No one really knows which direction we are headed, however it seems that Nouriel Roubini and Eric Sprott, CEO of Sprott Asset Management are leaning toward Economic Depression. So far, we have not had a crash similar to the 1929 crash, however in many sectors ( building, real estate, manufacturing) there exists an economic depression. The causes of depression are widespread. From cheap money to reckless lending. I hope, as you do, we do not end up in a situation similar to the 1930 depression.
Nouriel Roubini and Eric Sprott were interviewed last week. It is informative and interesting.