There is continuing economic growth and related positive news. Above all, inflation is declining toward the established Federal Reserve target of 2 percent.

Fed Chairman Jerome Powell and colleagues at the Federal Reserve Board of the United States have, therefore, cut interest rates by one-half percent. Interest rates are going down, reflecting the new concern with unemployment.

Stock declines have been concentrated in volatile technology sectors. Higher interest rates favor savers and long-term investors. Of particular importance is the crash of cryptocurrency, which is another name for gambling.

Labor markets are loosening. We are still not in a traditional recession, and in consequence working people may now be reversing their long-term decline in relative real income.

The global financial crash of 2007-2008 is instructive. However, a longer-term perspective gives a more valuable context.

The Great Depression remains distinctively destructive. The 1929........

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