The Perils of Ignoring History This Time, Europe Really Is on the Brink

The European Union was created to avoid repeating the disasters of the 1930s, but Germany, of all countries, has failed to learn from history. As the euro crisis escalates, Berlin should remember how the banking crisis of 1931 contributed to the breakdown of democracy across Europe. Action is urgently needed to stop history from repeating itself.
Von Niall Ferguson und Nouriel Roubini
People line up outside the Postscheckamt in Berlin to withdraw their deposits in July 1931. The 1931 European banking crisis contributed directly to the breakdown of democracy.

People line up outside the Postscheckamt in Berlin to withdraw their deposits in July 1931. The 1931 European banking crisis contributed directly to the breakdown of democracy.

A0009 dpa/ dpa
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