From Zero Hedge:

Every now and then it is prudent to repeat what is promptly becoming the most critical phrase of the 21st century, which is odd considering it was uttered over 70 years earlier by then-Treasury Secretary Henry Morgenthau, who wrote:

“We have tried spending money. We are spending more than we have ever spent before and it does not work.... We have never made good on our promises.... I say after eight years of this Administration we have just as much unemployment as when we started ... and an enormous debt to boot!"

And since this Great Depression is not really all that different from the first one, we would like to again present the must read analysis by the Mackinac Center "Great Myths of the Great Depression", which so far is predicting exactly where our own economy will be in about a decade...

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More Cruxallaneous:

Top analyst Rosenberg: This is a depression

Doug Casey: The Greater Depression is unavoidable...

How to understand the "Greater Depression" in one paragraph