“The Prevailing Debate Among Economists and Historians is Whether the World Economy Faces the ‘Great’ Depression of the 1930s or the ‘Long’ Depression of the 1870s”

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“The Prevailing Debate Among Economists and Historians is Whether the World Economy Faces the ‘Great’ Depression of the 1930s or the ‘Long’ Depression of the 1870s”

October 6th, 2011

FAKE NEWS for the Zionist agenda

Washington’s Blog
October 6, 2011

Economists Agree: We’re In a Depression

Reuters notes:

You know it’s grim when the prevailing debate among economists and historians is whether the world economy faces the “Great” depression of the 1930s or the “Long” depression of the 1870s.

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Harvard professor and economic historian Niall Ferguson, a fan of the British government’s austerity drive and skeptic of further stimulus, reckons the world is facing a “slight depression” and favors comparison with the late 19th century rather than 1930s.

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Long-term market bear Albert Edwards at Societe Generale has talked more apocalyptically for years of an economic “Ice Age” dominated by household deleveraging, low growth and deflation.

But now “depression” is very much back in the mainstream lexicon as the small economic bounce from the deep global recession of 2008/09 fades rapidly after little more than two years and Europe’s bank and sovereign debt crisis intensifies.

Economist and doomsayer Nouriel Roubini now says there’s a “huge” risk of 1930s-style depression ….

HSBC chief economist Stephen King, who wrote earlier this year of a “new economic permafrost”, warned last week that the systemic financial threat of a euro zone collapse and breakup risked another “Great Depression”.

As I’ve noted for 3 years, we are in a depression, and – because the government has done all of the wrong things – we’re stuck in it.

A d v e r t i s e m e n t

It Could Be WORSE Than the Great Depression

Indeed, contrary to Reuters’ saying that economists are split on whether it’s a repeat of the Great Depression or a lesser depression, many economists say it could be worse than the Great Depression, including:

Fed Chairman Ben Bernanke

Former Fed Chairman Alan Greenspan (and see this and this)

Former Fed Chairman Paul Volcker

Economics scholar and former Federal Reserve Governor Frederic Mishkin

The head of the Bank of England Mervyn King

Nobel prize winning economist Joseph Stiglitz

Nobel prize winning economist Paul Krugman

Former Goldman Sachs chairman John Whitehead

Economics professors Barry Eichengreen and and Kevin H. O’Rourke (updated here)

Investment advisor, risk expert and “Black Swan” author Nassim Nicholas Taleb

Well-known PhD economist Marc Faber

Morgan Stanley’s UK equity strategist Graham Secker

Former chief credit officer at Fannie Mae Edward J. Pinto

Billionaire investor George Soros

Senior British minister Ed Balls

Bad Government Policy Has Us Stuck

We are stuck in a depression because the government has done all of the wrong things, and has failed to address the core problems.

For example:

An economics professor says we’ll have “a never-ending depression unless we repudiate the debt, which never should have been extended in the first place”

Fraud was one of the main causes of the Depression, but nothing has been done to rein in fraud today. Indeed, the only action the government is taking is to help cover up fraud

All leading independent economists have said that the economy cannot recover until the big, insolvent banks are broken up, but the government has just helped them to get bigger

Excessive leverage helped cause the Great Depression and the current crisis, but the government has encouraged more leverage

The Federal Reserve caused the Great Depression and the current crisis, and has done nothing but help the fatcats at the expense of the little guy. And yet the government has given the Fed more power than ever.

Government policies send manufacturing jobs and dollars abroad

The government is doing everything else wrong. See this and this

This isn’t an issue of left versus right … it’s corruption and bad policies which help the top .1% but are causing a depression for the vast majority of the American people.

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Comment Rules

3 Responses to ““The Prevailing Debate Among Economists and Historians is Whether the World Economy Faces the ‘Great’ Depression of the 1930s or the ‘Long’ Depression of the 1870s””

Well if the down turn ends with complete failure of the system being measured was it a depression?

After all depression descries a system which declines then eventually recovers. Given the hundreds of trillions of debt, imperial conquest and economic rape of lessor nations, the 1984esk fake wars on drugs/terror, the vampiric destruction of the middle class and industrial base, intentional dumbing down of the populous, repeal of civil rights and construction of secret prisons, creation of a Department of homeland Security A.K.A. Reichssicherheitshauptamt…. The real question is are we looking at a system in depression or collapse.
Is the world in a depression? Well, if it looks like a duck and quacks like a duck, then it must be time to start raising ducks….or chickens or rabbits……..
In anything in my opinion is more like the hyperinflationary depression after WWI in Europe.