From Mr David Beffert.
Sir, Bravo to your correspondent Quentin Peel for finding such a revealing example of the German consensus of the eurozone crisis (“Germany feels taint of blame regardless of its actions”, Global Insight, April 3). In a week in which we learnt that the eurozone jobless rate rose to a record 12 per cent for February and purchasing manager indices in the bloc showed deeper malaise, he quotes Die Welt columnist Michael Stürmer as saying: “We are either the ugly Germans who save the euro by imposing discipline, or we allow inflation and are condemned for causing the currency to collapse. We can’t win.”
Despite terrible economic data and no sign of inflation, the two choices for Mr Stürmer are austerity or out-of-control inflation. True, runaway inflation can kill off a currency, but economic depression can kill off a monetary regime. Depression was the death knell for the gold standard in the 1930s. If Europe is not careful, depression just may do in its own gold standard, the euro.
David Beffert, Portland, OR, US
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