Are we following in the footsteps of The Great depression?

[u/eragon233]

I remember people during COVID were saying at the time, we have nothing to worry and that this pandemic we are smarter and will do things better and no economic collapse will happen. Fast forward a few years and now we are eerily following what happened back in early 20th century.

The pandemic back then was also followed by high inflation, economic boom, over-levereged positions in the market, pumped up stocks etc. What followed was as a market crash, USA starting to impose tariffs and even a bigger market crash that led to the economic collapse. Fascism/nationalism was also widely spreading back then through Europe as it is now starting to gain voice once again. What followed were dark times and it really makes me question why did I decide to look into this on a Saturday morning 😅.

My question is, what makes current times different? What are we doing better and are we actually doing better, as back then the average person was younger, richer(lower taxes according to some economists) and lower debt levels? Are we walking head first towards even a worse collapse or is it just too similar, but it won't lead to nothing?

[u/Nature_Hannah]

And the Dust Bowl.

Read "The Worst Hard Times" for a reminder/idea of what's coming

[u/herecomestherebuttal → u/Nature_Hannah]

Fantastic book. I second this recommendation.

[u/Asleep_Leading_5462 → u/Nature_Hannah]

Amazing book!!!