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Putting "2031" in the headline demonstrates stupid illiteracy. Why should the new depression last exactly the same number of years as the previous one?

The point is that the public is not aware that a depression could last 23 years, because they don't know their economic history. They also don't know that the Long Depression used to be called the Great Depression until the 1930's rolled along with a deeper (but shorter) crisis. Just like the Great War, also known as The War to End All Wars was followed by WWII.

One of the biggest problems we face is that political leadership is in the hands of a generation born around 1950. All they know about hardship is from what their parents told them about WWII or their grandparents about the Depression, and their formative years were in the 1960s. The post-WWII system was set up by people who had lived the Great Depression as (young) adults and they were determined not to let a repeat happen.

tens of millions of people stand to see their lives ruined because the bureaucrats at the ECB don't understand introductory economics -- Dean Baker

by Migeru (migeru at eurotrib dot com) on Mon Dec 19th, 2011 at 09:08:37 AM EST
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