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One of the casualties of the European war was money. Nazi-affiliated regimes in occupied countries had printed so much of the local currencies to support the Axis’s war effort that the money in Europeans’ pockets was not even worth the paper it had been printed on. And even in countries that had es…

[...] A tale of two debts was turning into a morality play with no end. Europe is an ancient continent and our debts to each other stretch decades, centuries and millennia into the past. Counting them vindictively, and pointing moralizing fingers at each other, was precisely what we did not need in…

Before long the working class in one nation turned against the working classes of all other nations, looking to protectionism for succour. In 1929 protectionism took the form of devaluing one’s currency vis-à-vis others. As we shall see, in 2010 it took the form of devaluing one’s labor vis-à-vis others.