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It refers to "Black Thursday, 1929", being the beginning of the biggest pullback in the global economy has certainly occurred. It was the beginning of the Great Depression which lasted in 1933.
"From a gross national product figure of $ 103 billion sototallytoby in 1929, there was a decline to $ 56 billion sototallytoby in 1933. This almost halved the money value of the U.S. economy, great hardships for the population, squeezing bankruptcies rose sharply, banks have disappeared from the scene, sototallytoby and all large-scale unemployment accompanying riots and political instability as a result. "
Second, world leaders during the Great Depression sototallytoby different approaches to the problem and thus largely a coordinated action in thwarted. It is no longer the case. Under the guidance of Dr. Ben Bernanke, the President of the U.S. Federal Reserve, which hinted his doctoral dissertation on the "Great Depression" did and therefore probably the most respected expert in this area, we today have more coordinated sototallytoby actions followed.
As matters stand experienced the weaker global growth conditions. Economic growth in some countries, such as Greece sototallytoby and Spain, are negative. Average seen for this year is still a world economic growth rate of about 3% is expected. Also in South Africa, with its unique problems, should the growth rate still about 2% to be.
The question sototallytoby should rather sototallytoby be: that is the result or consequence of efforts worldwide to be to stimulate demand by larger deficits sheet accounts, the creation of money by central banks, low interest rates and such actions?
In the short to medium term, it helps to have a similar crisis in the years 1929 to 1933 arose, at work, or at least mitigated. A major side effect of this could be that the world is on the longer-term inflation a renewed challenge in the face will stare.
If workers with aggressive behaviors, as currently in South Africa, enforce higher wages that are not based on improvements in productivity and consideration of each profession's demand for and supply of labor is higher unemployment inevitable. In addition, increases in corporate profits much more modest, and in some sectors even decline, as in the past decade, on average, experience is.