We are currently marking the hundredth anniversary of the fighting of the First World War. For four years between the summer of 1914 and November 11, 1918, the major world powers were in mortal combat with each other. The conflict radically changed the world. It overthrew the pre-1914 era of relatively limited government and free market economics, and ushered in a new epoch of big government, planned economies, and massive inflations, the full effects from which the world has still not recovered.
Tagged: World War I
Nikola Tesla, the Serbian-American inventor, while not a household name, has been recognized by the scientific community many times over the years. The metric system unit for magnetic field strength, for example, is known as the tesla. Tesla made many contributions to various sciences over the years, including pioneering work in magnetic fields, induction motors, and electricity. In recent years, various communities on the Internet have sought to lionize Tesla’s life and to expand knowledge of his scientific achievements. This goal is a noble one, as Tesla’s life is frequently reduced to the position of footnote in science histories. But these communities have also engaged in a very wrong-headed pursuit: trashing the reputation of Thomas Edison.
The United States is now manifestly seen as a weak horse even by its allies, a nation in military retreat throughout the world against its three most dangerous adversaries: Russia, China, and militant Islamic fascism.
The siren song of independence and national self-determination has sounded once again across Europe. It is a song that holds echoes of a century ago, when the internal force of nationalism convulsed the European empires into world war. Yet, while the song remains the same, the tune has changed.
Ninety years ago, on November 15, 1923, the Great German Inflation came to an end when the monetary printing presses were finally shut down, and the economic havoc came to an end. Its lessons are worth remembering.