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And the Weak Suffer What They Must?: Europe's Crisis and America's Economic Future by Yanis Varoufakis

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CHAPTER 8

EUROPE’S CRISIS, AMERICA’S FUTURE

Global finance imploded once in 1929, and again in 2008. In 1929, after Wall Street’s banks fell into a black hole of their own making, the common currency of the era began to unravel. It was the gold standard. Soon after, in Europe we ended up with Nazis and assorted fascists in power. In 2008, after Wall Street’s banks caved in under the weight of their derivative trades, the common currency of our era began to unravel. It was the euro, a revival of the gold standard in the heart of Europe.

By February 2010 the 2008 blast had reached Europe, bringing to a breaking point its weakest link: Greece. The gold standard–like euro began to buckle, with potentially frightful consequences for Europe’s banks, ...

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