Asymptosis

Barry Eichengreen and Kevin H. O’Rourke give the global perspective. Just look at the pictures and read their last paragraph. Viz:

The X scale is in months.

Bottom line: While U.S. indicators hold hints of promise, the world as a whole is looking worse than it did in the Great Depression.

The good news: policy responses have been pretty aggressive–downright spectacular compared to the total non-response in the U.S.  pre-FDR.

That may well save us.

Related posts:

1. Joe Thinks Obama’s an Appeaser, and FDR Caused The Great Depression
2. Teddy Roosevelt on “the true conservative”
3. Clear-Eyed Sowellian “Realists” Hyperventilating. Again. Some More.
4. David Stockman on Starving the Beast: “It doesn’t work. Game over.”
5. Exports Ended the Great Depression: Yeah, Right