How the Great Depression Helped Drive the World Towards Fascism | Impossible Peace | Timeline

Jul 23, 2020 • A look at the international upset and devastation caused by the global depression; unemployment, hyperinflation, despair are everywhere as people try to survive.

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City Fears of 'Great Depression Mark II'
THE TELEGRAPH: Leading City experts have started raising the prospect of "Great Depression II" amid worries that the European economic crisis could trigger a deeper bout of chaos.

Markets on both sides of the Atlantic dipped to fresh lows as fears surrounding the fate of the euro project transmuted into worries about the wider global economic system.

Bill Gross of bond fund Pimco said that hedge funds were starting to liquidate their positions in a bid to preserve their capital – a worrying "mini relapse" towards 2008 territory.

Andrew Roberts, head of European rates strategy at RBS, said "Great Depression II" could now be approaching, adding: "It now has potential to speed toward its conclusion; a European $1trn package which does little and political panic tells you we are about to reach the end of the road. The world should be discussing deflation, not inflation." Read on and comment >>> Edmund Conway, Economics Editor | Friday, May 21, 2010

1929 – The Great Wall Street Crash & Depression

Is 2009 the New 1929? Current Crisis Shows Uncanny Parallels to Great Depression
SPIEGELONLINE INTERNATIONAL: Is history repeating itself? The current global downturn has many parallels to the Great Depression. And if the current massive bailout packages fail, the effect on the world's economies could be similarly drastic.

The Germans have always had a penchant for looking to America to gain a glimpse into the future.

They marveled at the Apollo 11 mission to the moon. They admired the gray but affordable Commodore personal computer. And they succumbed to the spell of an Internet company with the odd name of Google.

Will the current crisis be as bad as the Great Depression? Photo courtesy of SpiegelOnline International
Now the Germans are looking across the Atlantic once again, but this time they see images that remind them of their own past, images of sad-looking people standing in long lines, hoping for work.

One of them is Michael Sheehan, who worked as an engineer with a large company until February. Not too long ago, Sheehan was the one doing the hiring. Today he is only one of 900 other job-seekers attending a job fair in a depressing hotel ballroom in Philadelphia.

One of the flyers arranged on the tables exhorts the attendees to "Stay Positive." But Sheehan feels more outraged than positive. Someone at the fair asks him for his resume. "I don't have a resume," he says. "I worked at one company for more than 30 years."

Natalie Ingelido, 21, is standing nearby, trying to calm down her bawling two-year-old son, who clearly doesn't like it here. "I'm looking for a job, any job, in a restaurant, a bar, cleaning, whatever," she says.

In the past, says Ingelido, "Help Wanted" signs were plastered on the doors of shops and bars. The past she refers to is last summer, when Natalie and her husband still lived in their own apartment. Now they live with his parents.

Across America, people like Sheehan and Ingelido are standing in lines, waiting and hoping. At one job fair in New York, the line stretched for several city blocks. Many would turn away, embarrassed to be seen there, whenever TV reporters attempted to document their fates.

More than 5 million people in the United States have lost their jobs since the crisis began. As if the country were undergoing fever convulsions, more than 650,000 were catapulted into the streets in the last month alone. >>> By Spiegel Staff | Thursday, April 29, 2009

Britain Showing Signs of Heading Towards 1930s-style Depression, Says Bank
THE TELEGRAPH: Britain is showing signs of sliding towards a 1930s-style depression, the Bank of England says today for the first time.

The country is displaying early symptoms of being trapped in a so-called “debt deflation trap” where families find themselves pushed further and further into the red every month, according to a Bank report published today.

The stark warning will cause serious concerns, since it was this combination of falling prices and soaring debt burdens that plagued the US in the 1930s.

The Bank is using its Quarterly Bulletin to highlight the threat posed to the economy by deflation – where prices fall each year rather than rise.

Although inflation is currently in positive territory, it is expected to become negative in the coming months.

The Bank is worried that this may combine with high levels of indebtedness to squeeze families further.

It says that families with high debts could fall prey to the debt deflation trap. This means that the cost of their debts, which are fixed, would rise compared to average prices throughout the economy. While inflation erodes debts, deflation makes them relatively higher.

The Bank’s paper suggests that Britain is particularly at risk because there is a high proportion of families with significant levels of debt, and many of them are on fixed mortgage rate, which means they will not benefit from rate cuts.

Britons’ total personal debt – the amount owed on mortgages, loans and credit cards – is, at £1.46 trillion, more than the value of what the country produces in a year.

Total personal debt has risen by 165 per cent since 1997 and each household now owes an average of about £60,000.

The Conservatives claim this is the highest personal debt level in the world. >>> By Edmund Conway, Economics Editor | Monday, March 16, 2009

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'Haider Is Our Lady Di'
THE GUARDIAN: As the leaders of Europe's far-right parties gather for today's state funeral of Austria's most controversial politician, is European fascism once again on the rise?

In their hundreds they stand in line, waiting to pay tribute to their hero. Girls with iPods, skinheads in leather jackets, elderly women with shopping trollies and tanned athletic types in Prada sunglasses shuffle silently forward.

"We wanted the kids to feel the enormity of the occasion. After all, he is our Lady Di and this is our 9/11," says Anton Krem, 45, who is here to pay his last respects to Jörg Haider, the Austrian rightwing populist politician who died in a drunken, high-speed car crash a week ago and whose coffin sits on a pedestal in the Landhaus, seat of Carinthia's regional parliament, the southern province where he was governor.

An after-work crowd of about 300 makes its way through an avenue of huge wreaths. Everyone from the Chamber of Carinthian Chemists to the regional tourist board has sent a display. Klagenfurt, the state capital, is busy preparing itself for today's ceremony, the most emotional state funeral since that of the last Austrian empress, Zita von Bourbon-Parma, in 1989.

Amid a sea of red candles one teenager has written: "To a great man of the nation who fought for his land. Our hero, our fighter, our sunshine." Another note reads: "Our king of hearts". Slipped in between are pictures of Haider, an orange sweater - the colour of his breakaway Alliance for the Future of Austria party (BZO) - draped over his shoulders, glass of beer in hand; another shows the maverick fascist bungee jumping off a bridge.

Behind the scenes, functionaries and volunteers have been working around the clock sending invitations. Austria's political elite are expected to attend tomorrow. But the 50,000 mourners are also expected to include Belgian nationalist Filip Dewinter, French extremist Jean-Marie le Pen, Alessandra Mussolini, the granddaughter of the Italian wartime fascist leader, Umberto Bossi from Italy's Northern League, Swiss industrialist Christoph Blocher, and a handful of Waffen-SS veterans, whom Haider once described as "men of character". Younger far-right figures have also hinted they will turn up, though Austrian intelligence is on alert to turn away groups of skinheads or neo-fascists, to stop the event turning into a rally.

With state broadcaster ORF planning live coverage, President Heinz Fischer, who will give the main speech, and other politicians have asked for assurances that they will not appear in the same frames as anyone from the far right. "They realise it could get very embarrassing," says Hans Rauscher, veteran writer for Der Standard newspaper.

The fear gripping the elite shows the extent to which Haider managed to impose himself on Austria's political scene, becoming a figurehead for an array of far-right European groups. Particularly at such a sensitive economic moment, when parallels with 1929 and the great depression are drawn every day, the fear is that the extreme right may seek to exploit the symbolic power of such a gathering. >>> Kate Connolly | October 18, 2008

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