All through the 1930s, the European elites continued to blame the Great Depression on Wall Street excess and the crash of 1929 (a minor, if colourful, event).

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They continued to do so long after Roosevelt had broken free of fixed-exchange ruin and launched a blistering recovery with monetary stimulus a l’outrance (perhaps helped slightly by the New Deal).

They clung to this belief into the final years of the cataclysm, resolutely grinding their democracies into the dust by enforcing debt-deflation and contraction.

Blaming somebody else induced policy paralysis because it subtly diverted intellectual energy away from the root problem – then the Gold Standard, just as it is the D-mark Standard (euro) today.

So we have José Manuel Barroso, the ex-Maoist chief of the European Commission, telling the G20 global powers and assorted Anglo-Saxons that he is sick and tired of back-seat advice.

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 Read More at the Telegraph. By Ambrose Evans-Pritchard, The Telegraph.

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