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Friday , 27 November 2020

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The “Greater” Depression Has Started & It’s Quite Different From the Last One

To most people, a depression means '30s-style conditions, and since they don't see that, they can't imagine a depression. That's because they know what the last depression was like, but they don't know what one is. It's hard to visualize something you don't understand...Nobody can predict with absolute certainty what this depression will be like...[but one] can be fairly well-assured it won't be an instant replay of the last one...To define the likely differences between this depres­sion and the last one, it's helpful to compare the situa­tion today to that in the early 1930s. The results aren't very reassuring.

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