Compare these two quotes which are about events 75 years apart but have a disturbingly similar ring to them. The only point I might make with Messrs Carn and Lascelles is about whether the individuals they describe were 'sour and discontented' or merely well informed.
“By the autumn of 2009, the financial world had become overwhelmed by a sense of having lived through something terrible – and of having survived it. Stock markets had rallied strongly, borrowing costs had come down and, crucially, bonuses were back. Even house prices in the UK and US had risen for a couple of months. The world economy, after the biggest fall since the 1930s, had stabilised and started to grow again. Unemployment was still rising, however, and most big economies were seeing falling consumer prices – something not seen in a generation. Amidst rebounding optimism the sour and discontented pointed to vast global imbalances and a future crisis in western government finances.”
Epilogue to “The Credit Crunch Diaries” by Nick Carn and David Lascelles November 2009.
“It all happened with a sort of surrealistic slowness so that it was quite possible to imagine that one had lived through it and survived it when in fact it had only just begun.”
Firsthand account of the onset of the 1930s depression.