The reputation of Professor Scott Nelson’s recent article on The Panic of 1873 (links and discussion at this Doom post; further discussion here [1] ) continues to expand.
Click the Pic to go to this slightly garbled account.[2] Environmentalism journalist Kaushik Das Gupta provides an interesting summary of Nelson’s theory for his Indian audience. He’s using this cover from a 1873 Harper’s issue, which represents President U.S. Grant rescuing "America" from the end result of that era’s housing bubble: "I am glad you are unhurt. Houses in this street have been on false bases for long time." Clearly our expectations for President-elect Obama are similar.
A bit later: I forgot to add an important nuance. Obama is not actually reprising Grant’s role, that job goes to Hu Jintao. The new American President is actually replaying Benjamin Disraeli.
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[1]: "Forget 1929 America, welcome to 1873 Europe", by President4242, Technocrat, October 10, 2008.
[2]: "A great panic", by Kaushik Das Gupta, Down To Earth, December 19, 2008.
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