I keep seeing news articles with references and comparisons to The Great Depression of the US back in the
1930s. The paradigm has changed. We have a market cycle measured in DAYS. We have INSTANT fund transfers and a truly global market that is highly interdependent. The population is highly mobile - almost everyone owns a car. Communication is global, realtime, cheap, and instant. There are more people that are educated than are not (in 2000
80.4% have highschool or above, in 1920
it was about 16%). Today, 20% of the US population is rural
according to a 2000 census. Compare this to 49% of the population being rural in 1920
Will we have a depression repeat of the
No. We CANNOT have a
1930's style depression because the world is a totally transformed place from then. Don't believe it - not for even a second.