Without Thatcher or Reagan You have France & Germany

The seventies sucked*. All the thing we fear could happen to our economy - the malaise and the stagflation of high inflation coupled with high unemployment and low economic growth - were reality during the 1970s. Those same things, minus the inflation, have been the way things have been in France and Germany since the early 1990s. We were headed down this road too, until Reagan in the U.S. and Thatcher in the UK saved us. Will the riots wake up our European friends?

It doesn't look like France and Germany will soon be able to change their ways. Merkel in Germany just doesn't have the personality to pull it off. Besides, she doesn't have the votes. There was some hope for Sarkozy in France, but the late unpleasantness among local Muslims may have sunk his boat. The conservative revolution will have to wait. I hope that the burning in Paris, is not the start of another kind of revolution.

*Historical events rarely conform neatly to decades. The seventies in the U.S. refer roughly to the time from the 1973 oil embargoes until 1982 when Reagan's policies began to take effect.

Posted by Jack at November 5, 2005 3:21 PM