This info I got from wikipedia really freaks me out in one way or another. There has been talks in the newspaper, magazines, that if the trend of oil price increase continues, it will trigger a economic recession all around the world. This will also led to a another great depression similar to what have happened in the 1940's.
As people always say, history tends to repeat itself. If we were headed to another global recession, is it also possible that we will be heading towards another world war? This is another info I got from wikipedia:-
"Germany's Weimar Republic was hit hard by the depression, as American loans to help rebuild the German economy now stopped. Unemployment soared, especially in larger cities, and the political system veered toward extremism. Repayment of the war reparations due by Germany were suspended in 1932 following the Lausanne Conference of 1932. By that time Germany had repaid 1/8th of the reparations. Hitler's Nazi Party came to power in January 1933". - Wikipedia
So, basically due to the recession, Hitler managed to get in power due to unsatisfied citizens at that time trying to cope with rising inflations. Sounds familiar right? The number of unemployed in German grew; poverty on the rise, people starved on the streets. In the crisis, people wanted someone to take the blame and Hitler offered them the solution, and Nazi succeeded in taking power. After Hitler comes to power, the next thing he did was to divert the attention of the german people from the crisis that they have and focus it on expanding the german empire by invading other countries. Therefore, World War two unfolded. As I said again earlier, history tends to repeat itself and I greatly hope that this one would not.
1 comment:
I believe that the great global recession in 1928-29 was not that vulnerable as compared to present ongoing recession. According to me at that time more people were dependent on Agriculture, where as now people are more dependent on industry.
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