers is a cult like belief, that they alone have the exclusive possession of the truth. The blinkered mindset of an ‘Moonie’, Jehovah’s Witness or Scientologist, is mirrored in the thinking of so many of our leading politicians. The lack of curiosity about alternative thinking is characteristic of the intellectually stupid.

These politicians have also been to the elite universities and this has given them an intellectual arrogance. They after a short period at university just ‘know’. One exemplar of this type is the politician who is an English graduate who decided that he did not need any advice from experts in their field (educationalists and economists), as he had acquired sufficient understanding ‘to know’. He as with so many of his colleagues ‘knows’ any further knowledge would be superfluous to the task in hand. These politicians can be best described as ‘generic’ politicians, as such they believe that they have already possess all the skills and knowledge necessary for the most demanding of political positions.

This lack of intelligent curiosity is demonstrated in these three remarks made by politicians about food banks in the U.K. The first said that increase in food bank use food was because people were attracted there by the free food on offer. Another said increased food bank use was a good thing, as it had shown that his government was more effective than the former at publicising this service. The last said people go to food banks for many reasons. What none of these politicians could say that people on low incomes were reduced to such desperate straits, that they were forced to go to food banks to get the food they needed for themselves and there families. Just as Adolf Eichmann could not bring himself to admit the his trains were taking the Jews to there death, so these conservative politicians cannot admit that there policies are creating such widespread impoverishment that thousands are now forced to go to food banks in order to survive.

This callousness is not the consequence of intellectual dishonesty, but a thinking that prevents thinking of either the Jews or the less well off, as people of any consequence. They are demonised either as a threat to the well being of the German people or a threat to the well being of the British economy and society. The political philosophy of both Adolf Eichmann and contemporary conservatives treats certain groups of people as inferior beings who lack the rights accorded humanity in general. A world view best summed up by the Nazi official who called Jews vermin.

What Robert Musil writes about intellectual stupidity is very similar to the thinking of Augustine on evil. He describes evil as a not knowing of God. People who don’t know God commit what we term bad acts. Augustine as a Neo-Platonist also equated God with Good, so people who did not choose to know God could not know good. The intellectually stupid chose not to know the evil of their actions and as such are unable to know good. These intellectually stupid would be the people who Augustine’s would accuse of doing evil acts.

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In Memoriam – a tribute to a feminist sister

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The Yellow Rose a symbol of joy and gladness
A recent personal tragedy made aware that philosophies of kindness are regarded more highly than is widely assumed, many remain impervious to the worse excesses of our materialistic culture. The values associated with a more traditional culture still exist within contemporary culture, values such as friendship, compassion and caring. The respect shown towards my sister by her many friends demonstrated how these highly these values are still regarded. The turnout at her funeral and the grief expressed showed how much people value this individuals whose life demonstrated these principles in practice. She was a woman who worked in the caring services, most recently teaching children that had been excluded from school because of behavioural problems. Even accepting back into her class a violent teenager who had made an attack on her. She was a central figure in many friendship groups and social activities such as the book club. These friends all supported each other through the problems that life throws up, illness and death for example. Men seem to lack these support groups as we seem much more one dimensional in our relationships.When I started my last job I made friends with Keith, yet it was a number of years before I knew he had two children in their teens. We just talked about work, philosophy and politics, never our families. One sociologist made a study of language use and she came to the conclusion that women make much more use of relational language. Going back to my example if we had been women, we would asked each other about family and known almost immediately how many children each had. I think one writer wrote that it is woman kind that civilises mankind. Perhaps illustrated by a remark made by my wife. When hearing that the British army was to allow women to engage in combat on the frontline, who said that, ‘I thought we were capable of better than that’. What the life of my sister reminded was that there is a different culture within our society of which I as man was unfamiliar.

Feminist philosophers and theologians believe that their gender gives them a very distinct life, which makes the dominant male oriented philosophies and theologies of our society irrelevant to those who don’t have the male experience of life. Grace Jantzen is one of these writers. She in her book ‘Becoming Divine”,redrafts Hannah Arendt’s philosophy of natality to give it a distinctly feminist context. For Arendt natality is a philosophy of rebirth, a philosophy of revolution and change. There are times when the power exercised by the dominant group in society weakens and falters.This is becomes a time of opportunity, a time when a public space opens up which allows all those feelings and ideas that had been repressed to be expressed. It is a brief moment of time in which change in the social order can occur as new ideas are given the time and space to take root. The Arab spring briefly appeared to be one such moment of natality, it seemed as if Arab societies could be reborn on more egalitarian lines, when fairness established as one of the founding principles of a new society. Unfortunately, in all but Tunisia the old repressive forces reasserted themselves with renewed vigour.

People of mine and my sister’s generation thought the 1960s was such a time of rebirth and the remaking of society. A time of the ‘the Age of Aquarius’, certainly it was for many individuals, who in response to the times entered into the caring professions or adopted an alternative lifestyle. Unfortunately this brief spring time of liberation was crushed by the forces of reaction. Not the cruel reaction of a repressive police state, but the overwhelmingly seductive power of the consumer society. Potential revolutionaries were bought off by the promise of wealth. I can remember conversations between avowed Marxists in which the main topic of conversation was house prices and how they would benefit from the rise in these prices. The wealth on offer was so much greater than any of our parents knew so young people it easily seduced into becoming willing participant in the consumer society. What remained of the revolution of ideas and behaviours, quickly metamorphosed into a revolution of style and appearance. Revolution was to be expressed in liking a particular type of music or through dress, revolution segued into glam rock, it was a revolution of style. This revolution left intact the very fundamentals of the old unequal society, the power of the old order was never really challenged. When the opportunity came in the mid 1970s this group savagely reasserted its claim to wealth and privilege. The welfare state was slowly dismantled, poverty appeared again on our streets in the person of the beggar.
One interview I saw on television encapsulated this change. A representative of a country landowners association said how the fashion for large country houses had changed. In the 1960s these great houses were being knocked down, whereas in the ‘noughties’ there was a renewed interest in building great country houses. He failed to mention that this was a consequence of increasing inequality of wealth and income in the country.

Grace Janzten was part of new rising group of feminist thinkers who reacted against the philosophy of the times, that of Neo-Liberalism in its many forms. These new patriarchal philosophies were as the old male religions the philosophies of anti-life given new guises. These old new philosophies for her sprung from the inability of men to directly experience the act of creation, that is giving birth. It was the experience of or the potential experience of this that gave women a different understanding of life. Central to women’s lives are the acts of creation and nurture, as without nurturing that created thing, life would not thrive. Masculinist philosophies such as Neo-Liberalism make the nurturing society impossible. Its very Darwinism emphasis on winners and losers is anti-nurture, as in such a society only the winners thrive. Rather than thrive the great majority of society, that is the losers languish and flounder. The number of children in poverty is rising and those malnourished children lose out in the academic race that is now schooling. They cannot compete with their better fed and resourced rivals. Neo-Liberal Britain is the society of the precariat and the underclass, where only the possession of wealth is celebrated. A Jantzenist society would be very different, in that all its children would be nurtured and all have an opportunity to succeed. This would mean the removing of those barriers to aspiration, that is the many barriers placed in the way of the children of the poor by low income and poverty. Motherhood would be the basic principle around which society would be structured, rather than the very masculinist one of power.

Jantzen never really develops how her philosophy/theology in the context of remaking society, her interest is in power. How to grab back power from the patriarchy. Her solution is the development of a feminist philosophy of natality and life as a counterweight to dominant masculinist philosophies of power and violence. She wants equal recognition in society for the very different life experience of women. This in turn brings me back to my sister and I, as our childhood experiences demonstrate the two very distinct philosophies of life. She would work as a volunteer for the St.Johns Ambulance Brigade, which meant giving up her spare time to work in the wards of the local hospital. While I went out with my friends fishing or shooting, more usually the former, inflicting pain and suffering on the local wildlife. Although Grace Jantzen can justifiably be accused of presenting a very idealised view of women’s life experience, it does not diminish her claim for the need for a powerful feminist philosophy of natality to oppose and limit the predatory masculinist Social Darwinist philosophies of today. It is the latter that have wreaked havoc on society reintroducing to it, poverty, insecurity and ill health all the evils of the societies of the past.

A God for an Economist

Whenever I confess my belief in a God my friends are incredulous. They cannot understand how a person who they consider an intelligent rational thinker can believe in such a superstition. What makes my position seem even more ludicrous is that I am a negative theologian, that is I believe that God in his essence is unknowable. Bertrand Russell pointed out that is illogical to believe in something or someone that is unknowable as a knowledge of such a being is impossible, it’s a logical contradiction. How could you know if you did not know? However I want to turn these arguments on their head. As an economist I talk about the economy but I as with my thousands of fellow economists don’t really know what the economy is in its essence. I can talk about markets, the balance of payments but they are only certain highly visible parts of the economy. Classical economists and those of a Neo-Liberal persuasion will claim that the economy consists of a number of inter related markets. The falsity of this claim is demonstrated by this simple truth, if economists understood the true nature of the economy they would have at their disposal all the tools necessary to manage and control the economy. Economic crises would disappear instead of occurring at regular intervals and the economy would be on continuous trajectory of growth. The welfare of all would be maximised. History demonstrates the fallibility of economists, all to often they get it wrong. It should not be forgotten that when the financial crisis struck in 2008, the majority of economists were caught by surprise. Only a small minority expected a crisis, but they were a small disregarded and isolated minority.

I do then believe in the existence of two entities neither of which I can really know in essence. It can be argued that while I may not understand the real nature of the economy, I am every day affected by the reality of it, it is not something that I cannot ignore, it is just there. The economy generates the tax revenues from which my pension is funded, everyday I participate in this self same economy that has the shops and chains of distribution from which I buy the essentials and good things that make my life bearable. One such good thing is the cappuccino that I buy daily at my local Salumeria. Similarly nobody would deny that they are affected by the good and bad actions of others. What hurts most, being betrayed by a friend or being unable to buy the latest IPhone through lack of funds? We all participate daily in a network of relationships whose nature determines our sense of well being. However whether they are defined as spiteful, hurtful, mean, bad or evil actions, the consequences of such actions can be devastating for the victim, more so than any economic loss. Similarly friendly, helpful, kind or good actions can transform the life of the beneficiary of such actions.

Fiction provides the classic example of a life transforming good action. The Priest in ‘Les Miserables’ who forgives Jean Valjean for his theft of the church’s candle sticks. If he had not forgiven him, Jean Valjean would have been sent back to the prison galleys where he would have lived out a short and wretched life. Human relationships can be explained or described in many terms, but all too often they are permeated with a sense of good and bad. Theologians such as myself identify that sense of good with God.

There is a tradition of Christian Neo-Platonism that goes back to St.Augustine, a tradition to which I belong that identifies God with the Good. Identifying God with the good, transforms God into a solely moral entity, an identification which I find sufficient. God as the Good, that is the source of that sense of goodness that informs all moral actions. Constantly we speak of good actions that is actions which have in common that thing which we call good. Yet this good is indefinable except through descriptions of good actions. It is this indefinable essence that theologians such as myself call God.

Describing good as a moral sense derived from God is a pre modern concept, but one that is given a contemporary guise by the theologian Caputo. God he sees as a weak God in the sense that his is a God of moral sensibilities not power. This weak God exists outside human society but is constantly pushing in and that pushing in takes the form of a pushing in of moral sensibilities. Sensibilities which mankind is free to accept or reject. Given that all accept that good in its essence is indefinable I see this explanation of the origin of good as the most acceptable. Neither Caputo or I know God but we both know God as this moral sense or good itself. This to me is the most acceptable explanation of the existence of that moral sense known as the good. This understanding of good and the nature of God is a myth in the Platonic sense. It is a truth than can only be spoken of in terms of a myth, the myth of a weak but moral God, exist beyond but in constant contact with human society. Framing truths in mythological terms does not make them less true. Some truths because of their nature cannot be explained in other than the language of religious mythology.

There is a simple story that explains my reasoning. Heidegger was one the greatest 20th century German philosophers, the one who subjected the nature of being (humanity) to forensic scrutiny, yet he almost completely lacked any moral sense. When Hitler came to power he became an enthusiast for the Nazis. He refused to help his Jewish lover Hannah Arendt, he in fact abandoned her to her fate. Fortunately she was able to escape to the USA, but with no help from Heidegger. This supreme rationalist thinker eagerly participated in all the intellectual nonsense propagated by the Nazi regime. He believed that the of the philosophy of ‘sturm und drang’ captured the essence of the Germanic nation. A man who never understood why after the Second World War that is was right that he should be excluded from teaching in German universities. In contrast to him there was the lesser philosopher the catholic Jaspers, who opposed the Nazis and had to flee to Switzerland. What cannot be denied is that Jaspers moral sense was greater than Heidegger’s, although he was the inferior thinker. Jaspers had far more of the nature of goodness about him than did Heidegger. Hannah Arendt later described Heidegger as a man devoid of any moral sense. Perhaps because Jaspers knew that myth was a valid means of demonstrating truth, that he was able to comprehend the true meaning of the Christian myths and resist the evil of Nazism. An understanding denied to a purely rational thinker such as Heidegger.

At the end of his life Heidegger began to turn away from rationalism and began to look for truth as expressed in poetry. He found truth in the poetry of Rilke and Holderlin that was absent from his great work of philosophy ‘Being and Time’. This new searching for truth found him attending Sunday Mass at his local Catholic Church.

If I give an identity to good surely it is necessary to give an identity to evil, a theology such as mine requires a devil as the personification of evil. Admitting the existence of the devil would take my theology back to the Middle Ages. Fortunately Augustine provides an answer as to why there is evil in the world without needing to reference a devil. Evil acts according to Augustine are undertaken by those who do not know good or God. Rather than evil being a thing it is a not knowing, a not knowing God. Men with no moral reference points commit bad acts, because they have no knowledge of good. Knowing good means more than just knowing the word, it a knowing that penetrates the very fibre of existence. It’s a knowing that involves changing one’s persona according to the strictures of good or God. As Plato said once you know good you will not wish to do evil. The most extreme practice for the knowing of good was that undertaken by the hermits such as St. Anthony who spent a lifetime as a hermit living in exile in the desert struggling to know God or good. However Kierkegaard provides a more achievable alternative, he recognises the frailty of human nature. A Christian life for Kierkegaard is one of slipping in and out of that ecstatic knowing if God (good), it is impossible he says to constantly be know good, as we are all moral backsliders. In Augustine’s word we are the ‘not so good, saints but our actions are influenced by our understanding of the good.

The problem with theology as with philosophy is that once one starts to unpick the ideas that make up the content of the subject, the investigation into their significance and meaning can be endless. Rather than undertake such an investigation I prefer to state that this theologian and economist finds it sufficient to identify God with that moral sense we know as good. Other understandings of God are unnecessary, God might be a creator God, the Triune God (the one in three God) or the God that brings the world to an end at the end of days, but they are all irrelevant to how I act. They are questions that I don’t need answering. To put it in the language of the past I am an adept in two separate spheres of knowledge the non rational knowing of God and the rational understanding of economy. As with Jaspers I subordinate the knowledge of the second to the first, as moral sensibility must always take precedence over and inform my rational thinking. Never unlike many current economists and politicians could I subscribe to Says Law which states that in any recession unemployment and falling wages must be allowed to continue until the wages of the unemployed as so low that they price themselves back into employment. The misery that is consequent on adopting this policy disqualifies it as a viable policy option. How can it be right in a rich country such as Britain to have children going hungry and living in squalor? Yet our political class practises a more sophisticated version of Says law under the cover of globalisation, which states that to keep people in work in face of competition abroad it is necessary to reduce incomes to the lowest level to retain employment in this country. There are many alternative policies which could be adopted with better outcomes for all but which are never considered.

The Cart Tracks of History or why Social Democracy in Europe was so short lived

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Hannah Arendt when writing about the Russian revolution, stated that societies were doomed to follow in the cart tracks of history. What she was trying to do was explain why Russia that despite the other throw of an oppressive authoritarian government in 1917, had only a brief interlude of parliamentary democracy before Russia reverted to an authoritarian government. Her answer was that Russian society had been schooled in authoritarian instincts throughout the long period of Tsarist rule. All institutions in society were structured along authoritarian lines, people instinctively looked for direction from above and these habits were not easily thrown off. It was the democratic revolution that was alien to Russian society. The seamless evolution of the Tsarist police into the communist secret police, the Cheka, demonstrates how hard it was for a reforming government to throw of the ingrained instincts of centuries.

Since reading Arendt, I have puzzled as to what are the cart tracks of history that UK society is trapped within. Our cart tracks are inequality, social inequality is hard wired into UK society. There was a brief period of Social Democracy in the middle of the twentieth century, but I fear that it will appear as fleeting as the brief period as that of Russian Social Democracy in 1917. What I mean by inequality is a society in which a small privileged group maintains it extreme wealth through impoverishing the rest of society. This group realises that only by denying the majority a fair share of national income can they reserve a disproportionate of national income for themselves.

Economists talk of scarcity when they discuss the means by which society can distribute its wealth to maximise welfare. They believe that only market economy allocate scarce resources in the way that maximises the welfare of all. In the market economy the individual can choose to spend their income as they wish and as only they know their individual wants and desires, they are best placed to maximise their own welfare. If the state interferes by providing say a national health service, it is denying the individual that freedom of choice. They may wish as in the USA to choose what part of their income they devote to health care.

However this analysis is flawed, as it ignores the unequal distribution of income which denies many people the opportunity to exercise their freedom of choice.

Inequality of incomes means more than that some people are richer than others; it means an economy that structured to meet the needs of the well off minority, not those of the less well off majority. The mechanism through which this achieved is choice or in the terms of the economist, effective demand. It is through exercising their extra or excessive purchasing power that they can ensure that the productive capacity of the country is skewed towards serving their interests. An increasingly disproportionate share of this country’s resources are being diverted into producing goods for the super rich. Rolls Royce, Jaguar businesses that supply the super rich are expanding their production, while mass market car manufacturers such as Ford are cutting theirs. It’s the zero sum game, by ensuring that a decreasing share of the national wealth goes to the majority (through falling real wages), they can ensure an ever increasing share of national wealth for themselves.

The housing market exemplifies this trend. Recently a spokesman for a country houses association, spoke about the revival of market in grand country homes. It is no coincidence that this has coincided with a marked decline in the provision of housing for the majority. In England a total 117,190 houses were built in the 12 months prior to September 2012, this compares to the high of 1968 when 425,830 public sector housing units were completed and in which the number of private sector housing units completed were 226,100. The 1960’s were a period of the decline of the grand country house. Many were sold by their owners for commercial use, some converted into flats and the best transferred to National Trust. Evidence suggests that in the UK that housing is the ultimate zero sum game, grand houses for the rich or houses for the majority, but not both.

As an increasingly larger share of national income is going to the well off minority, their refusal to pay taxes has a catastrophic effect on government finances. There are hundreds of tax avoidance schemes available to enable wealthy individuals and business corporations to avoid tax. One accountant estimated that it is possible for a business corporation to pay as little as 2% of its income as tax. Consequently the central government is facing a funding crisis, the proportion of national income that it receives as income from taxation is going down. This is worsened by there being a growing population (particularly of the elderly) which exerts even greater demands on the public sector for services. Given this funding crisis the only solution is to cut services and it is these services that are used by the less well off majority. The wealthy are unaffected by this crisis as they have chosen to opt out of public service provision. In fact it is in their interest to cut spending on health and education services, as it will make possible further tax cuts. Galbraith had a phrase which summed up the current situation, ‘public squalor’ and ‘private affluence’.

This robbery of the private and public purse has to be disguised by an ideology, an ideology that turns a series of squalid ignoble actions into the opposite. The ideology that justifies this robbery is that of celebrity and entrepreneurship, an ideology of achievement. Celebrity is first and foremost an ideology of achievement, the story of the young man from an impoverished background who achieves riches as a famous footballer or the young woman from a similar background who achieves success as a singer. Nobody can deny that they have made their success through there own efforts. However the ideology conflates these stories of individual achievement into a story of achievement which justifies the extreme incomes of the super rich The talent of these individual cannot be denied but what can be denied is their claims to excessive wealth. No individual in entertainment or sport earns the wealth they attain. Society is instead so structured to pay excessively high rewards to certain high achieving individuals. Celebrity has diminished the achievement element for high reward incomes, now it’s sufficient to be a celebrity. Entrepreneurship trades in on the achievement effort, they are meant to be the great movers and shakers who have changed society. Unfortunately all the change many of these movers and shakers achieve is to damage the host society in which they operate. Hedge funds and private equity funds often do little more than loot the company they own and manage. No matter the achievement myth justifies such excessive wealth taking.

Nothing can change without an ideology to counter the achievement myth used to justify the unparalleled wealth of these elites. Religion is one possible counter ideology, an ideology of fairness and charity. There was liberation theology of South America, which however was crushed by the Catholic Church. The social and financial elites retain their control of the Catholic Church. What is not needed so much is not a counter ideology as there are plenty circulating within society, as a social crisis which robs the dominant ideology of its legitimacy and causes a crisis of confidence in the ruling elites. One such past crisis was the Great Depression and the Second World War, which robbed the dominant elite groups of their legitimacy. Having presided over a series of disasters they were powerless to prevent the rise of social democracy. Already the current financial crisis has given rise to new political groupings that threaten the legitimacy of the ruling groups. Usually they are groups of the Far Right, but there are some of the Far Left, both of which threaten the existing order. In Greece there is ‘The Golden Dawn’ and on the left Syriza both new parties representing those excluded from the old elites. It is forgotten that in the end Hitler turned on his aristocratic allies, murdering a number of the officer corp and creating a new army the SS to replace the old aristocratic dominated Germany army.

Unfortunately the ruling elite groups in Europe have the same level of competence as those pre war politicians who were unable to prevent the Great Depression or the war. Catastrophic as both events were, they cleaned the Augean stables of power and a new generation of politicians created a better world. The crisis that is likely to overwhelm the European political leaders is the next financial crisis. Little has been done to remove the flaws in the economy that created the last crisis. London is leading the European Titanic towards the financial iceberg. Although there have been some reforms of the banking system, nothing has been done to change to the financial markets to prevent them from yet again turning a crisis into a catastrophe. New technology systems in fact make it far likelier a greater crash than that of 2008 will occur in the near future, as recent developments in computerised equity trading have the potential to turn small downturns in equity prices to catastrophic downturns.

Is it wrong to characterise the European political leadership as a group of lemmings leading their societies towards the precipice of financial disaster.