«There were only two eras in
economic history that were widely described as «depressions» at the time: the
years of deflation and instability that followed the Panic of 1873; and the
years of mass unemployment that followed the financial crisis of 1929-31.
We are now, I fear, in the
early stages of a third depression. It will probably look more like the Long
Depression than the much more severe Great Depression».