Germans are famously – infamously, really – fiscally conservative. Believe me, I know: I am German and have witnessed for decades, indeed all my conscious life, how my compatriots have fretted obsessively over public debt.

They often conflate the rules that may work for individual, personal frugality with what is needed by a modern state and its economy. Indeed, they have crystallized their misguided ideal of how to manage public finance with a tight fist and little foresight in the odd avatar of ‘the Swabian Housewife’ (Swabians are stereotypically thrifty and prudent; sort of the Scots of the German sense of self).

And whenever the national adoration of the Swabian Housewife was not enough, plaintive sobs of ‘Weimar, Weimar’ were added. You see, Germany’s first failed experiment at (more or less) democracy, the Weimar Republic of the interwar years, is said to have died, among other things, of inflation.

Hyperinflation, so this shaky but (formerly) extremely powerful tale of a “unique inflation trauma” goes, undermined that state’s legitimacy from the very beginning, so that it could never grow strong enough to later withstand the pressure of the Great Depression and the Nazis.

Curiously enough, in this sorely mistaken version of recent German history, austerity was enshrined as the magic charm that will keep inflation away and therefore also other undesirable things such as Leni Riefenstahl movies, fascism, and starting and losing yet another world war while committing genocide.

In reality, it was, of course, precisely the austerity policy of the last Weimar governments, enacted about as undemocratically as is fashionable again now (see below), that really made the effects of the Great Depression even worse and helped open a path to power for the Nazis.

But this time, everything is different. In a truly unprecedented move – instantly recognized as historic, for better or, much more likely, worse – Germany’s elites, in politics, the media, and academia, have closed ranks Nuremberg-party-rally-style to make Germany splurge again. The upshot is a fundamental policy change, complete with fixing the constitution, another thing Germans usually are obstinately conservative about. And all that to go into massive, quite possibly crippling debt for, in essence, war with Russia.

For, in sum, there are three ways in which Germany wants to go on a big binge: The so-called debt brake – an anachronistic and economically primitive limit on public debt – will be removed for anything having to do with ‘defense’, that is, in reality a massive rearmament program, including civil defense and the intelligence services, as well as for military assistance to Ukraine.

Second, the German government will also incur debt to the tune of another €500 billion to be spent over 12 years. This money is supposed to be invested in climate action (a sob to Germany’s militaristic, far-right Greens) and infrastructure.

Infrastructure, here, has much to do with military purposes as well. No secret has been made out of the fact that often decrepit German railways, roads, and bridges, for instance, are to be renovated not merely for civilian and commercial purposes. Instead, as before in German history, trains and autobahn highways, for instance, are being highlighted

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