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Arthur I. Cyr: The real lessons of the Great Depression

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“The worst financial crisis since the Great Depression,” became standard shorthand for the global financial crash and resulting severe recession early in this century. A decade ago, the international financial crisis was waning at last.

Extreme, pervasive financial speculation centered in the United States sparked the international meltdown. The 2008 bankruptcy of Lehman Brothers underscored the profound scale of the crisis. Government intervention in pumping out liquidity and supporting other banks was crucial to recovery.

This fall is also the 70th anniversary of the stock market crash that ushered in the Great Depression. That was a true disaster, political as well as economic, which affected the entire industrialized world for a decade.

Along with vast human suffering, the Great Depression fueled the rise of Nazism in Germany. The fundamental lessons of that experience remain profound.

The 1929 stock market nosedive that led to........

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