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As early as 1997, I warned about a repeat of the collapsed economic order of 1929-1933 in my book A Global Ethic for Global Politics and Global Economics : “The slightest remark, for example by the President of the American Federal Bank, Alan Greenspan, at the beginning of December 1996, that an “irrational exuberance” had led to an overvaluation of the financial markets was enough to drive the nervous investors on the high-flying stock markets of Asia, Europe and America into a spin, and panic selling.