Daily Archives: June 12, 2012

Dictatorships and tyrannies may be casual about spilling their people’s blood, but not democracies. When the people get to decide whether to go to war, they rarely do so willingly. This was why Immanuel Kant said the spread of democracy was the best guarantee of world peace. As he wrote in 1795, “if the consent of the citizens is required in order to decide that war should be declared nothing is more natural than that they would be very cautious in commencing such a poor game”. Continue reading »

Everyone hopes that the €100bn bailout of Spanish banks will calm the eurozone financial crisis and buy enough time for the further fiscal, banking and other integration that is required. That is possible but, unfortunately, it isn’t likely: firstly, because of the structure of the bailout; second, because it does nothing to resolve the issues at the heart of the eurozone crisis; and third, because in big financial crises, markets often determine that rescues such as this are not enough. I hope I am wrong, but this is unlikely to be a turning point for the eurozone.

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