That's what John Taylor says this recovery is. I think he's probably right. What do you think?
This blog post majorly depressed me before going to bed last night, but the conclusion is hard to avoid. I think there are a couple things that are fooling people about how truly awful this all is:
1. First, the amplitude of the Great Depression was admittedly bigger than what we've got now. That's bad, of course, but they gained back ground quickly then whereas we're growing at rates that are modeslty more sluggish than historical trend. That's a recipe for long-term stagnation, even compared to the Great Depression (which was nothing if not a "long term" phenomenon) if things continue like this.
2. We're only a little less than four years into it. First the fact that I can say "only" in that first sentence should be a little scary. This should be over and done with by now. But the point remains again that we have the Great Depression as our benchmark. This still feels like a "short" crisis because we haven't seen our own future yet.
3. The post-war zero lower bound crisis and banking crises - Japan, etc. - do not bode well at all.
The amplitude point will always make ranking these tough, but the idea that this downturn is somehow the kid brother of the Great Depression is probably going to be tossed out the window eventually.
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