The Recession, Graphed

The Guardian has this rather neat graph showing the depth of the current recession compared to others:

The red line of the current recession does seem to follow the Great Depression pretty faithfully, although thankfully it stopped short of the depths of that one. The government can take some credit for preventing it getting quite that bad; if the banks had been allowed to fail then who knows how far we would have fallen? It’s qualified credit though – tighter regulation of the banks may well have made intervention unnecessary.

Hopefully all parties have learned the lesson of the 1930’s and won’t plunge us into a double-dip.


2 responses to “The Recession, Graphed

  1. A double-dip may well be outside UK government control.

    If Greece goes down, the knock-on effect won’t be pretty, it’ll be a fire storm.

  2. Interesting that Merkel has today suggested that a Greek failure might bring down the EU (although I heard that on the Radio and can’t find any mention of it on the BBC website)

    I get the impression you are in favour of economic union, but I really can’t see much of an advantage to it, but you know much more about it than me.

    What are the advantages as you see them?

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