The last quarter of the 19th century witnessed a period of sustained global deflation. In the 1896 US presidential election, William Jennings Bryan famously attacked the gold standard as the cause of deflation, declaring “You shall not press upon the brow of labour this crown of thorns. You shall not crucify mankind upon a cross of gold.” Today, euroland is being crucified upon its own cross of gold that is the institutional arrangements behind the euro. Those arrangements have distorted the monetary - fiscal balance, creating deflationary central bank dominance.