The results are in: the hard-Left and hard-Right are on the rampage across Euroland. We have not reached breaking point of July 1932 when Nazis and Communists won over the half the Reichstag seats. That tragedy was the fruit of the BrĂ¼ning deflation, rigidly imposed to uphold the Gold Standard - the euro's trial-run.

We forget now, but Germany was heavily indebted to foreigners in 1930, like Spain today. It was the refusal of the creditor powers (US and France) to reliquify the system and slow monetary contraction that pushed Germany over a cliff. The parallels are haunting, but the politics are more genteel this time - up to a point.

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