Lessons from the Great Depression

by Charles Hugh Smith Of Two Minds

The risks of gambling in speculative frenzies and depending on serial asset bubbles continuing forever are easily observable, yet few act to reduce these risks.

Longtime correspondent Ishabaka recently shared key takeaways from a classic on-the-ground account of The Great Depression in the U.S.:, The Great Depression, a Diary.

Another reader reminded me that The Great Depression was global, and occurred earlier that 1929 in other nations and had equally (or even more) calamitous consequences elsewhere. That said, humans are running Wetware 1.0 everywhere, so it’s likely that many of these lessons are applicable to the collapse of speculative asset bubbles in other economies and eras–for instance, the global economy’s Everything Bubble of 2023.

Here are Ishabaka’s key takeaways from the book:

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