"What shall we call the financial crisis? We've had the Great Depression, the Credit Crunch and Black Monday. How will history remember the last five years of economic calamity?"
My thoughts to him where if we had The Great War & the Great Depression so the Great War became World War One, so the Great Depression becomes World Depression One and our current situation is World Depression Two.
You can make your own response too on this link:
My old friend has yet to discover the wisdom of Henry George, Minsky, Stiglitz or the many other economists who understand the role of economic rents. As well as my suggestion I told him that I thought Churchill's famous quote sums up our present economic situation very well:
"Now this is not the end. It is not even the beginning of the end. but it is, perhaps, the end of the beginning."
My greatest fear is that 'World War Three' will follow 'The Great Depression Two' Just as surely as World War Two followed the Great depression (World Depression One)
Of course Churchill was a huge supporter of Henry George & Land Value Tax and would of understood the present predicament well. His speeches on Land Value Tax are probably the best ever written and can be read here: