Are you looking forward and seeing another Great Depression a la 1920's / 1930's? You'd be wrong. The world doesn't work that way anymore. The paradigm has shifted. People live differently. Few of us are farmers anymore, for one thing. We have WalMart, Target, and K-Mart now, too. We have burger King, McDonald's, Taco Bell. We have TELEVISION and XBox, Wii, and Playstations. The Boston Globe had a good take on what a modern depression would look like
No. A better parallel to what is happening is closer to the Fall Of Rome
. From Motley Fool's open letter to Congress:
"Following the conquest of Britain by the emperor Claudius (A.D. 41-54) and the final geographic expansion of the empire by Trajan (A.D. 98-117), Rome no longer generated additional revenue from new territories. Going forward, it would need to finance its mounting expenses from existing lands.
This was a strange and new reality for Romans, who had become accustomed to a near-constant influx of gold from conquered lands to fuel their gluttonous consumption habits. Once that influx stopped, Rome was forced to reevaluate its economic principles.
But rather than become more fiscally responsible or encourage economic freedom as Augustus had done a century earlier with great success, subsequent Roman emperors instead took the easier political route. One after another, they debased their currency by reducing the precious metal content of the coins in circulation. This artificial increase in the money supply only encouraged the insatiable consumption of the people at the very moment it was so critical that it be impeded. Moreover, the gradual devaluation of the currency only served as a backdoor tax for the people since it watered down the value of their wealth; Roman merchants responded to the devaluing of the currency by raising prices, thus fueling inflation.
Another political strategy employed by the emperors was to increase taxes on the wealthy and even confiscate their lands. Unfortunately, once the wealthy Romans could no longer shoulder the tax burden and the economy dried up, the heavy taxes were shifted back onto the already-suffering lower classes."
... No. We are not learning from history. We are deliberately trying to repeat it on a truly massive scale. The population of the Ancient Roman Empire
in AD 70 was estimated to be about 55 to 60 million people. The United States population
is, at the time of this writing, 305,700,601.
Our problem is 500% worse than what Rome faced.
And yet, our "leaders" intend to do the exact same things that we already know, from history, don't have a hope in heck of working. The fixes proposed
, fixes being enacted
, and being requested
are actually guaranteed to make things worse.
The sand is in the gears, folks. Government regulation and market interference
caused this mess. More government interference and regulation will NOT get us out of it. It will only prolong it.