WND column

The Return of the Great Depression

Eighty years ago this Thursday, the Great Depression began. While the great stock market crash of 1929 actually began on Oct. 24, it was the fourth day of the crash, Oct. 29, 1929, now known as Black Tuesday, that confirmed the severity of the four-day decline and alerted the world to the fact that not all was well with the U.S. economy. Those who appreciate historical rhythm will probably be aware that the most intense part of the subsequent depression was the four years from 1930 through 1933 that Milton Friedman described as the Great Contraction. Although 1929 marked the beginning of the Great Depression, it is important to understand that very few people, let alone politicians or economists, recognized at the time that what they were experiencing was the Great Depression.

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