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I think reassuring ourselves by the vast disparity between the devastation of the heart of the Depression and current times is misleading. Things weren't so bad in 1929, either- nonetheless, that is when the trouble started. I draw a lot more parallels between 1929 and 2008 than I would like. And I'm really not looking forward to 2012.
I also agree with the LW who talked about the lack of physical capital- oil, clean air, healthy oceans -we have now, as compared to the 1930s. I really don't think we can overstate the importance of this, and how it might affect the economy, along with- well, everything else. We can't fall back on plentiful oil any longer, and a fucked-up environment is going to leave us all the more screwed.
As for those who think we should all just stop whinging, get to work and stop depending on the government- fine, but bear in mind that if you're not living off-grid growing all your own food, you've got some dependency issues of your own. No matter how much money you're making, you're still going to starve if the trucks stop running due to lack of oil. To think you're independent because you make enough money to pay someone else to grow your food, is delusional.
