"The 19th-century version of containers manufactured in China and bound for Wal-Mart consisted of produce from farmers in the American Midwest."
A distant mirror indeed. Remember that bit about Northern Rock having been the first British bank failure in 141 years?
Many thanks to Doomer V for this dig. Doom rarely finds American academic historians helpful in putting the present crisis in perspective, but this guy from Virginia’s W&M recently hit one out of the park.[1]
I’ve often reflected on how the American Century (1945 – ????) has been unfolding much as did the British one (1815 – 1914). The UK had it’s own generation of "baby boomers" born in the immediate post-Napoleonic era, notably John Ruskin and his contemporaries such as Karl Marx. Our Summer of Love (1968) upheavals have a profound echo in the Revolutions of 1848, and now the present crisis is emerging as a sequel to the Panic of 1873.
Professor Nelson’s article is truly a must-read for Doomers. It would only run to 2 pages printed out, but we guarantee you will find it a gripping story.
Surely it would be ironic should George W. Bush and Barack Obama combine to perpetrate a sort of 21st Century Grant Administration.
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[1] "The Real Great Depression: The depression of 1929 is the wrong model for the current economic crisis", by Scott Reynolds Nelson, Chronicle of Higher Education, October 17, 2008.
Very interesting. Here we are 135 years later and it still boils down to cash is king. I still say this global economy is not what it’s all cracked up to be. I really enjoyed the reference to Wal-Mart (public enemy #?). Our land is blessed with such an array of natural resources and here we’re stuck with Wal-Mart and China dictating our future. If we could only get the government out of our lives we could get back to enjoying our natural resources. Regretfully our new Pres isn’t going to change a thing. He belongs to the same corporation he fought against publicly.
Could be a similiar parallel. It would be interesting to know what the home prices were just before 1873 and what they were just after 1873.