Nate
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Living standards are declining in 90% of countries!
In the 1930s, depression bred fascism. Depression stretched from corner to corner of the globe, wrapping it in a suffocating embrace. And in their rage, misery, and despair, people began to believe the Big Lies demagogues told, about how it was all scapegoats’ fault. And the road to all that, a good economist would say, was paved with nationalism and isolationism, which hardened stagnation into properly implosive depression.
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