"The massive costs of running the war on terror, in conjunction with the seemingly inexorable turn to a non-state-based credit rather than a savings-based economy, were among the factors that led to the second major challenge of the new millennium: the financial crisis, and its long corrosive aftermath of the Great Recession. Society was no riven by a biting austerity on one hand and an anti-immigrant backlash on the other. Governments used up what remaining reserves of popular trust they had in fighting the fires of a seemingly unquenchable crisis. Fatefully, this was also the moment when Europe was confronted by the largest refugee crisis since the Second World War (many of them fleeing the havoc unleashed by the global war on terror). The social tensions sparked by some of these developments began to raise the specter of more desperate solutions drawn from the past. Alarmed by such developments, one ninety-year old survivor of the Warsaw ghetto took a plea of remembrance to the international press. Fear and lies are terrible things, he warned: “do not ever imagine that your world cannot collapse, as ours did.” Was anyone listening? In Europe, the solidarity that had underpinned the European Union’s expansion for half a century entered its gravest crisis yet. In the US, the political atmosphere grew more, not less, tense under the nation’s first black president. With public trust in the workings of Congress at its lowest ebb, and popular discontents soaring amid an illiberal surge, the conditions favored an outsider in the presidential elections of 2016. What that outsider might then do only time, and power, would tell."
Great Recession

January 1, 1970

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