, Columnist
German Rearmament Is a Welcome 'War Dividend'
Or, how markets learned to stop worrying and love the new order now taking shape.
Visitors’ day at a military base.
Photographer: Christof Stache/AFP/Getty
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Germany’s new chancellor, Friedrich Merz, has started with a dramatic promise: “The German government will provide all the financial resources the Bundeswehr needs to become Europe’s strongest conventional army.” That commitment, made in his inaugural speech to the Bundestag this week, follows through on his election pronouncement that “Germany is back” and will now “really achieve independence from the USA.”