I am no longer looking at a 1929 type depression scenario as a possibility for our current financial crisis. That has now shifted to the panic of 1873, which was far worse than the infamous 1929 and included widespread civil unrest. Thanks to Scott Reynolds Nelson, who has written a very interesting article in the "Chronicle of Higher Education," entitled The Real Great Depression.
Please read the article for a good historical parallel to our current economic situation. The parallels of how that 1873 panic occurred are uncanny to today's situation, such as industrial shifts (US >> China) and easy mortgage credit (European in particular) are stunning.
Remember that those who don't know or remember history are bound to repeat it in one form or another.
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