[Marxism] "the omens look bad for a world that hasn't learned from history"
ilagardien at yahoo.com
Fri Aug 19 13:27:52 MDT 2011
What a financial tailspin may mean for you and me
By Ann Pettifor
"This crisis is already sharpening the divide between left and right in both the EU and the United States. Studying a precedent – the implosion of the 1920s credit bubble in 1929 – we note that four years after that crisis erupted, the political divide sharpened decisively. The United States and Britain moved to the left. Germany chose a different path. After 1930, Germany's Centre party under Chancellor Brüning adopted austerity policies that resulted in cuts in welfare benefits and wages, while credit was tightened. At the same time the German government engaged in wildly excessive borrowing from the liberalised international capital markets. The ground was laid for the rise of fascism."
Nihil humani a me alienum puto
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