Are We Repeating History Again? (Commentary)

The collapse of the banking system in the summer of 1931 brought governments to their knees and thousands out onto the streets (Pictured: the Jarrow March)

Capitalism In Crisis, A Warning From History: Eighty Years Ago, A Banking Collapse Devastated Europe, Triggering War. Today, Faith In The Free Markets Is Faltering Again -- Daily Mail

Exactly 80 years ago, international capitalism stood on the verge of meltdown.

The collapse of the banking system in the summer of 1931 sent shockwaves through Europe, bringing governments to their knees and thousands out onto the streets.

In the United States, an increasingly careworn president and his congressional critics fought a bitter battle over government spending and tax rises.

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My Comment: I have already had the experience in my life of seeing what happens when financial/government institutions become dysfunctional when the Soviet Union collapsed .... misery, high unemployment, and low wages coupled with uncertainty and depression. Will I see it again .... but this time in the West .... I certainly hope not.