O que é este blog?

Este blog trata basicamente de ideias, se possível inteligentes, para pessoas inteligentes. Ele também se ocupa de ideias aplicadas à política, em especial à política econômica. Ele constitui uma tentativa de manter um pensamento crítico e independente sobre livros, sobre questões culturais em geral, focando numa discussão bem informada sobre temas de relações internacionais e de política externa do Brasil. Para meus livros e ensaios ver o website: www.pralmeida.org. Para a maior parte de meus textos, ver minha página na plataforma Academia.edu, link: https://itamaraty.academia.edu/PauloRobertodeAlmeida;

Meu Twitter: https://twitter.com/PauloAlmeida53

Facebook: https://www.facebook.com/paulobooks

domingo, 31 de março de 2024

La Défaite de l'Occident, d'Emmanuel Todd: um livro controverso - Marc Polonsky e Paulo Roberto de Almeida

 Um debate muito importante, não só em relação à Ucrânia, mas ao Ocidente, desafiado pela Rússia e pela China, ambas apoiadas por Lula, do Brasil, num entrevero que não deveria dizer respeito ao Brasil.

Remeto primeiro à postagem da resenha de Marco Polonsly, transcrita neste blog: 

e depois formulo minhas observações preliminares, pois que estou lendo seu livro no Kindle francês. 

Defeat of the West? 

Emmanuel Todd and the Russo-Ukrainian War


by  MARC POLONSKY

The Article, Tuesday March 26, 2024


Aqui: Defeat of the West? Emmanuel Todd and the Russo-Ukrainian War - Marc Polonsky (The Article)

Minhas duas dúltimas nota sobre o debate, prometendo voltar.

Paulo Roberto de Almeida


Defeat of the West? Emmanuel Todd and the Russo-Ukrainian War -  https://diplomatizzando.blogspot.com/2024/03/defeat-of-west-emmanuel-todd-and-russo.html?spref=tw - Para o Enfant Terrible do contrarianismo francês, o Ocidente e a Ucrânia já perderam a guerra contra a Rússia. Estou lendo o livro no original francês, e pretendo escrever a respeito. Considero exageradas algumas afirmações do Todd, como se a Rússia pudesse prevalecer sobre o conjunto da OTAN: só se os países forem muito covardes.


La Défaite de l'Occident, d'Emmanuel Todd é um livro inteligente, mas pré-concebido. Feito para contrariar o senso comum, como os livros anteriores sobre o fim da URRS e sobre o fim do império  americano (que ainda não aconteceu). A Rússia é muito mais frágil do que ele imagina.

Paulo Roberto de Almeida


Resumé Amazon.fr: 

L'implosion de l'URSS a remis l'histoire en mouvement. Elle avait plongé la Russie dans une crise violente. Elle avait surtout créé un vide planétaire qui a aspiré l'Amérique, pourtant elle-même en crise dès 1980. Un mouvement paradoxal s'est alors déclenché : l'expansion conquérante d'un Occident qui dépérissait en son coeur. La disparition du protestantisme a mené l'Amérique, par étapes, du néo-libéralisme au nihilisme ; et la Grande-Bretagne, de la financiarisation à la perte du sens de l'humour. L'état zéro de la religion a conduit l'Union européenne au suicide mais l'Allemagne devrait ressusciter. Entre 2016 et 2022, le nihilisme occidental a fusionné avec celui de l'Ukraine, né lui de la décomposition de la sphère soviétique. Ensemble, OTAN et Ukraine sont venus buter sur une Russie stabilisée, redevenue une grande puissance, désormais conservatrice, rassurante pour ce Reste du monde qui ne veut pas suivre l'Occident dans son aventure. Les dirigeants russes ont décidé une bataille d'arrêt : ils ont défié l'OTAN et envahi l'Ukraine. Mobilisant les ressources de l'économie critique, de la sociologie religieuse et de l'anthropologie des profondeurs, Emmanuel Todd nous propose un tour du monde réel, de la Russie à l'Ukraine, des anciennes démocraties populaires à l'Allemagne, de la Grande-Bretagne à la Scandinavie et aux États-Unis, sans oublier ce Reste du monde dont le choix a décidé de l'issue de la guerre.


sábado, 30 de março de 2024

Departamento de Estado dos EUA e informações sobre AL - Arquivos do CEDEM (SP)

Departamento de Estado dos EUA e informações sobre AL 

CEDEM possui 66 mil páginas sobre a política externa dos EUA para o mundo 

Arquivo sobre América Latina

https://www.cedem.unesp.br/#!/noticia/657/departamento-de-estado-dos-eua-e-informacoes-sobre-al-

O Departamento de Estado dos Estados Unidos é o órgão responsável por estabelecer as relações da política externa do país. Em sua atuação pelo mundo afora, a diplomacia Norte Americana produz uma infinidade de informações sobre a região onde opera, que pode funcionar como instrumento de ação política com vistas a controlar territórios e manter a hegemonia. É o caso, por exemplo, da atuação nos países da América Latina para impedir o avanço da esquerda, resultando em golpes de estado com instituição de governos ditatoriais.   

Informações sobre os países latino-americanos, entre outros, estão fartamente documentadas em 188 rolos de microfilmes de propriedade do Centro de Documentação e Memória (CEDEM), da Unesp. São aproximadamente 66 mil páginas de dados produzidos pelo Departamento de Estado (EUA), pela Agência Central de Inteligência (CIA) e por diplomatas, importantes fontes primárias que abrangem o período de 1940 a 1985, cobrindo temas como Segunda Guerra, Guerra Fria, golpes de estado e ditaduras na América Latina.

Adquiridos junto a editora de livros acadêmicos University Publications of America (UPA), em 1991, pela biblioteca da Faculdade de Ciências e Letras (FCL), da Unesp, câmpus de Araraquara, os microfilmes foram doados ao CEDEM em 2002. O material está, em sua maioria, em língua inglesa.

Alguns conteúdos – Nos relatórios de pesquisa da CIA sobre a América Latina, no período compreendido entre 1946 a 1976, organizados por ano de produção, é possível encontrar informações sobre a época que antecedeu o golpe militar de 1964 no Brasil. Constam, por exemplo, documentos biográficos sobre os Presidentes João Goulart, Juscelino Kubitschek, sobre o chanceler Francisco Clementino de Santiago Dantas, memorandos sobre a renúncia de Jânio Quadros, movimentos comunistas, perspectivas de curto prazo para o Brasil sob Goulart, planos do Segundo e Terceiro Exércitos brasileiros para o golpe contra o governo Goulart e sobre o Brasil como instrumento de influência na África.

Nos microfilmes há, também, informações confidenciais produzidas pelo Departamento de Estado dos EUA sobre Cuba. Um deles, relativo ao período de 1955 e 1959, aborda o sistema político da Ilha, o governo, o judiciário, leis, militares, costumes, economia, finanças, agricultura, recursos naturais, indústria, comunicações e mídia de Cuba e suas relações com os Estados Unidos Estados e outras nações.

Já os Arquivos de Segurança Nacional de Presidente John F. Kennedy, que cobrem o período de 1961 a 1963, fazem um amplo relato sobre a América latina. O documento esclarece que “os pesquisadores podem estudar todos os aspectos da política externa da administração Kennedy através dos Arquivos Nacionais”.

Os arquivos foram organizados geograficamente e compostos cronologicamente por país. Eles fornecem uma noção clara da forma como a administração Kennedy encarava as principais questões de política externa e estruturava suas respostas. “A disposição cronológica permite ao pesquisador acompanhar no dia a dia a forma como a administração lidava com as crises e a evolução das principais políticas,” diz o arquivo.

A documentação cobre vinte e seis nações ou áreas latino-americanas: Argentina, Bolívia, Brasil, Guiana Inglesa, Chile, Colômbia, Costa Rica, República Dominicana, Equador, El Salvador, Guatemala, Haiti, Honduras, Jamaica, México, Nicarágua, Panamá, Paraguai, Peru, Porto Rico, Suriname, Trinidad e Tobago, Uruguai, Venezuela e as Índias Ocidentais.

Onde pesquisar:

CEDEM
On-line: www.cedem.unesp.br
Presencial: Sede do Centro de Documentação e Memória (CEDEM), da Unesp
Praça da Sé, 108, 1 andar – São Paulo (SP)
E-mail: pesquisa.cedem@unesp.br
Tel.: 11-3116-1701


Defeat of the West? Emmanuel Todd and the Russo-Ukrainian War - Marc Polonsky (The Article)

 Defeat of the West? 

Emmanuel Todd and the Russo-Ukrainian War


by  MARC POLONSKY

The Article, Tuesday March 26, 2024

 

Emmanuel Todd, now 72, is one of the few who predicted the end of the Soviet Union. In La chute finale: Essai sur la decomposition de la sphere soviétique (1976)[1] he analysed infant mortality, suicide rates, economic productivity and other indicators, and concluded that the USSR’s long stagnation would soon culminate in collapse.

Now, in La Défaite de l’Occident (Gallimard, 384 pp, published in January 2024), Todd applies the same forensic data analysis to Russia, Ukraine and the West. He concludes that Russia will succeed in its war aims and that the West is heading for defeat — less due to the war than as a result of its own “self-destruction”.

In France Todd’s book has received the media attention befitting a celebrity: long interviews on highbrow TV discussion programmes achieving hundreds of thousands of views. Though Le Monde dismissed him as “a prophet with closed eyes” who is “not the first to spread Kremlin propaganda in France”, Todd is adamant that he is no Putinophile. His is the analysis of a longue durée historian, who considers long-term trends with ideological detachment.

Why did Vladimir Putin choose February 2022 to launch his “special military operation”? Todd gives two answers. Firstly, Russia was ready. Since the 2014 sanctions in response to the Russian annexation of Crimea, Russia had been building up its military capability (including hypersonic missiles for which Nato has no match) and future-proofing its economy, developing the capacity for “great technical, economic and social flexibility: an adversary to be taken seriously”.

Secondly, based on birth rates and mobilisation cohorts, Todd concludes that Putin saw a five-year opening in which to defeat Ukraine and push back Nato. By 2027 the cohort of men eligible for military service will be too small. Russia invading Europe after conquering Ukraine is the stuff of “fantasy and propaganda”, Todd maintains. “The truth is that Russia, with a shrinking population and a territory of 17 million square kilometers, far from wanting to conquer new territories, wonders above all how she will continue to occupy those she already possesses.”

Demographic factors also impact Russia’s conduct of the war, Todd suggests. Initially a mere 120,000 Russian troops were deployed in Ukraine, a country of 600,000 km2. (Compare this with the USSR’s 1968 invasion of Czechoslovakia: 128,000 km2, 500,000 troops.) Contrary to the narrative favoured by many Western commentators, Russia’s current military strategy is not to hurl millions into the Stalingrad meat grinder. This war is being prosecuted slowly and methodically, to minimise losses. Todd points to the important role played in the conflict’s early stages by Chechen regiments and the Wagner militia, and to the mobilisations: partial, gradual, sparingly implemented. “Russia’s priority is not to conquer a maximum of territory but to lose a minimum of men.”

Putin’s continued popularity at home does not surprise Todd. Drawing on rates of suicide and alcohol-related deaths, Todd demonstrates the social stabilisation of the Putin era. A particularly significant indicator is infant mortality: 19 per thousand in 2000, 4.4 per thousand in 2020 – below the American rate of 5.4. And for most Russian citizens the standard of living has never been higher.

In Todd’s view the notion that Russia will be defeated by economic war is a delusion spread by the lawyers and accountants who have taken over Western policy-making and planning. Sanctions rely on global cooperation. But many countries, indifferent to this Russia-NATO confrontation and resenting the war’s costs imposed on them, do not want to play along, and assist in flows of essential equipment to Russia and hydrocarbons from it.

And the Russian economy has rebounded, despite (or because of?) the sanctions. Take wheat production: 37 million tonnes in 2012, 80 in 2020. (America’s fell from 65 million tonnes in 1980 to 47 in 2022.) If Russia and Belarus — whose combined GDP is 3.3% of the West’s (US, Canada, EU, UK, Japan, Korea) — can out-produce the West in arms production, then the whole notion of GDP must be up for reconsideration. The more significant consequence is that Ukraine is losing the war, due to shortages in weapons supply.

As for Ukraine, few anticipated that a “failed state” beset by corruption and in the grip of oligarchs would put up such a fight. “What nobody could have predicted is that it would find in the war a reason for existing, a justification for its own existence.” Todd presents a Ukraine irretrievably divided, with the Southern and Eastern regions having opted out of the Ukrainian national project long ago. The 2010 Presidential elections, he says, show this division with an “almost disconcerting simplicity”. Votes for the pro-Russian Viktor Yanukovych were 90.44%, 88.96% and 78.24% in Donetsk, Lugansk and Crimea, but only 8.60%, 7.92% and 7.02% in the Western provinces of Lviv, Ternopil and Ivano-Frankivsk.

For Todd the May 2014 Presidential elections — resulting in Petro Poroshenko’s election — were a turning point. In Donetsk turnout was a mere 15%; in Lugansk, 25%.[2] “These elections mark the moment when the [Russophone] regions disappeared from the Ukrainian political system.” This was “the end of a Ukrainian democracy, which in fact had never functioned” and “the true birth of the Ukrainian nation, through the alliance of the ultra-nationalism of the West and the anarcho-militarism of the Centre, against the Russophile part of the country.”

In the lead-up to February 2022, Russia made three demands on Ukraine: permanent retention of Crimea, protection for the Russian-speaking (or, as Todd puts it, Russian) populations of the Donbas, and neutrality. “A Ukrainian nation sure of its existence and of its destiny in Western Europe would have accepted these conditions”, Todd maintains; “it would even have got rid of the Donbas.” Recalling the amicable break-up of Czechoslovakia, Todd notes that this smaller polity could then have focussed on building itself as a truly Ukrainian nation-state, recognised by all.

Ukraine’s determination to reconquer the Donbas and reclaim Crimea is “a suicidal project”, Todd claims. It is trying “to maintain its sovereignty over the populations of another nation – a nation far more powerful than it is”. He continues: “The suicidal lack of realism in Kiev’s strategy suggests – paradoxically – a pathological Ukrainian attachment to Russia: a need for conflict which reveals an inability to separate from it.”

As for the West, Todd presents it as narcissistic and hubristically out of touch with the “Rest of the World”. Its “ideological solitude and ignorance of its own isolation” are the result of two decades of American-led globalisation and aggressive foreign policy. Backed up by an analysis of typical family structures and cultural and religious allegiances, Todd is not surprised that much of the Rest of the World is rooting for Russia, in its defiance of unipolar America-dominated hegemony and the “liberal international order”.

Russia is not the principal geopolitical problem, Todd suggests. “Too vast for a shrinking population, she would be incapable of taking control of the planet and has no desire whatsoever to do so […] Rather, it is a Western – and more specifically American – crisis, a terminal crisis, which is putting the planet’s equilibrium into peril.”

With President Macron now proposing to take the lead on European military support for Ukraine, Emmanuel Todd seems at odds with the French establishment. And there is much in his book to challenge the dominant narratives in our own politics and media.


Marc Polonsky is a retired partner of an international law firm. His practice focussed on investment in the Russian hydrocarbons and infrastructure sectors. All translations from the French are his.

 

Posição do Brasil na Conferência de San Francisco sobre o direito de veto garantido às grandes potências - Eugenio Vargas Garcia

Trecho do livro de Eugênio Vargas Garcia – O Sexto Membro Permanente. O Brasil e a Criação da ONU. Rio de Janeiro: Contraponto, 2012 –, sobre a discussão da composição do Conselho de Segurança e das prerrogativas de seus membros: 

"Se fosse realmente aplicada a fórmula de Yalta para o sistema de votação no Conselho de Segurança, o governo brasileiro considerava injusto o veto em causa própria e a imunidade que isso implicava em benefício dos membros permanentes:

            Se ocorre, por exemplo, a hipótese de que um dos Estados membros permanentes é o próprio violador das obrigações contidas no estatuto básico da organização, como seria possível admitir-se que esse mesmo Estado tenha o direito de veto, quando o assunto referente a tal violação tiver que ser resolvido? Como se poderá aprovar que tal Estado, com o seu veto, possa impedir a ação do Conselho?


Novamente se recorre à interpretação do governo holandês sobre a matéria. Se cada grande potência tivesse o direito de veto nos litígios em que fosse parte, o plano da organização só serviria para dirimir conflitos internacionais entre pequenos Estados. No caso de controvérsias entre grandes potências ou entre uma delas e um país menor, a organização não forneceria proteção alguma a este último (a rigor a nenhum dos pequenos Estados) nem à causa da paz." (p. 127)

Sobre la dolarización y los economistas - Emilio Ocampo (El Cato)

Um importante artigo para colocar em boas bases o debate sobre dolarização ou não dolarização, em bases nacionais, ou desdolarização no plano dos intercâmbios, como pretendem alguns partidários de uma "nova ordem global". Aplicado especialmente ao caso da Argentina, onde o autor a defende com argumentos consistentes. 

Sobre la dolarización y los economistas

Emilio Ocampo dice que la dolarización no ha sido descalificada por una mayoría de los economistas, de hecho hay una larga tradición del pensamiento económico que se ha opuesto al nacionalismo monetario.

El CATO, 25 de Marzo de 2024 

https://www.elcato.org/sobre-la-dolarizacion-y-los-economistas?mc_cid=f1760a8ffa&mc_eid=19e757ffce 

"Sin embargo, la mayoría de las naciones civilizadas siguen siendo tan bárbaras en sus transacciones que casi todos los países independientes optan por afirmar su nacionalidad teniendo, para su inconveniencia y la de sus vecinos, una moneda propia".
– John Stuart Mill

Leyendo lo que escriben algunos economistas argentinos y repiten ciertos medios, un lector desprevenido podría llevarse la impresión de que la dolarización ha sido descalificada por una mayoría de la profesión.

Nada más lejos de la verdad. Se puede estar a favor o en contra de la dolarización. Como en muchos otras cuestiones, hay economistas respetables y distinguidos en ambos lados del debate.

Una larga tradición en el pensamiento económico que se remonta a John Stuart MillJuan Bautista Alberdi y William Stanley Jevons en el siglo XIX y a Friedrich A. Hayek en el siglo XX ha cuestionado el nacionalismo monetario. A principios de los años setenta, dos premios Nobel, Milton Friedman Robert Mundell, enarbolaron la bandera de la dolarización. En 1973 Friedman la recomendó específicamente para la Argentina en un testimonio al Congreso norteamericano, y, Mundell, a quien se considera el padre intelectual del euro, asesoró al gobierno de Panamá luego de que Nixon declarara la inconvertibilidad del dólar a oro. Desde entonces la lista de académicos reconocidos que la han propuesto para países con inflación alta y endémica incluye a Alberto AlesinaRobert BarroGuillermo CalvoJohn CochraneTyler CowenRudiger DornbuschSteve HankeSteven KaminDavid MalpassCarmen ReinhartKurt SchulerGeorge SelginLarry SummersScott SumnerFrançois VeldeMarcelo Veracierto, y Larry White, entre otros

Habría que agregar que los economistas Alfredo ArízagaCarlos Julio Emanuel Manuel Hinds, que como ministros de economía llevaron adelante la dolarización en sus países (los dos primeros en Ecuador y el último en El Salvador), también la recomiendan para la Argentina. Los economistas ecuatorianos Alberto AcostaAlberto DahikMarco Naranjo ChiribogaPablo Lucio Paredes y Francisco Zalles en el último año han opinado públicamente de la misma manera (muchos otros lo han hecho en privado).

En la Argentina, la lista de economistas que en algún momento en las últimas cuatro décadas han propuesto la dolarización como solución al problema de la inflación incluye a Ricardo ArriazuJorge ÁvilaEnrique Blasco GarmaAlberto Benegas Lynch (h)Roberto CachanoskyNicolás Cachanosky, Iván CarrinoGerardo Della PaoleraAlejandro M. EstradaAgustín Etchebarne BullrichPablo GuidottiJavier MileiAgustín MonteverdePedro PouAdrián RavierAlfredo Romano y Gabriel Rubinstein, entre otros (aclaro que hoy no todos están a favor de una dolarización).

En algunos casos, la oposición de algunos economistas argentinos a la dolarización excede un análisis racional y pasa a un plano casi emocional. Con notables y loables excepciones, la chicana y la tergiversación priman sobre el análisis objetivo y racional.

En el plano teórico el debate sobre la dolarización se puede resumir como un trade-off entre los costos y beneficios de la credibilidad versus la flexibilidad de la política económica. Por el lado de los costos, la dolarización implica la pérdida de: 1) ingresos por señoreaje; 2) un banco central que pueda actuar de prestamista de último instancia, y, 3) la política cambiaria como amortiguadora de shocks externos. Los beneficios incluyen: 1) una tasa de inflación baja de manera permanente, 2) menores costos de transacción; 3) eliminación del riesgo de devaluación, que reduce las tasas de interés internas y el costo de capital de las empresas; 4) una prima de riesgo país potencialmente más baja, 5) un entorno más favorable para la inversión y el crecimiento gracias a la estabilidad de precios, 6) eliminación del descalce cambiario en el sector público y el sistema financiero, y 6) menor riesgo de refinanciación (roll-over) de la deuda pública

De manera simplificada, si los gobernantes de un país demuestran de manera consistente a lo largo del tiempo que con un régimen de política flexible y discrecional no logran generar credibilidad, y, por ende, tampoco estabilidad, entonces, para alcanzar este último objetivo no queda otro camino que la dolarización. La flexibilidad es un lujo que sólo se pueden dar los países creíbles. Es decir, aquellos que consistentemente han adoptado políticas sensatas. Teniendo en cuenta que: a) con estabilidad de precios el señoreaje a lo sumo puede representar 1-1,5% del PBI y hay manera de recuperarlo parcialmente, b) hace años que no tenemos ni un banco central independiente ni un verdadero prestamista de última instancia, c) la política cambiaria en vez de estabilizar la economía tiende a desestabilizarla, y d) el costo del endeudamiento del sector público a largo plazo es prohibitivo, una dolarización no parece una opción costosa. 

Hay quienes se oponen a la dolarización porque la asocian con la Convertibilidad, cuyo final traumático quedó grabado en la memoria colectiva de los argentinos. Se trata de regímenes parecidos pero esencialmente distintos. A Duhalde y Alfonsín les costó muy poco revertir la Convertibilidad, mientras que Rafael Correa, habiendo sufrido la crisis de 2008, un default soberano y un terremoto, nunca pudo revertir la dolarización porque el dólar era más popular que él. La inconsistencia de la política fiscal con un régimen de tipo de cambio fijo no explica por si sola el fin de la Convertibilidad. Fue una combinación de factores, en los que la política doméstica jugó un papel decisivo. Además, hay que recalcar que la Convertibilidad empezó en un momento en el que el dólar tocaba su punto más bajo en quince años mientras que hoy está en el punto más alto de los últimos cincuenta (y casi 40% por encima del valor que tenía en marzo de 1991).

Un análisis crítico de la historia argentina sugiere que apoyar un régimen flexible y discrecional requiere grandes dosis de optimismo (¿voluntarismo?). Básicamente, implica creer que esta vez será diferente.

¿Qué puede justificar semejante creencia?

  • La ilusión de qué, aunque la Argentina no es un “país normal”, puede fácil y rápidamente convertirse en un país normal. ¿Por qué no podemos tener el mismo régimen bi-monetario con el que Perú y Uruguay lograron doblegar la inflación? Descartar la respuesta obvia a esta pregunta denota una peligrosa ingenuidad. Estos países no están donde están, ni tienen la inflación que tienen por casualidad, sino porque, a lo largo de varias décadas, sus gobernantes tomaron decisiones que nuestro sistema político no estuvo, ni hoy demuestra estar, dispuesto a tomar. Si mi perro tuviera un manubrio y dos ruedas no sería mi perro, sino mi bicicleta.
  • La soberbia de algunos economistas que creen que si ellos estuvieran a cargo de la política económica podrían lograr lo que no han logrado otros economistas tanto o más calificados y/o experimentados que ellos en el pasado. La Argentina ha demostrado que se come crudos a los golden boys con PhDs de la Ivy League. Sin embargo, algunos académicos encerrados en la torre de marfil juegan con modelos matemáticos en los que las medidas que proponen siempre obtienen los resultados esperados. Como advirtió Ricardo Caballero hace algunos años, es peligroso para un economista dejarse hipnotizar por la lógica de los modelos y confundir la precisión con la que obtienen resultados en un mundo ideal con la que se puede esperar en el mundo real. Esta confusión es lo que Hayek denominó “la pretensión del conocimiento”, que termina resultando carísima a la sociedad.
  • La ilusión de qué bajo un régimen flexible y discrecional, futuros gobiernos emplearán las herramientas de política cambiaria, monetaria y fiscal de acuerdo a lo que prescriben los libros de texto a pesar de que nunca lo han hecho.
  • La ilusión de que lo único que se necesita para eliminar la inflación es un banco central independiente. Esta es probablemente una de las ideas más perniciosas que circulan en nuestro medio (en este artículo explico por qué). En lo que va del siglo, la independencia de jure del BCRA supera a la del Bank of England y, hasta 2011, también superó a la de la Reserva Federal, sin embargo, resulta obvio que, de facto, la poca independencia que tuvo bajo la Convertibilidad desapareció por completo. Por ley tenemos un banco central relativamente independiente, pero en la práctica es una dependencia del Ministerio de Economía con funcionarios mejor pagos. Esta divergencia es una clara señal de anomia institucional. 
  • La ilusión de que lo único que se necesita para eliminar la inflación es eliminar el déficit fiscal. Ya tuvimos la fallida experiencia del “Plan Picapiedras” bajo el gobierno de Mauricio Macri que se asentaba sobre dos pilares: emisión cero y déficit cero. Entre el primer semestre de 2018 y el primer semestre de 2019 el equilibrio primario pasó de un déficit a un superávit con una reducción del gasto de casi 13% en términos reales, mientras que la base monetaria pasó de crecer al 24% anual a crecer al 35% anual. Sin embargo, la tasa de inflación anual promedio saltó de 26% a 54% entre ambos semestres. En vez de asegurar la reelección de Macri este plan contribuyó a su derrota. Como explica Persio Arida, uno de los autores del Plan Real brasileño, “los planes de estabilización no suelen ir acompañados de un déficit cero. Por el contrario, el plan de estabilización es el que genera el apoyo político para estabilizar el déficit”. No sólo la experiencia de Brasil con el Plan Real sino también la de la Argentina bajo la Convertibilidad prueban la verdad de esta afirmación. Es increíble la facilidad con la que volvemos (¿vuelven?) a cometer los mismos errores.
  • La ilusión de que los gobiernos malos en la Argentina son cosa del pasado. El remedio que proponen algunos economistas para eliminar la inflación sólo funcionaría con “gobiernos buenos”. Pero nuestra historia sugiere que la probabilidad de que en el futuro volvamos a tener “gobiernos malos” es muy alta. Si dejamos en manos de estos gobiernos un banco central que pueda emitir pesos para financiar su corrupción, su nepotismo y su clientelismo, volveremos a tener una inflación descontrolada.
  • Una pereza intelectual y cierto esnobismo lleva a algunos colegas a ignorar la experiencia de otras economías dolarizadas como Ecuador, El Salvador y Panamá porque, supuestamente, no son comparables a la economía argentina, ya sea por su tamaño, grado de desarrollo y/o patrón de comercio internacional. Otros creen que ya saben todo sobre la dolarización cuando, en realidad, nunca dedicaron suficiente tiempo a estudiar el tema con profundidad.

A todo esto habría que agregar algo obvio que enturbia el debate: el propio interés profesional. La máxima aspiración profesional de algunos colegas es dirigir (u ocupar un cargo en) el BCRA, que bajo una dolarización debería dejar de existir. Otros, especialmente aquellos dedicados al análisis de coyuntura, son socios del statu quo. Naturalmente se oponen cualquier cambio que pueda hacer peligrar su posición. Los bancos argentinos, que básicamente lucran a costa del BCRA, también se perjudicarían en el muy corto plazo si se avanzara con una dolarización, por lo cual es esperable que sus asesores también se opongan.

Sin embargo, sólo una mirada miope puede llevar a un banquero competente y serio a creer que una dolarización sería perjudicial para sus intereses. Ecuador tiene un PBI equivalente a 20% del de la Argentina, sin embargo, su banco privado más grande, el Banco Pichincha, tiene un balance y una rentabilidad superior a las del Banco de Galicia o el Banco Macro. Resulta obvio que, si el objetivo de un banquero es intermediar de manera eficiente el ahorro y la inversión de la sociedad, la dolarización sería beneficiosa para su rentabilidad a mediano y largo plazo. También sería beneficiosa para la mayoría de los argentinos, ya que por primera vez en su vida podrían acceder al crédito hipotecario a largo plazo a tasas de interés razonables. Hoy en Ecuador se consiguen préstamos para comprar una vivienda con hasta 20 años de plazo al 9% anual en bancos privados y a 25 años de plazo en los bancos públicos.

De ninguna manera pongo a toda la profesión en la misma bolsa pero sí a los 200 colegas que firmaron una solicitada en contra de la dolarización y que nunca en su vida se les ocurrió firmar una solicitada en contra de la inflación descontrolada, el impuesto más regresivo que existe.

No hay que cancelar el debate sino promoverlo. Es la mejor manera de acercarnos a la verdad. Nosotros nunca hemos reuído el debate y lo hemos aceptado en varias ocasiones con economistas serios y profesionales (ver por ejemplo aquíaquí y aquí). Nadie nace dolarizador. Algunos nos convencemos estudiando la historia argentina y estudiando lo que ha ocurrido en otros países. Quizás algunos consideren que nuestra postura es demasiado pesimista. Yo la considero realista, pero obviamente es una cuestión subjetiva.

En cierto sentido, se puede decir con respecto a la dolarización lo mismo que decía Cavallo con respecto a la Convertibilidad: “el escepticismo de los economistas profesionales argentinos, con algunas excepciones como Ricardo Arriazu, Alejandro Estrada y Adolfo Sturzenegger, en el momento de lanzarse el plan, reflejaba a su vez el pensamiento más frecuente de los especialistas en macroeconomía de las principales universidades del mundo”. 

Hay una diferencia importante. En 1991 el régimen de convertibilidad era desconocido en el mundo. Sólo había sido aplicado en Hong Kong y pocos economistas comprendían como funcionaba. Desde entonces, la dolarización no sólo ha sido estudiada con gran detenimiento sino también implementada en varios países. Y como señalé algunos párrafos más arriba una lista de economistas notables la consideran la herramienta más adecuada para países con alta inflación endémica. No hay excusas.

Me sorprende que Cavallo se siga oponiendo a la dolarización, y, a pesar de la experiencia de los últimos 25 años, siga abrigando esperanzas de que el peso pueda ser una moneda fuerte y estable. Esto solo ocurrió cuando fue plenamente convertible y estuvo respaldado por el oro o el dólar con la Convertibilidad (que terminó muy mal). Durante el resto de la larga historia del papel moneda en nuestro país, que se remonta a 1822, el peso fue una moneda basura, impuesta compulsivamente por el curso forzoso y abusada recurrentemente por el poder político, democrático o autocrático, para financiar su estrafalaria afición al gasto.

En una democracia anómica como la argentina, el único mecanismo de compromiso efectivo para reducir la inconsistencia temporal de la política económica es el voto de una mayoría, no lo que establezca la Constitución o una ley del Congreso siempre reversible. La dolarización es un mecanismo de compromiso efectivo porque una vez que los votantes cobran sus salarios en dólares se resisten a que se los vuelvan a pagar en una moneda depreciada. Basta ver lo que ocurrió en Ecuador bajo la presidencia de Rafael Correa.

Este artículo fue publicado originalmente en el Substack Dolarización en Argentina (Argentina) el 12 de marzo de 2024.

Emilio Ocampo

Emilio Ocampo es profesor de Finanzas e Historia Económica en UCEMA (Buenos Aires), donde también dirige el Centro de Estudios de Historia Económica.

sexta-feira, 29 de março de 2024

De volta aos anos 1930? Pelo menos nos EUA - Robert Kagan (Foreign Policy, The Washington Post)

Foreign Policy, March 29. 2024 

Here’s an idea to chew on: “We like to think that great accomplishments in American history are the result of broad national consensus. More often they are the triumph of one worldview over another.”

It comes from Robert Kagan’s big essay comparing the anti-Ukraine views of many Republicans today to the original “America First” philosophy of the 1930s. The accomplishment in question is the United States’ entry into World War II, which, Robert writes, “was the victory of a liberal worldview over an anti-interventionism rooted in a conservative anti-liberalism.”

That same fight is being fought today — well, the philosophical one, not the world war … yet. Interventionism’s win then established an ethos of American captaincy that lasted until now; a victory this fall by Donald Trump could undo it all if he goes on, as promised, to cut off U.S. commitments to European security, ostensibly because European countries aren’t meeting NATO’s defense spending targets.

Meanwhile, David Ignatius interviewed Ukrainian President Volodymyr Zelensky in Kyiv, where defense is the only thing on anybody’s mind. Zelensky said Ukraine might have to establish deterrence by more aggressively attacking airfields, energy facilities and other strategic targets across the Russian border. That is, unless the United States provides Ukraine with more weapons first — a prospect still possible under President Biden but unlikely under Trump.

==============


Opinion

Trump’s anti-Ukraine view dates to the 1930s. America rejected it then. Will we now?

By Robert Kagan

Editor at large

The Washington Post, March 28, 2024 

https://www.washingtonpost.com/opinions/2024/03/28/robert-kagan-trump-ukraine-america-first-isolationism/?utm_medium=email&utm_source=newsletter&wpisrc=nl_popns&utm_campaign=wp_opinions_pm


Robert Kagan, a Post Opinions contributing editor, is the author of “The Ghost at the Feast: America and the Collapse of World Order, 1900-1941” as well as “Rebellion: How Antiliberalism Is Tearing America Apart — Again,” which will be published by Knopf in April.


Many Americans seem shocked that Republicans would oppose helping Ukraine at this critical juncture in history. Don’t Republican members of Congress see the consequences of a Russian victory, for America’s European allies, for its Asian allies and ultimately for the United States itself? What happened to the party of Ronald Reagan? Clearly, people have not been taking Donald Trump’s resurrection of America First seriously. It’s time they did.

The original America First Committee was founded in September 1940. Consider the global circumstances at the time. Two years earlier, Hitler had annexed Austria and invaded and occupied Czechoslovakia. One year earlier, he had invaded and conquered Poland. In the first months of 1940, he invaded and occupied Norway, Denmark, Belgium and the Netherlands. In early June 1940, British troops evacuated from Dunkirk, and France was overrun by the Nazi blitzkrieg. In September, the very month of the committee’s formation, German troops were in Paris and Edward R. Murrow was reporting from London under bombardment by the Luftwaffe. That was the moment the America First movement launched itself into the battle to block aid to Britain.

Cutting off Ukraine seems like small beer by comparison, but behind it lies the same “America First” thinking. For Donald Trump and his followers, pulling the plug on Ukraine is part of a larger aim to end America’s broader commitment to European peace and security. America’s commitment to NATO, Trump believes, should be conditional, at best: Russia can do “whatever the hell they want” to allies who do not pay their fair share and meet certain defense-spending objectives.

Other Republicans don’t even mention conditions. Sen. Josh Hawley (R-Mo.) has called for the immediate reduction of U.S. force levels in Europe and the abrogation of America’s common-defense Article 5 commitments. He wants the United States to declare publicly that in the event of a “direct conflict” between Russia and a NATO ally, America will “withhold forces.” The Europeans need to know they can no longer “count on us like they used to.” Elbridge Colby, a former Trump Pentagon official praised by Hawley, has written widely (and wrongly) that United States cannot defend both East Asia and Europe and that Europeans must fend for themselves because, as he put it in a recent social media post, “Asia is more important than Europe.” He said, “If we have to leave Europe more exposed, so be it.” 

Can Republicans really be returning to a 1930s worldview in our 21st-century world? The answer is yes. Trump’s Republican Party wants to take the United States back to the triad of interwar conservatism: high tariffs, anti-immigrant xenophobia, isolationism. According to Russ Vought, who is often touted as Trump’s likely chief of staff in a second term, it is precisely this “older definition of conservatism,” the conservatism of the interwar years, that they hope to impose on the nation when Trump regains power.

So it’s time to take a closer look at the 1930s conservative mentality and the America First movement it spawned.

Republican anti-interventionism of those interwar years — “isolationism” as critics called it — was less a carefully considered strategic doctrine than an extension of their battles against domestic opponents. Yes, there were self-proclaimed “realists” in the late 1930s assuring everyone that the United States was invulnerable and that events in Asia, where Japan was also on the rampage, and Europe need not endanger American security. Those “realists” chided their fellow Americans for a “giddy” moralism and emotionalism in response to Nazi and Japanese aggression that prevented them from dealing “with the world as it is,” as historian Charles Beard put it. George F. Kennanan anti-liberal conservative who served in the American Embassy in Prague, at the time applauded the Munich settlement and praised the Czechs for eschewing the “romantic” course of resistance in favor of the “humiliating but truly heroic one of realism.”

This “realism” meshed well with anti-interventionism. Americans had to respect “the right of an able and virile nation [i.e. Nazi Germany] to expand,” aviator Charles Lindbergh argued. The leading Republican of his day, Ohio Sen. Robert Taft, ridiculed those who expressed fears of advancing fascism. The United States could not be ranging “over the world like a knight errant,” protecting “democracy and ideals of good faith” and tilting, “like Don Quixote, against the windmills of fascism.” The world was “big enough to contain all kinds of different ways of life.”

It was not fascism that conservative Republicans worried about. It was communism. For them, the foreign policy battle in the interwar years was but a subset of their larger war against Franklin D. Roosevelt and the New Deal, which Republicans insisted disguised an attempt to bring communism to the United States. Conservatives in both the United States and Great Britain had long seen Hitler and Mussolini as bulwarks against the spread of communism in Germany and elsewhere.

Nor were they especially troubled by the dramatic rise of official antisemitism in Germany. In the 1920s and ’30s, influential Republicans and conservatives put Jews at the center of various conspiracies against America. Some conservatives referred to the New Deal as the “Jew Deal” (there were Jews among FDR’s “brain trust”), and they opposed intervening in a war in which Jews were among the prominent victims. Lindbergh, among the most admired men in the United States, claimed Jews were pushing the United States into war “for reasons which are not American.”

Conservative Republicans also warned against the creation of an American “liberal empire” no less oppressive than the one Hitler was trying to create. The result, Taft claimed, would be the “establishment of a dictatorship in this country.” In May 1940, as the British army faced annihilation at Dunkirk, Taft insisted it was “no time for the people to be wholly absorbed in foreign battles.” It was “the New Deal which may leave us weak and unprepared for attack.”

America’s entry into World War II was, among other things, the triumph of a contrary view of the world. Even before Pearl Harbor, a majority of Americans, prodded by Roosevelt, came to view the advancing power of European fascism and Japanese authoritarian militarism as a threat not just to U.S. security but also to liberal democracy in general. While Roosevelt did warn (implausibly) of the Luftwaffe bombing the United States from bases in Latin America, his broader argument was less about immediate physical security than about the kind of world Americans wanted to live in.

Even if the United States faced no immediate threat of military attack, Roosevelt insisted, in his January 1940 State of the Union address, the world would be a “shabby and dangerous place to live in — yes, even for Americans to live in” if it were ruled “by force in the hands of a few.” To live as a lone island in such a world would be a nightmare. There were times Americans needed to defend not just their homeland, he told Congress in 1939, “but the tenets of faith and humanity on which their churches, their governments and their very civilization are founded. ... To save one we must now make up our minds to save all.”

The Committee to Defend America by Aiding the Allies, formed in May 1940 by progressive Kansas newspaper editor William Allen White and including such prominent Democrats as Dean Acheson, declared the war in Europe was a “life and death struggle for every principle we cherish in America” and urged the United States to “throw its economic and moral weight on the side of the nations of Western Europe, great and small, that are struggling in battle for a civilized way of life.”

This was exactly what the men who formed the America First Committee opposed — and not because they spoke for some mass groundswell of working-class Americans. The poor and working class in these years were with FDR. The America First Committee was founded by a group of Yale students. (Kingman Brewster Jr., a future president of Yale, was a member, as was Potter Stewart, a future Supreme Court justice.) But it soon boasted an impressive list of wealthy and influential supporters that included textile magnate Henry Regnery; chairman of the board of Sears, retired Gen. Robert E. Wood; president of Vick Chemical Co., H. Smith Richardson; and diplomat and future governor of Connecticut Chester B. Bowles. Although they railed at “elites” and claimed to speak for real Americans, they were chiefly business executives who represented the nation’s commercial and industrial elites.

Unfortunately for the original America Firsters, most Americans rejected their arguments and embraced FDR’s liberal worldview. Especially after the fall of France, polling showed a majority of Americans wanted to send aid to Britain even at the risk of the United States being dragged into war. The America First Committee, despite its well-funded nationwide lobbying effort — it boasted 800,000 members in 400 chapters across the nation — lost the battle against Lend-Lease and all subsequent attempts to prevent the United States from becoming the world’s “arsenal of democracy.”

When the United States was finally drawn into the war, partly because of Pearl Harbor but also because of FDR’s increasingly belligerent approach to what he called the “bandit nations,” anti-interventionist Republican critics called it “the New Dealers’ War.We like to think that great accomplishments in American history are the result of broad national consensus. More often they are the triumph of one worldview over another. American entry into World War II was the victory of a liberal worldview over an anti-interventionism rooted in a conservative anti-liberalism.

That victory remained largely intact throughout the Cold War and after. Although many conservatives eventually hopped on the internationalist bandwagon for the sake of fighting communism (and many on the left dissented from the liberal consensus), it was FDR’s worldview that guided Republican presidents from Dwight D. Eisenhower to Richard M. Nixon to Reagan to the two Bushes. It was the belief that the United States had both an interest and an obligation to support a liberal democratic, capitalist order and to do so by committing to alliances and deploying hundreds of thousands of GIs thousands of miles from American shores. Reagan’s foreign policy was in many ways simply a resumption of the muscular internationalism of FDR, his onetime hero, and the liberal anti-communism of Harry S. Truman and Acheson.

Not all Republicans have forgotten this legacy. Today, when people like Mitch McConnell, the GOP Senate leader, insist that what happens to Ukraine has “a direct and vital bearing on America’s national security and vital interests,” they are articulating this liberal worldview, the assumption that the United States has an interest in the peace and security of a predominantly liberal democratic Europe. If Americans care about what happens in Europe, then they must care about what happens in Ukraine. For should Ukraine fall to Russian control, it would move the line of confrontation between Russia and NATO hundreds of miles westward and allow Vladimir Putin to pursue his unconcealed ambition to restore Moscow’s hegemony in Eastern and Central Europe. Should Ukraine fall, the cost and risk of stopping Russia later will be much higher, including the risk of the United States having to confront Russia as it did during the Cold War. My Post colleague Marc Thiessen has thus advised Republicans to give Ukraine the weapons it needs now, lest they come to “own Ukraine’s military collapse” and leave a reelected Trump “with a weak hand.” Yet that sensible advice also rests on the assumption that at some point the United States may have to come to Europe’s defense against an aggressive Putin.

But what of those Republicans who don’t share that basic assumption? When Sen. J.D. Vance (Ohio) tells Stephen K. Bannon that “I don’t really care what happens to Ukraine one way or another,” that statement rests on a different assumption, namely, that a liberal democratic Europe is of no value to the United States and that Americans should not be willing to fight for Germany and France any more than they should fight for Ukraine. It is the original America First position.

Like those of their 1930s forbears, today’s Republicans’ views of foreign policy are heavily shaped by what they consider the more important domestic battle against liberalism. Foreign policy issues are primarily weapons to be wielded against domestic enemies. Today’s Republicans depict their domestic opponents as, among other things, “communists” who are taking their orders from communist China. Republicans insist that Biden is a communist, that his election was a “communist takeover,” that his administration is a “communist regime.” It follows, then, that Biden must have a “pro-Chinese Communist Party (CCP) agenda,” as the powerful Republican chair of the House Energy and Commerce Committee, Cathy McMorris Rodgers , has put it. “Communist China has their President ... China Joe,” Georgia Rep. Marjorie Taylor Greene tweeted on Biden’s Inauguration Day in 2021. Sen. Marco Rubio (Fla.) has called the President “Beijing Biden.”

And just as World War II was the “New Dealers’ War,” so Ukraine is the war of “globalists.” Hawley, killing many birds with one stone, warns, like his America First forebears, that a cabal of “liberal globalists on the left” and “neoconservatives on the right”is trying to impose a “liberal empire” on the world to make “the world over in the image of New York and Silicon Valley.” What makes these “liberal globalists” and “neoconservatives” dangerous, Hawley insists, is that they are not pursuing a “truly nationalist foreign policy” because they themselves are not true Americans.

The GOP devotion to America First is merely the flip side of Trump’s “poison the blood” campaign. It is about the ascendancy of White Christian America and the various un-American ethnic and racial groups allegedly conspiring against it.

This has long been evident in Republican veneration of anti-liberal dictators such as Putin and Hungary’s Viktor Orban. Conservatives applauded when Putin warned in 2013 that the “Euro-Atlantic countries” were “rejecting” the “Christian values” that were the “basis of Western civilization,” “denying moral principles and all traditional identities: national, cultural, religious, and even sexual.” Patrick J. Buchanan put it best when he called Putin “one of us,” the voice of “conservatives, traditionalists and nationalists of all continents and countries,” and praised him for standing up against “the cultural and ideological imperialism of ... a decadent west.” The New York Times’ Christopher Caldwell has calledPutin a “hero to populist conservatives around the world” because he refuses to submit to the U.S.-dominated liberal world order: “Vladimir Vladimirovich is not the president of a feminist NGO. He is not a transgender-rights activist.” He is “the pre-eminent statesman of our time.”

And what about Trump himself? Does Trump have such a fully formed ideological and strategic agenda? The answer may well be no. As his own former attorney general pointed out, Trump “is a consummate narcissist who will always put his interests ahead of the country’s.” But Trump’s narcissism meshes well with the aims of those yearning to extricate the United States from its commitments in Europe. In his personal life, as people who know him tend to agree, Trump has no allies. As one Republican told the Wall Street Journal, “All relationships with Trump are one-way transactional and the day he decides that it’s no longer beneficial to him, folks are out the door.” It is hardly surprising that he takes the same approach in foreign policy. Trump does not value America’s allies any more than he values any other relationship, including his relationships with Putin, Xi Jinping and Kim Jong Un. Trump does not see the world as divided between America’s friends and enemies but only between those who can help him, or hurt him, and those who can’t.

Trump has none of the reverence for America’s commitments overseas that Republican political leaders have shared since the 1940s, when even Michigan Republican Sen. Arthur Vandenberg, a true isolationist before Pearl Harbor, threw his support behind NATO. Ronald Reagan was famous for his close relationships with Britain’s Margaret Thatcher, Germany’s Helmut Kohl, Japan’s Yasuhiro Nakasone and even France’s François Mitterrand, a socialist.

If anything, it has been Democratic presidents who have raised the most concern about American commitments. In the late 1970s, Jimmy Carter openly toyed with pulling U.S. troops out of South Korea, and, more recently, Barack Obama’s feelings for the European allies were noticeably cooler than his predecessors’ — and he was very clear in his view that Ukraine was not a “vital” interest of the United States. But none has gone as far as Trump, Vance, Hawley and Colby in insisting that America should no longer be bound by its European alliance.

It doesn’t really matter what Trump believes, therefore. More important is what he doesn’t believe. Nor does he need to withdraw formally from NATO to introduce massive instability. It will be enough that he and his advisers cast significant doubt on the reliability of America’s Article 5 obligations. There is no such thing as a conditional guarantee. Once other nations realize that America’s commitment to defend treaty allies can no longer be relied upon, the whole configuration of power in the international system will change. All powers, whether friendly or hostile to the United States, will adjust accordingly.

In this respect, those Trump Republicans who wish to sever American commitments to allies are not only bringing back a 1930s worldview. If they take power, they will bring us back to a 1930s world.

Imagine that Kyiv falls a year or two into a second Trump presidency and that instead of responding by rushing to bolster the alliance’s defenses with a more substantial American commitment, Trump expresses relative indifference. How will the nations of Europe respond? Russian troops will be hundreds of miles closer to NATO countries and will share a nearly 700-mile border with Poland, but if Republicans have their way, the United States will do nothing. It will be a historic geopolitical revolution.

Under those circumstances, Europeans will have to make a choice. They must either adjust to the expanding hegemony of a militarized Russia led by a proven aggressor — accepting the world “as it is” in prescribed “realist” fashion. Or they must prepare themselves to stand up to it — without the United States.

The stakes will be highest and most immediate for the Baltic nations, which in the eyes of traditional Russian nationalists such as Putin are mere appendages of Russia, with significant Russian-speaking populations that may at any time demand “protection” from Moscow, as the Sudeten Germans in Czechoslovakia demanded protection from Berlin in the 1930s. The Baltic states have never enjoyed sovereign independence in periods of Russian hegemony and owe their independence today entirely to American and NATO guarantees.

Then there is Poland, which during the Cold War and repeatedly in the 18th, 19th and 20th centuries was either subjugated or partitioned by Moscow. Will the Poles again go quietly into that good Russian night once they have been left deliberately “exposed,” as Colby put it, to the full weight of Russian power without the United States or NATO to back them up?

The most important nation in this transformed Europe will be Germany. Germans will quickly find themselves faced with a terrible choice. Either they try to remain in a fundamentally pacifist mode, as they have been since 1945, or they once again become a great military power. To defend themselves in the absence of an American guarantee, Germans will face a staggering uphill climb to match Russia’s conventional-weapons capabilities. But they will also have to address Russia’s overwhelming nuclear superiority, which Putin has not been shy about threatening to use even against the nuclear-armed United States. Will the Germans rely on British and French nuclear capacities to deter Russia, since they can no longer count on the American nuclear umbrella? Or will they choose to become a nuclear power themselves?

Indeed, should the United States make clear that it is no longer bound by its security guarantees, the likelihood is that other industrialized nations will quickly turn to nuclear weapons to try to make up for the sudden gap in their defenses. Japan could build hundreds of nuclear weapons in a very short time if it chose — or do the new America Firsters believe that the Japanese will find reassuring America’s abandonment of the similar treaty commitments in Europe? We will be living in a world of many heavily armed powers engaged in a multipolar arms race, ever poised for conflict — in short, the world that existed in the 1930s, only this time with nuclear weapons. But yes, they will be spending more than 2 percent of their GDP on defense.

Who can say when all this will come a cropper for the United States? Putin’s first act of aggression was in Georgia in 2008; his second was in 2014, when he invaded Crimea and eastern Ukraine; his third was in 2022 when, contrary to almost everyone’s expectations, he invaded all of Ukraine. But his cautious probing, if you can call it that, was in the context of a continuing American commitment to European security.

And how long before China, watching America abandon its allies in Europe, asks whether Americans still plan to live up to any of their commitments anywhere? Even if one believes that “Asia is more important than Europe,” does it strengthen the Asian allies to abandon the European allies? Hitler also hoped the United States would focus exclusively on Asia and leave Europe to him. It is no surprise that among those most frightened by Trump’s talk of abandoning NATO is Taiwan.

An older generation of Americans, many of whom may vote for Trump this year, may not live to see the consequences — those crises will fall on their children and grandchildren. But they can be sure of this: If they vote for a return to the 1930s, posterity is not going to mistake them for America’s “greatest generation.”