Black Knat
Interesting post.
Having looked at the comments made by a few historians on the economy, they tend to support your own observations. However, there is an emerging difference. You may have seen me and others harping on about individual countries acting in isolation for the purpose of self interest. Yesterday we saw a coordinated effort by 7 central banks to drop interest rates, and further news coming forth about further and wider involvement in coordinated efforts. This is something that never really happened in the Great Depression, or when it did, it was way too late. What we don't know, is if the current activities are timely to prevent Great Depression MkII. The boat has been missed to prevent a deep recession and the worry now is that the UK has put so much money into the system, all that is left in the armoury is interest rate cuts. I don't think we have a plan 'B'
The current crisis hasn't hit the streets yet, but it will, and it'll be hard.