"Long Depression" of 1873-1879

[socialist_n_TN]

4. There is a Marxist economics writer named Michael Roberts who.....

has characterized this latest disaster of capitalism as a "Long Depression" for years now. And he often references this period for comparison.

In reality this Long Depression was a capitalist slump of the most severest type. By the rules of the game it was meant to concentrate wealth into fewer hands by destroying capital, both fictitious and real, thus restoring the rate of profit for the capitalists that are left standing. Then 50 years later approximately, you had the Great Depression and then 80 years after that you have the Great Recession. With a TON of minor slumps and contractions in between. And there are still apologists for the system that say that these are "isolated" incidents and are NOT a basic part of the system.

The problem comes when these slumps and especially the big slumps, begin to come with less recovery in between. When this happens, you'll know the system is actually on it's last legs.