KingM wrote:But it was never a depression.
My larger point is that traditional/historical definitions of "depression" etc. worked fine in the pre-2008 era, but such definitions must now be revisited / redefined, or discarded.
As long as a sovereign can continue to rack-up trillions of dollars in annual deficits and/or print money (e.g., monetize the debt, QE, etc.), then the "true" economic situation will be cloaked and disguised.
A majority of the US economy is govt-controlled (directly or indirectly) ... and to compare this to the dust bowl is comparing apples to oranges.
Absent unbridled money-printing, the true state of the sovereigns will soon be revealed in Greece, Italy, Spain, Portugal, etc.
Then you'll see how truly ugly the reality is.
We've only begun to scratch the surface of unvarnished "reality," and the politicians are currently working overtime to continue the facade and charade.
Ask yourself why politicians never discuss "peak oil," ... and you'll understand why subterfuge and deception are the hallmark of the current political regime.
The Cornies would love for sovereigns to continue to propagate the illusion of prosperity ... but we will soon learn the folly of their delusions.