We forget that the Great Depression was like a soccer match, there were two halves.” The 1929 crash kicked off the first half. But what “made the depression truly ‘great’ …began with the European banking crisis of 1931.” Sound familiar? Our friend Paul Farrel brings our attention to the current economic stress across Europe how they resemble the events contributing to the great depression of the 1930′s. In addition to Paul Farrels point of view, from the ultra left Paul Krugman with the NY Times reports, “to start calling the current situation what it is: a depression. I always take notice when two opposing points of view from extreme areas of politics , when they converge and agree that we are in uncharted territory and what use to be a cyclical economic adjustment may soon become a systemic way of life for the forseeable decade. No amount of retraining, or converting assets to cash, or saving and losing ground to inflation or shovel ready jobs will get us out of this one. As one mentor suggested, ”remember this day my boy, remember this day”.
http://www.nytimes.com/2011/12/12/opinion/krugman-depression-and-democracy.html?partner=rssnyt
