Looks like Professor Nelson’s article (cited by us here) is gaining traction internationally, as well it should.
La référence en matière de crise est aujourd’hui fournie par 1929. L’historien Scott Reynolds Nelson, dont la mémoire est par nature plus longue que celle des médias, nous rappelle le précédent de 1873, qui pour lui est l’archétype de la grande dépression née d’une bulle de crédit, et dans laquelle il voit de nombreux parallèles avec la situation actuelle. Reynolds met également en garde contre les conséquences de ces crises dévastatrices. A l’époque, la recherche de boucs émissaires avait provoqué une recrudescence de l’antisémitisme et allumé des pogroms en Europe de l’est.
Closer to home, his article also got some attention earlier today at the Motley Fool:
I received a number of responses to my blog post about how what we are experiencing today is not like the Great Depression. Several people have instead compared it to the "Other Great Depression," the one that started in 1873 and lasted for many years.
Maybe it’s time to take another look at what Levin was getting up to in Anna Karenina.
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John,
That is where the origins of the term “depression” occurred. It was coined to describe price deflation during that event. Yesterday’s talk of the nation on NPR had an Author, sorry forgot his name but wrote it down elsewhere.
Any many people arec oming out discussing the similarities to 1873 except the players have changed and we are the germans and the Chinese are us in terms of economic positions.
Metro -
I’d like to cast the Japan / Chinese economic axis in the role of 1870s America in the present (WDII) drama. The “disruptive cornucopia” then was cheap American manufactured products, but above all cheap wheat. Now it’s cars, but above all cheap and abundant East Asian manufactured goods of all sorts.
Today’s America is playing two roles, that of 1870s Western Europe (generally, the Blue and coastal States) and of the Ukraine & Russia (the Red and industrial heartland States that lately got run over by the flood of Toyotas, Bratz dolls and radio-controlled toy cars).
It’s useful to think about RE/Construction jobs. How dependent are the various US regions? Well, the California ‘Inland Empire’ is already showing I think 8 or 9 percent unemployment. Tax collections in Maricopa and the state generally are showing severe stress. In February, corporate tax collections had dropped more than 40 percent, consumer quite a lot less.
This shows the incredible dependency that The Valley of The Sun has, on RE related jobs. The figure I’d read two or three years ago, was that 35 to 40 percent of Valley jobs are related to RE and construction. The deflating of the economic boom will soon show up as regional unemployment deep into the ‘teens. But of course, the year ’round golfing opportunities may support the local economy in ways that only wizards understand.