Please review the comment below by Herbert Hoover (United States President 1929 - 1933) on the 1931 Sovereign Debt Crisis that afflicted all of Europe with the exception of Britain and Switzerland, South America and China.
"During this new stage of the depression, the refugee gold and the foreign government reserve deposits were constantly driven by fear hither and yon over the world. We were to see currencies demoralized and governments embarrassed as fear drove the gold from one country to another. In fact, there was a mass of gold and short-term credit which behaved like a loose cannon on the deck of the world in tempest-tossed era." - Herbert Hoover, The Memoirs of Herbert Hoover, The Great Depression (1929 - 1941), THE MACMILLAN COMPANY: NEW YORK 1952, p. 78.
Let us bear in mind that two years into the Debt Crisis marked the rise of:
Adolf Hitler (http://en.wikipedia.org/wiki/Adolf_Hitler)
Mao Zedong (http://en.wikipedia.org/wiki/Mao_Tse_Tung)
Father Charles Edward Coughlin (http://en.wikipedia.org/wiki/Charles_Coughlin)
Huey Pierce Long, Jr. (http://en.wikipedia.org/wiki/Huey_Pierce_Long)
Since we cannot change human nature, what has gone before will happen again with a twist.