Panic of 1873 and The Long DepressionSubmitted by declarationofre... on Sun, 12/21/2008 - 19:37
"A new economic superpower undermines established economic leaders. The collapse of complex financial instruments turn a boom into a bust. Banks fail in waves. Unemployment reaches up to 25% in some areas. A global depression holds on for more than two decades. Class warfare breaks out. Transportation networks stall—along with industries dependent upon them—as the main “fuel” for transportation disappears. Pandemic disease exacts a terrible toll. Religious fundamentalism skyrockets. Totalitarianism rises around the world.
I’m describing the 1870s-1890s. Hopefully, I’m not also describing the next couple of decades."
Historian Scott Reynolds Nelsen argues in the Chronicle of Higher Education that today’s financial crisis bears a much closer resemblance to the Panic of 1873 and the resulting Long Depression than to the more familiar Great Depression of 1929."
Panic of 1873