A Quote by Barry Eichengreen
The 24% unemployment reached at the depths of the Great Depression was no picnic.
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This crisis of long-term unemployment is having a profoundly damaging impact on the lives of those bearing the brunt of it. We know this thanks to a series of careful studies of the problem conducted in the depths of the 1930s Great Depression.
Depression is not caused by a chemical imbalance in the brain, and it is not cured by medication. Depression may not even be an illness at all. Often, it can be a normal reaction to abnormal situations. Poverty, unemployment, and the loss of loved ones can make people depressed, and these social and situational causes of depression cannot be changed by drugs.
Too often we forget that the great men of faith reached the heights they did only by going through the depths.
Unemployment is sky-rocketing; deflation is in our future for the first time since the Great Depression. I don't care whose fault it is, it's the truth.
Until the Great Depression, most economists clung to a vision of capitalism as a perfect or nearly perfect system. That vision wasn’t sustainable in the face of mass unemployment, but as memories of the Depression faded, economists fell back in love with the old, idealized vision of an economy in which rational individuals interact in perfect markets.
By virtue of depression, we recall those misdeeds we buried in the depths of our memory. Depression exhumes our shames.
We don't have a great war in our generation, or a great depression, but we do, we have a great war of the spirit. We have a great revolution against the culture. The great depression is our lives. We have a spiritual depression.
The Great Depression, like most other periods of severe unemployment, was produced by government mismanagement rather than by any inherent instability of the private economy.
As we continue down the path of automation, virtually every city will have 24-hour convenience stores, 24-hour libraries, 24-hour banks, 24-hour churches, 24-hour schools, 24-hour movie theaters, 24-hour bars and restaurants, and even 24-hour shopping centers.
So I analyzed that and decided I didn't want to be the president during a depression greater than the Great Depression, or the beginning of a depression greater than the Great Depression.
You have a class of young strong men and women, and they want to give their lives to something. Advertising has these people chasing cars and clothes they don't need. Generations have been working in jobs they hate, just so they can buy what they don't really need. We don't have a great war in our generation, or a great depression, but we do, we have a great war of the spirit. We have a great revolution against the culture. The great depression is our lives. We have a spiritual depression.
I know, perhaps as well as anyone, what depression means, and what it is to feel myself sinking lower and lower. Yet at the worst, when I reach the lowest depths, I have an inward peace which no pain or depression can in the least disturb. Trusting in Jesus Christ my Savior, there is still a blessed quietness in the deep caverns of my soul.
A state does not simply fall apart as a result of depression... [Weimar Germany] was not destroyed by economic depression or widespread unemployment, though these naturally contributed to the atmosphere of doom, but because the Weimar Right was resolved to abolish the parliamentary state in favour of a vaguely conceived authoritarian state.
We only see clearly when we have reached the depths of woe.
In the large sense the primary cause of the Great Depression was the war of 1914-1918. Without the war there would have been no depression of such dimensions. There might have been a normal cyclical recession; but, with the usual timing, even that readjustment probably would not have taken place at that particular period, nor would it have been a "Great Depression.
Generous unemployment benefits can increase both structural and frictional unemployment. So government policies intended to help workers can have the undesirable side effect of raising the natural rate of unemployment.
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