Should probably make that graph a little larger, even that small it gets the point across.
The x-axis is months into a recession, the y jobs lost in America. The blue line is a recession in the 90s, the red one the dot-com bust… which leaves the green line, heading off the chart, to be the current depression (IMF approved terminology). Is it any wonder that people are worried?
The ‘Paradox of Thrift‘ is now exerting itself, meaning that it will take a long time to break out of the cycle. Some event causing massive destruction of productive capacity, or the opening up of a whole new market, has traditionally been the only way out of these ‘spirals of deflation’. So, that’s a war, or we discover a new continent to start trading with. Wish history was easier for me to ignore.
Have a feeling that at this rate, by summer i’m going to be having difficulty getting out of bed…