History Doesn't Repeat Itself, But It Rhymes

This was Mark Twain's take on the lessons of history.

Ukraine's travails of the past three months and Russia's intervention remind me of nothing so much as the events leading up to Germany's occupation of Czechoslovakia in 1938.

After World War I, the Austro-Hungarian Empire was dismantled into a number of constituent successor states, among them Czechoslovakia. The Czech lands of Bohemia and Moravia were prosperous, modern, productive economies. But a substantial percentage of the population were German - speakers who had previously enjoyed a privileged position in the Austro-Hungarian Empire. They resented the new ascendancy of speakers of Czech and Slovak languages.

On top of this loss of prestige, Czechoslovakia was suffering, like the rest of Europe, from the worldwide depression, affecting the economic prospects of the formerly dominant group.

Resentment boiled up against what the German speakers viewed as Czech atrocities against them. These so-called atrocities were mostly invented, but founded on resentment. Reinvented as a new nationality, the "Sudeten" Germans invited Germany under Hitler to occupy first the "Sudetenland" and then all of Czechoslovakia.

British Prime Minister Neville Chamberlain negotiated a settlement with Germany. In a radio broadcast of 27 September 1938, he had this to say about it:

"How horrible, fantastic, incredible it is that we should be digging trenches and trying on gas-masks here because of a quarrel in a far away country between people of whom we know nothing. It seems still more impossible that a quarrel which has already been settled in principle should be the subject of war."

In the end, the agreement didn't work out well for any of the parties.

John Maynard Keynes foresaw the economic aspects of the disaster in his essays "The Economic Consequences of The Peace" and "The Economic Consequences of Mr. Churchill."

Diplomatic efforts collapsed with the collapse of the League of Nations.

Czechoslovakia was well prepared to defend itself so long as it retained the "Sudetenland." But it couldn't stand alone against the major powers. France couldn't come to the aid of Czechoslovakia because many of her leaders were more worried about the Communist "menace" than about Germany and the French military cowered behind the Maginot Line. Britain had a formidable navy, but not much of an army. The Soviet Union had no direct border with Czechoslovakia either.

Neither Ukraine nor any other power wants to see war break out. The risks of letting Russia get away with the partition of Ukraine are greater than most of the public seems to realize. Russia is violating agreements made to assure Ukrain's territorial integrity as a price of Ukraine agreeing to turn over nearly 2,000 nuclear weapons. Such agreements are generally necessary when nuclear proliferation is at issue.

Good luck getting other near-nuclear powers to give up their capability if existing nuclear powers don't make good on Ukrainian security.

For what it's worth, the stock market doesn't seem pleased with events.