Nigeria, May 29 -- As the world was readying for the Second World War, the insightful humane Austrian author Stefan Zweig made the following glum observation: "Openly and flagrantly, certain countries express their will to expand and make preparations for war. The politics of rearmament is pursued in broad daylight and at breakneck speed; every day you read in the papers arguments in favour of armaments expansion, the idea that it reduces unemployment and provides a boost to the stock exchange."

This is not so different from the approval by European Union countries on May 27 of a €150 billion loan program known as the Security Action for Europe (SAFE) borrowing scheme. A press release from the European Council stated that the schem...