Notes on the Role of Debt in US Colonialism

Early July 2015, at an event discussing the Greek debt crisis hosted by the German Federal Bank in Frankfurt, German Finance Minister Wolfgang Schaeuble talked about a sarcastic conversation he’d had with United States Treasury Secretary Jack Lew. Responding to pressure from the US government for a resolution on the pending Greek debt talks, Schaeuble told Lew that the European Union could take Puerto Rico into the euro zone if the US was willing to accept Greece into a dollar union. In the video of the event, one can appreciate people laughing at Schaeuble’s remarks, made in front of a large projection of the event’s theme “Turning points in history: How crises have changed the tasks and practice of central banks.” Interesting enough, his comments say more about Germany’s intentions and its role in the Greek debt default than about Puerto Rico.