"This slump won’t end until 2031"
December 15, 2011 11:02 AM Subscribe
You know about the Great Depression, but do you know about the Long Depression? For a while now some have been suggesting we're in a "Third Depression", not so much like the Great one, but more like the Long Depression (1873–96) of 23 years (originally called the Great Depression). Suggesting "This slump won’t end until 2031".
In retrospect, it wasn’t hard to see that the markets were becoming dangerously unstable. Germany had just adopted a new monetary system, and Europe was being flooded with cheap German money. Greece had signed up to a monetary union with Italy and France but was struggling to hold it together. Financial markets had been deregulated. New technologies were transforming production and communications, allowing money to move across borders at lightening speed. And a massive new industrial power was flooding the world with cheap manufactured goods, blowing apart old industries. When it all fell apart in an almighty crash, it was only to be expected.
A prophesy for London, New York or Berlin in 2012? Not exactly. It is a description of Vienna in 1873. (from last link)
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