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2012-04-25

Europe's political centre is starting to crumble, replicating the pattern of the early 1930s

Elected governments have already been swept away - or replaced by EU technocrats without a vote, indeed to prevent a vote - in every eurozone state where unemployment has reached double-digits: Spain, Greece, Portugal, Ireland and Slovakia .
 

The political carnage has been striking. Ireland's Fianna Foil, creator of the Irish free state, has lost every seat in Dublin. 

Greece's Panhellenic Socialist Movement (PASOK) - torch-bearers of Greek democracy since the Colonels - has fallen to 14pc in the polls and faces ruin next month.
 

The results are in: the hard-Left and hard-Right are on the rampage across Euroland.

We have not reached breaking point of July 1932 when Nazis and Communists won over the half the Reichstag seats. That tragedy was the fruit of the Brüning deflation, rigidly imposed to uphold the Gold Standard - the euro's trial-run.

We forget now, but Germany was heavily indebted to foreigners in 1930, like Spain today.
 

It was the refusal of the creditor powers (US and France) to reliquify the system and slow monetary contraction that pushed Germany over a cliff.
 

Ambrose Evans-Pritchard, 24 April 2012

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