There are many ways to start your own zoo:
When The Great Depression hit in 1929, the economy collapsed. The economy was in a free fall. When the economy tanked that quickly would have meant a decline in income for most Americans; however, the American people would have been able to survive. That’s because a person’s income was not determined by the value of his or her assets at the time the economy hit a crash. In fact, a person could make more than twice their net worth.
Instead, incomes were determined by the market value of assets—assets such as real estate, stocks, bonds, and savings. For example, if you owned a home with $100,000,000, and then the market value of your home drops down to $80,000, your income would decrease. Even if the market value of your home stays at $100,000, you still wouldn’t be able to make much money.
Since the government helped finance a significant portion of the market crash that followed, most economists believe the reason most Americans had a difficult time surviving the Great Depression was that, since the government guaranteed their income, people were unable to take out any new debt, making the problem in the economy much worse.
The following information is from Economic Policy Institute [EPI] and is reprinted with permission.
Source: The Great Depression [EPI], January 5, 2014.
This article originally appeared in the Winter 2014 issue of American Interest.
The European Union is about the biggest disaster to happen in human history. The political debate about Europe has barely mentioned the most important of its major economic and political errors: its disastrous experiment in socialism, the European debt crisis and its “wet bailout” program that has allowed the European Central Bank to print money out of thin air and print money out of thin air even as the economic system unraveled in Europe and the world.
It’s impossible to ignore the fact that one of the reasons why Europe was able to survive the crash and bailout wasn’t because this country, this nation, was a paradise. It needed, needed, needed help. But it was forced to ask that assistance, as it had a very hard time finding it.
It has always had the same problems, and it has always had the same problems in Europe. The country of Greece will be a very different country tomorrow than the country it was yesterday. The country of Portugal will be much the same country tomorrow as what it