The Bill Paid at Last.


The policy of reducing Germany to servitude for a generation, of degrading the lives of millions of human beings, and of depriving a whole nation of happiness should be abhorrent and detestable — abhorrent and detestable, even if it were possible, even if it enriched ourselves, even if it did not sow the decay of the whole civilised life of Europe…[N]ations are not authorised, by religion or by natural morals, to visit on the children of their enemies the misdoings of parents or of rulers.” — John Maynard Keynes

Ninety-one years after the terms were first agreed to, Germany makes its last WWI reparations payment this weekend. “Hatred of the settlement agreed at Versailles, France, which crippled Germany as it tried to shape itself into a democracy following defeat in the war, was of significant importance in propelling the Nazis to power.

On Jobs and the Jobless.

Via Speaker Pelosi’s official website, some much-needed perspective on the jobs situation under Dubya and Obama respectively (so far). Next time anyone of the (Keynesian-challenged) Republican persuasion starts to rant and rave about the stimulus, this might be a good graph to keep in your back pocket.

Of course, this is not to say we’re anywhere near the clear on the jobs front. Not only is there some frightening new data around about the length of unemployment in this downturn, The Atlantic‘s Don Peck makes a compelling case about how this new jobless era will transform America: “The unemployment rate hit 10 percent in October, and there are good reasons to believe that by 2011, 2012, even 2014, it will have declined only a little…The worst effects of pervasive joblessness–on family, politics, society–take time to incubate, and they show themselves only slowly. But ultimately, they leave deep marks that endure long after boom times have returned.