The public discussion of Europe’s economic crisis has carried a curious air of repression: When commentators have worried about worst-case scenarios—the scenarios that harken back to the dark moments in the Continent’s history—they have generally been dismissed as alarmist. But there are good reasons to treat these dire warnings with the gravest seriousness—to place them within the realm of plausibility. Is Europe headed on its way back to the 1930s?
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