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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
Posted By admin On August 6, 2011 @ 4:04 am In Money Watch | Comments Disabled
UK Daily Mail 
Aug 6, 2011
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.
And in Britain, with the Labour government broken by the economic crisis, a Conservative-dominated coalition imposed the deepest spending cuts in a generation, slashing benefits in an attempt to restore confidence in the nation’s finances.
With the banks refusing to lend, and millions of people thrown out of work, capitalism itself seemed utterly discredited.
In other countries, many turned to the far Right, swelling the ranks of the Nazis and their allies.
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URLs in this post:
 UK Daily Mail: http://www.dailymail.co.uk/news/article-2022993/DOMINIC-SANDBROOK-Capitalism-crisis-warning-history-Eighty-years-ago-banking-collapse-devastated-Europe-triggering-war-Today-faith-free-markets-faltering-again.html
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 ‘Worst financial crisis in human history’: Bank boss’s warning as pound suffers biggest fall for 37 years: http://www.prisonplanet.com/worst-financial-crisis-in-human-history-bank-bosss-warning-as-pound-suffers-biggest-fall-for-37-years.html
 18 Signs That The Banking Crisis In Europe Has Just Gone From Bad To Worse: http://www.prisonplanet.com/18-signs-that-the-banking-crisis-in-europe-has-just-gone-from-bad-to-worse.html
 Europe warned of financial chaos over Greek debt crisis: http://www.prisonplanet.com/europe-warned-of-financial-chaos-over-greek-debt-crisis.html
 Grading Free Market Capitalism and “The Invisible Hand”: http://www.prisonplanet.com/grading-free-market-capitalism-and-the-invisible-hand.html
 Greek debt crisis: Europe feels shockwaves as bailout falters: http://www.prisonplanet.com/greek-debt-crisis-europe-feels-shockwaves-as-bailout-falters.html
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