I have taken some time to start reading Dying of Money, by Jens O. Parsson. Some free PDF versions can still be found on line or the family has reprinted it as well.
I had glanced at this document months ago but it was well worth returning to it after a year or so of OTP and other reading. My initial conclusion taken from Chapter 44 A World of Nations, specifically page 175 is that Europe has elected to go to War Against America. It has choosen to defend itself against US exported inflation, no longer by inflating themselves, but by digging in with “tight money and tight economics” and ” a constantly rising exchange rate”. However will they be successful at winning the currency war ?
My initial view is that the US, because it cannot stop inflating (as per the thesis in his book) will therefore do everything in its power to destroy the European efforts to change course from their past inflationary policy (not a thesis of the book but a defined course of action), which had been the defense choosen to fight US exported inflation in the past. His book was written in the 1974 time period.
The UK is of course siding with the US early on this one, although the US media has yet to figure this out.
My guess is that the Europeans will ultimately cave in and inflate. However in the meantime there will be a game played where some people want other people to think the strategy has changed. That just means lots of unwelcomed uncertainty.