‘Ol Remus at Woodpile Report brings up an interesting view of the great depression of the 1930’s and today:
Again, there’s the intimation of timing. Now we’re all in, we’ve bet the farm, we’ve drained every account, foreclosed every option. There is no Plan B, nor the means for one. What if they’re disastrously wrong in propping up the economy to “get us through”, what if there is no possibility of recovery? What if the default story of the Great Depression is wrong not because it compresses events, but because it suggests events can be drawn out for years? Perhaps the long slide into the Great Depression is not a cautionary tale but a comforting tale. What if it doesn’t go on and on this time? What if the slide happens in weeks? What if it’s days?
The doomers were right about the first phase, give ’em that, but perhaps the’re wrong about the next phaseâ€”wrong because they’re not pessimistic enough. That’s right, think about it. The doomer’s scenarios of currency meldowns, debt blowups, Enron-like budget disasters, realization of defacto collapses, sovereign debt implosions and civilizational Armageddons may be understating things. Even they don’t imagine a doomsweek or a doomsday. If the nation were an aircraft flying on instruments we’d be bracing for impact about now because the warnings just keep on a-comin’, the indicators are steadying up and pointing to the center of the earth. Terrain. Terrain.