Today the Economy is leading the world and brings a lot of people onto their knees. The recession is hurting a lot of families. Some clichés seem too familiar for us to stay stoic. History stammers. People have short memories and keep repeating their mistakes. Greed rules the world, without compassion.
The Great Depression began with the Wall Street Crash of October, 1929 and rapidly spread worldwide. The market crash marked the beginning of a decade of high unemployment, poverty, low profits, deflation, plunging farm incomes, and lost opportunities for economic growth and personal advancement. Although its causes are still uncertain and controversial, the net effect was a sudden and general loss of confidence in the economic future. The usual explanations include numerous factors, especially high consumer debt, ill-regulated markets that permitted overoptimistic loans by banks and investors, the lack of high-growth new industries, all interacting to create a downward economic spiral of reduced spending, falling confidence, and lowered production.
Does it sound familiar?
What do we need now a “New Deal” and a World wide War? Is this the only solution to recover?
The images are from the Great Depression… in 1929. But still very contemporary.