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The difference between a recession and a depression is subjective no matter who tells you, be they government officials, a Johns Hopkins' economics professor, or your friend who lost his job. The difference is one of degree of severity and unarguably the experience of America after 1929 classifies as most severe, therefore depression. Early on in a period of economic decline, it is difficult to tell how bad it might get. A major flaw in most observations is that it's really not all money that is causing the problem: really it is our society. Don't believe me?

America is a capitalist republic. This means that they elect officials to make decisions that help the growth of the free market. Agree? Well, there's a problem right there. It's not up to America to expand the free market. People from Timbuktu can't afford Coca-Cola and we don't really need their beaded necklaces. Face it America tries to prove that the free market, its own innovation, is necessary to be in place all over the world. Really, who cares if the people of Timbuktu drink Coca-Cola? It's pure arrogance. And the Fundamentalist Muslims view it that way. You always think they lie to get people to fight for them. Not. It's the glint of truth that gets Al Qaeda followers: it couldn't be anything else.

What we have is a faulty notion that money is somehow necessary. We design our law, our economy, and our own behavior solely around the principle that money acquisition is the primary activity. We will do all sorts of things for money, oh, but let the price be high enough. We see this on reality shows where people eat living cockroaches, et cetera. But in short, what we want is some sort of lifestyle and we always want our lifestyle to get better. Makes sense, doesn't it? Is a capitalist economy necessary to social activities and technological advancement? Not necessarily, and obviously not in its present form given that we are in this potential depression. If it can fail, maybe it's not that good in the first place. Therefore, why should we foist this dubitable econo-political system on living beings everywhere we can just to extend our reach?

What about the idea of too big to fail. We all can think of the arguments. Well, actually there's one I haven't heard. You know how nature uses fire in dry areas to make way for new growth? Well, if AIG fails and there's a catastrophe, one, what would be the catastrophe, and two, wouldn't it be great if some smaller companies got to offer the same product at a slightly higher price? Maybe I didn't watch enough news, but I never heard that one.

A depression lasts a long time. With the facts as they are it seems pessimistic to say that we are in a depression or headed there. Fukuyama declared the end of history in 1989. Gorbachev declared the failure of capitalism yesterday. As we continue to write history despite Fukuyama, we may be forced to imagine that capitalism is not the only way and thereby escape further decline.

Learn more about this author, Heath Cleaveland.
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