Could the rise of Golden Dawn save the Eurozone?

In Germany's nightmares, inflation leads to Nazis. But now that there are Nazis anyway, perhaps we'l

More growth would obviously do a lot to help the Eurozone. For Spain and Italy, a healthy level of growth alone might be enough to pull them out of crisis mode. For Greece, more would have to be done, but it would be a strong start.

Unfortunately, that growth is being at least partially quashed by the outspoken desire of Germany (and thus the European Central Bank) to keep inflation low. High inflation in Germany would overcome the problem that the Eurozone currently has where wages in Spain, Greece and Portugal need to fall relative to those in the core, but are showing no signs of doing so.

Why is Germany so against inflation?

Well, the fact that high inflation would negatively impact the German economy is obviously a large part of it. But equally important is the experience of the German people in the 1930s. Put bluntly, there is a fear in Germany that high inflation leads to fascism.

Which is why the rise of Greek neo-nazis Golden Dawn (whose flag looks like an alternate-universe version of the swastika) could be a blessing in disguise. Albeit a really, really good disguise. Because the one thing Germany hates more than inflation is Nazis.

Greece has price of a little under 2 per cent. There are a lot of things causing the rise of their homegrown Nazis, but hyperinflation is not one of them. So right now Germans are seeing their worst nightmare happen even though they managed to keep inflation low across the Eurozone.

Could this mean that they'll back off slightly over their overbearing desire to keep inflation low?

Well, so far there isn't a huge amount of encouraging news. On Wednesday, the FT did report that:

A future German inflation rate above the eurozone average could be part of a natural adjustment process as crisis-hit countries pulled themselves out of recession, the Bundesbank argued in evidence to German parliamentarians.

Except that that was only a couple of days after the Bundesbank president wrote in the same paper that:

To prevent the recovery stalling, demands have been directed at the Eurosystem to deliver yet lower interest rates (or at least to forego raising them), yet more liquidity and even larger purchases of assets.

However, the assumption underlying such well-intentioned advice does not hold up to closer scrutiny.

So they don't appear to have been spooked into monetary expansion anytime soon. Perhaps Golden Dawn aren't really a blessing in disguise after all; sometimes, to misquote Freud, a Nazi is just a Nazi.

The leader of the fascist Golden Dawn party. Photograph: Getty

Alex Hern is a technology reporter for the Guardian. He was formerly staff writer at the New Statesman. You should follow Alex on Twitter.

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Could Jeremy Corbyn still be excluded from the leadership race? The High Court will rule today

Labour donor Michael Foster has applied for a judgement. 

If you thought Labour's National Executive Committee's decision to let Jeremy Corbyn automatically run again for leader was the end of it, think again. 

Today, the High Court will decide whether the NEC made the right judgement - or if Corbyn should have been forced to seek nominations from 51 MPs, which would effectively block him from the ballot.

The legal challenge is brought by Michael Foster, a Labour donor and former parliamentary candidate. Corbyn is listed as one of the defendants.

Before the NEC decision, both Corbyn's team and the rebel MPs sought legal advice.

Foster has maintained he is simply seeking the views of experts. 

Nevertheless, he has clashed with Corbyn before. He heckled the Labour leader, whose party has been racked with anti-Semitism scandals, at a Labour Friends of Israel event in September 2015, where he demanded: "Say the word Israel."

But should the judge decide in favour of Foster, would the Labour leadership challenge really be over?

Dr Peter Catterall, a reader in history at Westminster University and a specialist in opposition studies, doesn't think so. He said: "The Labour party is a private institution, so unless they are actually breaking the law, it seems to me it is about how you interpret the rules of the party."

Corbyn's bid to be personally mentioned on the ballot paper was a smart move, he said, and the High Court's decision is unlikely to heal wounds.

 "You have to ask yourself, what is the point of doing this? What does success look like?" he said. "Will it simply reinforce the idea that Mr Corbyn is being made a martyr by people who are out to get him?"