First, is the world currently in the throes of economic depression or recession?
Although it is impossible to predict the future, it would be difficult to argue that the current situation bears any resemblance to the chaos of the 1920s and 1930s, or the inflationary explosions of the 1970s. In most countries, inflation rates are falling, not rising, and the world’s economies are opening themselves up to trade, not setting up new barriers. Although the transition to a world without socialism may be difficult, signs of economic collapse are few. Although the world’s economies could sink into a recession in the near future, it seems unlikely it would be as sharp as the recession/depressions which began in 1920, 1929 and 1973. Second, is the world falling into a period of political chaos? The answer to this would be a decided no. Although there is a threat that political changes in Russia or China could create economic or political disruptions, nothing comparable to the chaos of inter-war Europe, or the stranglehold imposed upon the developed countries by OPEC yet exis
