Huge boom. Huge boom. Huge bust. Huge bust.

Huge boom. Huge boom. Huge bust.

Deflation Doldrums?

Business fell off something terrible for a while.

Right now, building is booming.

We have no great war... no great depression...

The talk now is of a global recession that will be steep and prolonged.

Our attention was focused on preventing recession from turning into depression.

Many countries are plagued by severe economic slumps or by political upheaval.

23. The economies of most African States were in the doldrums.

But I want to back up a little bit because I forgot to mention a very important fact that's hugely important to the rest of U.S. history in the 20th century and that's what happened in 1917 during World War I. And that's the Bolshevik Revolution.

Some have sunk into the longest recession since the Second World War.

Even a global depression cannot be excluded in the face of this fundamental crisis.

Now, think about this.

So a lot of economists look at declining population and expect to see stagnation, maybe depression.

The global economy has experienced a recession that has more brutally and heartlessly affected the developing countries.

There has been a prolonged recession in the developed countries which, in turn, has had a negative effect on the world economic situation.

Yes, the US will experience a decline in income and a sharp rise in unemployment, lowering the rest of the world s exports to the US. But many other parts of the world that still grow.

A second recommendation is another account of the crisis of the 1930 s, Charles Kindleberger s The World in Depression, 1929 1939.

Our employee turnover dropped to one third of the industry average, and during that five year dotcom bust, we tripled in size.

The banks said If you don t bail us out, there will most likely be a second Great Depression.

As a result, the Fed responds aggressively when it perceives even a limited risk of another depression.

The global financial crisis added to gold s allure, owing initially to fear of a second Great Depression.

There would be a global recession and depression as our just in time inventory system and the tight rubber band of globalization broke, and the cost to our economy of one to three trillion dollars would be far worse for everyone than merely 100 million people dying, because so many more people would lose their job and their healthcare benefits, that the consequences are almost unthinkable.

Three decades later, the world is in a slump, and many people attribute the global crisis to these very ideas.

When developing nations are forced into overvalued currencies, entrepreneurship and investment in those activities are depressed.

If you have 50 percent deflation, people may increase their volume 30, 40 percent, but they won't keep up with it.

Our employee turnover dropped to one third of the industry average, and during that five year dotcom bust, we tripled in size.

The mentor of Warren Buffett, Benjamin Graham, developed his system of value investing as a result of his own losses in the 1929 crash.

The hubris of the Celtic Tiger years is a distant memory, owing to the worst recession in Ireland s history as an independent state.

When the International Monetary Fund tried the same formula in East Asia in 1997, downturns became recessions, and recessions became depressions.

The same monetary policy cannot possibly fit the needs of a country that is in depression and another that is at or close to full employment.

A formal recession, however, is not an overwhelming probability, and is likely to be small.

But it is possible in Keynesian economics that falling consumption (say, due to low and falling real wages) can cause a recession or deepening stagnation.

CAMBRIDGE People often ask if regulators and legislators have fixed the flaws in the financial system that took the world to the brink of a second Great Depression.

Nevertheless, the distinct possibility that stimulus and restructuring may work is further cause to hope that the deepening recession will not morph into a full blown depression.

The resulting growth spurt led to inflation, especially because the world did not slide into a second Great Depression, as was originally feared.

Fear of inflation, when viewed in the context of a possible global depression, is like worrying about getting the measles when one is in danger of getting the plague.

Faced with depressed private investment and consumption, rising fiscal deficits can play a useful role, offsetting the deflationary effects.

The Great Recession did not turn into Great Depression II because of coordinated action by governments around the world.

The post 1920 economic slowdown and the Great Kantō earthquake of 1923 caused an economic depression, which led to the failures of many businesses.

The problem was that the developed countries were still mired in recession and the developing countries, in stagnation brought on largely by an adverse external environment.

Obama may have arrived late to the right conclusion, but he expressed what should be an obvious truth You cannot keep on squeezing countries that are in the midst of depression.

Fortunately, an L shaped period of protracted economic stagnation Japan s experience in the 1990 s is unlikely.

In 1997, the mismanagement of the East Asia crisis by the IMF and the US Treasury transformed downturns into recessions, and recessions into depressions.