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lONDAY, JULY 22, 1974.
Are the
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PAUL
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MCCRACKEN ....nleSS-
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Are we ignoring
THI
GATHIRING
STDRM?
by
Charles Hunting
and David Ord
Democracy is facing a severe
test. Can it deal with Europe 's
current crises? And
if
it should
fail- what then? Parallels be–
tween today's Europe and the
years leading up to 1939 could
be cause for concern!
T
HE ECONOMIES
of European
nat ions are in deep trouble.
The problem: rampant in–
fl at ion.
Germany's lcading news maga–
zine.
Der Spiegel,
warned recently of
the possibly grave implications that
could arise from the collapse of the
country's largest priva te fi nancia!
institution, the Hersta tt Bank. fol–
lowed by the downfa ll of four
smaller banks.
Spiegel
ed itors re–
minded their readers that the situ–
at io n was the worst since the
unforgettable collapse of the "Dan–
atbank" 43 years ago - the "start of
the great crisis in Germany. the be–
ginning of the way into unemploy–
ment and to Hitler."
Continued
Der Spiegel:
" ...
both
laymen and experts regard the Her–
sta tt crash as a new tart of a col–
lapse of th c country' monetary and
credit economy
similar to the
great bank crash of 193 1."
While many sought immediately
to allay fears, the fact is that the
PLAIN TRUTH December 1974