Word: 1930s
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...spend more than you make. Don't buy things you don't need. Save for a rainy day. If Americans had followed these simple rules over the past decade, there would be no financial crisis, no worst-since-the-1930s recession, no acrimonious Washington debate over what to do about...
...course, there are major differences between today's banking and monetary systems and those of the 1930s, but the one constant is human behavior. Personal balance sheets, corporate balance sheets and bank balance sheets will inexorably move into safer instruments given the wealth destruction that has occurred in riskier assets over the past year (and which will continue for the foreseeable future). If the banking sector alone were to move toward its more conservative 1935 ratios, then the increased demand for government paper from that source alone would be $700 billion...
There are some clear differences between today's conditions and those in the 1930s, which fomented key reforms, including the introduction of welfare and social security. Today people are more willing to acknowledge and are better prepared to address mental illness, though many states' current budget woes will undoubtedly mean some cuts in social services and counseling. And at the Depression's nadir, 34 million Americans had no income at all, which is not likely to happen today. Still, if poverty levels approached anywhere near those levels, the psychological toll could be greater because of the intervening erosion in family...
Just weeks after hailing Obama's election, E.U. officials are now howling that his plans are putting a global economic recovery at risk. They want Obama to resist any retreat into protectionism, warning that it could turn the recession into a 1930s-style slump...
...being created by sound-sampling omnivores whose songs draw from bygone musical eras - take DJ Shadow, Amon Tobin or Mr Scruff. Enter Retrochine. More than a collection of kitsch remixes, this second release by Schtung Music duo Morton Wilson and producer Ian Widgery follows on from their hugely successful 1930s Shanghai Lounge Divas album, but this time ventures into 1950s and 1960s Hong Kong through the classic musical films of the Shaw Brothers...