Chart Porn Marathon (The revised and extended version)
July 27, 2010
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Barry Eichengreen and Kevin H. O’Rourke have been updating us on the progress of this depression by comparing it to the big one, The Great Depression. Their original post on April 6, 2009 captivated their audience, and we also ran some commentary on it here.
One thing that struck us was that we might compare the two events to the totally overlooked depression of the 1970s – The Great Stagflation. The reason why this one is missing and, perhaps, lost from official economic history is that it did not resemble the widely accepted official definition of a depression. For instance, as shown in the graph below, year over year Gross Domestic Product enjoyed an unbroken expansion during the entire period.
Categories: economics, political-economy, shorter work time
A Critique of Crisis Theory, Alan Greenspan, Ben Bernanke, credit money, CURRENT ACCOUNT DEFICIT, Depression, double top, Dow, economic collapse, economic policy, Economy, Federal Reserve, Federal Reserve Note, fiat money, Finance, financial crisis, genocide, gold, great depression, Great Moderation, Great Recession, Great Stagflation, international financial system, Karl Marx, median home price, Paul Krugman, plunder, political-economy, quantity theory of money, recession, S&P 500, Sam Williams, stock market, stupid economist tricks, The Economy, token money, TRADE DEFICIT, unemployment, Wall Street Crisis
