356
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 26 Feb 2024
356 points (96.8% liked)
News
21752 readers
3874 users here now
Welcome to the News community!
Rules:
1. Be civil
Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. Trolling is uncivil and is grounds for removal and/or a community ban.
2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.
Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.
3. No bots, spam or self-promotion.
Only approved bots, which follow the guidelines for bots set by the instance, are allowed.
4. Post titles should be the same as the article used as source.
Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.
5. Only recent news is allowed.
Posts must be news from the most recent 30 days.
6. All posts must be news articles.
No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.
7. No duplicate posts.
If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.
8. Misinformation is prohibited.
Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.
9. No link shorteners.
The auto mod will contact you if a link shortener is detected, please delete your post if they are right.
10. Don't copy entire article in your post body
For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.
founded 1 year ago
MODERATORS
If the Great Depression happened during COVID19 (2020), then we'd still be in the middle of it today (2024) and wouldn't really be out of it until 2028.
The Great Depression started in 1929. It was exacerbated by terrible economic policies and continued to get worse until 8 years better, when finally new policies kicked in and brought us out of it.
The Deflationary spiral was a big part of the extended depression and the multi-year effects. This deflationary spiral was stopped by making gold illegal, allowing the USA to float its currency more arbitrarily (ie: forcibly cause inflationary effects to counter-act the deflationary spiral).
Between 1930 and 1933, 30% of money was wiped out. That's a deflationary spiral by any measure. As money became more expensive, everyone in debt (ie: credit cards today) would be worse.
If you owed $100 in 1930, you effectively owed $130 in 1933, because all money got more valuable ($100 in 1933 was like having $130 in 1930). Imagine if that happened today: that everyone's student loan debts, mortgages, and other debts just suddenly became more valuable nominally. It'd be horrific and extend the problem.
We only got out of the great depression because of world war 2. Any policy pales in comparison. It was a huge government spending program that employed many. It also meant a lot of working age men died, shrinking the labor pool, thus putting upward pressure on wages. The generous social programs helped, as did the fact that US infrastructure wasn't destroyed like it was in Europe.