Brendan Keenan: Production graphs are on the up, but jobs are spiralling downwards
THE Great Recession, some commentators call it. It is a neat description, implying as it does the severity of the current difficulties and the fact that it might have been a Great Depression had the global authorities not thrown money at the problem on a scale unimaginable to their great-grandfathers.
Just why it is so awful is a question which will keep historians occupied for decades. They are still mulling over the Great Depression, 80 years on. Indeed, the persistence of the Great Recession has led to a good deal of re-thinking about the 1930s.
Perhaps the causes were even more complex than had been thought, and our great-grandfathers not quite as ignorant in their attempts to deal with it.