COMMENT: As things deteriorate, a growing number of voices are echoing a warning I’ve sounded for decades.
In the article below, Dominic Sandbrook notes that the collapse of the global economy during the Great Depression drove the desperate into the arms of political extremism.
Noting the inability of the feckless coalition government in Britain to deal with the problem and the similar inability of foreign governments to stem the economic hemorrhaging, Sandbrook note that many Britons turned to the fascists of Oswald Mosely’s organization.
Although Moseley was not, ultimately, triumphant, Hitler was in Germany.
Fearing that the collapse of the Euro could produce a similar phenomenon in Europe, Sandbrook asks if this new year will be the “New 1932.”
Given our past examinations of the EMU as the realization of the Third Reich’s plans  for economic domination of Europe and the World, one must ask the question as to whether or not the present state of affairs was intended from the beginning.
EXCERPT: . . . . For the most chilling parallel, though, we should look back exactly 80 years, to the cold wintry days when 1931 gave way to 1932.
Then as now, few people saw much to mourn in the passing of the old year. It was in 1931 that the Great Depression really took hold in Europe, bringing governments to their knees and plunging tens of millions of people out of work.Then as now, the crisis had taken years to gather momentum. After the Wall Street Crash in 1929 — just as after the banking crisis of 2008 — some observers even thought that the worst was over.
But in the summer of 1931, a wave of banking panics swept across central Europe. As the German and Austrian financial houses tottered, Britain’s Labour government came under fierce market pressure to slash spending and cut benefits . . .
. . . . And while Left-wing intellectuals were drawn to the supposedly utopian promise of the Soviet leader Josef Stalin — who turned out to be a brutal tyrant — thousands of ordinary people flocked to the banners of the British Union of Fascists, founded in the autumn of 1932 by the former Labour maverick Sir Oswald Mosley.
Never before or since has the far Right commanded greater British support — a worrying reminder of the potential for economic frustration to turn into demagogic resentment. . . .
. . . . But the most compelling parallels between 1932 and 2012 lie overseas, where the economic and political situation was, if anything, even darker.
Eighty years ago, the world was struggling to come to terms with an entirely new financial landscape. In August 1931, the system by which currencies were pegged to the value of gold had fallen apart, with market pressure forcing Britain to pull the pound off the gold standard.Almost overnight, the system that was supposed to ensure global economic stability was gone.
And as international efforts to coordinate a response collapsed, so nations across the world fell back on self-interested economic protectionism. . . .
. . . . Above all, though, the eyes of the world back in 1932 were fixed on Germany. As the Weimar Republic staggered towards oblivion, an obscure Austrian painter was setting his sights on supreme power.
With rising unemployment eating away at the bonds of democratic civility, the National Socialist Party was within touching distance of government.
And in the last days of 1932, after the technocrats and generals had failed to restore order, President Paul von Hindenburg began to contemplate the unthinkable — the prospect of Adolf Hitler as Chancellor of Germany.
We all know what happened next. Indeed, by the end of 1932 the world was about to slide towards a new dark age, an age of barbarism and bloodshed on a scale that history had never known.
Eighty years on, it would be easy to sit back and reassure ourselves that the worst could never happen again. But that, of course, was what people told each other in 1932, too.
The lesson of history is that tough times often reward the desperate and dangerous, from angry demagogues to anarchists and nationalists, from seething mobs to expansionist empires.
Our world is poised on the edge of perhaps the most important 12 months for more than half a century. If our leaders provide the right leadership, then we may, perhaps, muddle through towards slow growth and gradual recovery.
But if the European elite continue to inflict needless hardship on their people; if the markets continue to erode faith in the euro; and if Western politicians waste their time in petty bickering, then we could easily slip further towards discontent and disaster.
The experience of 1932 provides a desperately valuable lesson. As a result of the decisions taken in those 12 short months, millions of people later lost their lives.
Today, on the brink of a new year that could well prove the most frightening in living memory, we can only pray that our history takes a very different path.