Looking Back on the Greatest Depression

On average, world trade fell 31 percent in January 2009. To varying degrees, recession and depression gripped globally.

“The outlook for global consumption remains bleak. Exports are likely to remain lackluster until global consumers regain their appetite for consumption,” wrote Jing Ulrich, managing director at JPMorgan in Hong Kong, in response to the dire data.

To track and make practical use of trends requires critical analysis of not only the data but also of the interpretations arising from the data. This becomes particularly essential when interpretations express a virtual media consensus. “Whenever you find that you are on the side of the majority, it is time to pause and reflect,” advised Mark Twain.

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