Europe’s Periphery: A postmodern version of Britain in the 1930s?

Aca

"In short, just like Britain before 1929, Europe’s Periphery was being secretly buffeted by a slow-burning recession (which did not show up in their national statistics, courtesy of real estate, white elephant developments and unlimited credit) well before 2008. Labouring under an overvalued currency, their industries were being depleted in exchange for phoney growth in real estate and finance. And when the Crash of 2008 burst these bubbles, Europe’s Periphery, unlike Britain and the US, found itself in a situation very close to that which Keynes was trying to study in Britain in the 1930s."