The Global (Not Euro-Zone) Crisis By HAL S. SCOTT

''..Europe’s failure twice plunged the world into war. In today’s globalized economic world, Europe’s failure to resolve its financial crisis could plunge the world into economic chaos. This is a global crisis — not a euro-zone crisis — and we must take international action to deal with it.

One fundamental parallel with the two world wars is the tension between Germany and other European states. While successfully integrated into Europe, Germany remains the Continent’s most powerful economic force, with higher productivity and economic growth rates and lower inflation than the other major European countries, including France, Italy, Spain and Britain. In the periods leading up to the world wars, Germany’s neighbors rightly feared and deeply resented German military power. Today, they fear German economic power even while they plead with Germany to come to their aid..''

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