Dexter B. Wakefield

Is history the future? It has been said, “Those who fail to learn from history are doomed to repeat it.” But in a strange twist of history in our day, the radical Islamists of Islamic State, or ISIS, have learned their history quite well, and they want to repeat it. And they plan to force everyone else to repeat it as well. What history do they want to repeat?

In the European Union, there is a new worry—deflation. The economic concern has been inflation in many countries—such as Argentina (about 25 percent according to private economists) and Venezuela (52 percent in 2013). With the United States economy being flooded with liquidity from “quantitative easing” by the U.S. Federal Reserve—along with massive fiscal deficits—many analysts in the United States are concerned that inflation could spike up in the U.S. as well. But in the European Union, the concerns are quite the opposite.