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Re-labeling the Great Recession

 When it came to the most recent financial crisis, it seems like society lacked a spark of creativity. During the deflationary ’30s, we came up with the “Great Depression”—a descriptive and resounding title. The Great Depression is monumental in people’s minds—if you grew up in the Great Depression, you earned some social grit—a little toughness that we pansies in the post-Great Depression era lacked. 

So is the “Great Recession,” an unabashed rip-off of the “Great Depression,” really the best name for the financial crisis we could come up with? Ken Rogoff, one of the geniuses behind This Time is Differenthas a problem with the “Great Recession,” outside of its chronic lack of creativity:

Why is everyone still referring to the recent financial crisis as the “Great Recession”? The term, after all, is predicated on a dangerous misdiagnosis of the problems that confront the United States and other countries, leading to bad forecasts and bad policy.
The phrase “Great Recession” creates the impression that the economy is following the contours of a typical recession, only more severe – something like a really bad cold. That is why, throughout this downturn, forecasters and analysts who have tried to make analogies to past post-war US recessions have gotten it so wrong. Moreover, too many policymakers have relied on the belief that, at the end of the day, this is just a deep recession that can be subdued by a generous helping of conventional policy tools, whether fiscal policy or massive bailouts.

And he’s right. The term “Great Recession” implies something like a really bad headache—i.e., a bad case of something happens from time to time. Even now, as markets come crashing down around us, it’s important to understand that the convergence of these cycles is a once-in-a-lifetime event—not a really bad headache.

“Great Recession” doesn’t really capture the true essence of what is going on around us. It doesn’t capture the mass distrust in fiat currencies, the shaken belief of markets, the scope creep of governments around the world.   

And please, could it be a little more creative? Does anyone have any other ideas