2008Crash

Quora Answer : Would it be accurate to argue that humanity got itself out of a major economic depression (in the late 2000s) only temporarily and by burying itself in debt?

Mar 28, 2019

That would be a reasonable take.

It got itself out of the major economic depression by printing lots of extra money to stimulate the economy. (Technically "quantitative easing")

It avoided that huge amount of extra money causing inflation, by making sure most of it went directly into the pockets of the financial sector and rich people who didn't use it to push up prices of everyday goods and services, but used it to prop up and expand their own wealth.

So basically the rich got bailed out. And some poor people lost their homes.

The economy is probably going back into recession soon, because of normal oscillations. And there are few resources left to do anything about it. We can't do more QE. Or lower interest rates much. Trump has given away most of his tax cuts already.

Maybe, if we're lucky, we'll recognise that the only option left is the massive public works projects that we should have done last time.