Yes, I’d prefer to see the kind of history composed of puppies and rainbows as well. But that’s not the kind of history we get...
I never thought the unbridled avarice of my generation would lead us into another global Depression. I wasn’t sure it was possible, economically, with all the bright minds out there. And I wasn’t sure that it was possible, with all of the regulations based on the hard lessons from the Great Depression.
I was surprised to find that our politicians sold us out by eliminating historic barriers to systemic risk and letting the pigmen leverage themselves to the moon. Naive fool that I am.
So yes, while I didn’t expect a bed of roses, I thought a Depression was only something I had to live through the tortured stories of my father and not something I would ever live to see.
I pray we avoid a depression, but nobody knows how this massive deflation will play out. It has “depression” written all over it. God willing, that won’t happen and the economy of the USA and the world will be strong enough to squeak by with just a long, deep, painful recession.