Maximus

2009 Depression Will Be Nothing Like 1929

Agreed. The internet phenomenon/Google/Crai... are gutting advertising prices and radically altering the media landscape/business models.

It seems that the internet as a technology is a highly deflationary one.

It will take some time following this period of creative destruction before jobless ad/newspaper/tv, etc. professionals find jobs in other productive endeavors.



On Mar 06 09:54 AM Harry Tuttle wrote:

> 1) The economy was more globalized in 1929 than you think. Indeed,
> the Depression may have started by the England's pursuit of getting
> the Pound back to its pre-war value in Gold.
>
> 2) Instant pricing technology may actually make things worse as it
> destroy pricing power and profits from intermediation.
>
> 3) I see no evidence that "the economic system is better". Many
> assumptions are being challenged right now and I expect that many
> more will be challenged in the future.
>
> 4) The Depression was finally ended by WWII. With current technology,
> that outcome is no longer plausible (not that War is ever a desirable
> solution).