Tag: Great Depression
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Epilogue: The Euro as Historical Hubris
The euro is many things at once. Like all other currencies, it is a means of payment, a unit of account and a store of value. Since its inception, it is an attempt to challenge the hegemony of the US dollar as world currency. Insofar as it embodies the transfer of monetary and exchange rate…
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The Eurozone Crisis: Finance 2 – Society 0
An interesting and crucial feature of the eurozone crisis, which hardly ever gets mentioned, is the extent to which it corresponds to a massive, lengthy, disguised and undemocratic process of socialisation of debt relations. What started out as a massive build-up of debt/credit relations between private debtors and private creditors has been gradually converted into…