The Great Depression by klickpix70 The Next Global Depression Is coming and Optimism Won’t Slow It Down.
The world is confused and frightened. COVID-19 infections are on the rise across the U.S. and around the world, even in countries that once thought they had contained the virus.
Let’s start with the word depression. There is no commonly accepted definition of the term. That’s not surprising, given how rarely we experience catastrophes of this magnitude. But there are three factors that separate a true economic depression from a mere recession. First, the impact is global. Second, it cuts deeper into livelihoods than any recession we’ve faced in our lifetimes. Third, its bad effects will linger longer.
A depression is not a period of uninterrupted economic contraction. There can be periods of temporary progress within it that create the appearance of recovery. The Great Depression of the 1930s began with the stock-market crash of October 1929 and continued into the early 1940s, when World War II created the basis for new growth. That period included two separate economic drops: first from 1929 to 1933, and then again from May 1937 into 1938. As in the 1930s, we’re likely to see moments of expansion in this period of depression.
Depressions don’t just generate ugly stats and send buyers and sellers into hibernation. They change the way we live. The Great Recession created very little lasting change. Some elected leaders around the world now speak more often about wealth inequality, but few have done much to address it. Large segments of society, particularly people who weren’t already on the verge of retirement, were able to hunker down and later return to the same approach to saving and investing they practiced before the crisis. They were rewarded with a period of solid, long-lasting recovery. That’s very different from the current crisis. COVID-19 fears will bring lasting changes to public attitudes toward all activities that involve crowds of people and how we work on a daily basis
Even with all this Knowledge we have to carry on and keep thinking positive. We have to stay strong and stick together. This depression wasn`t the first and won`t be the last.
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