fabian -- excellent thinking and writing -- I would like to offer a few (I believe) factors for your consideration (I lived the depression, so I can see a few differences) -
1 - at 10% plus unemployment -- there are 85 - 90 % working, a good thing
2 - I have attempted several time to determine the value of the common tangible assets of this country -- I believe it is around $200t -- infrastructure, forests, military bases, military assets, parks, state and local structures, land, buildings -- and the intangibles, constitution, courts, military, scientists -- it cannot be measured -- but it is huge --
so when a child is born in the USA, he/she gets a share of debt of $50k - $60k , and a share of assets of $500k, $600k
3 - the USA $$ will be the coin of the world for the foreseeable future
4 - 1930 - 1945 -- not much of this was true
and the difference was IMO
WW1 and Taft-Hartley -- defeat(armistice) and retrenchment to national borders
none of this today -- trade (in US$) is making the world wealthy
simply stated, as I am sure you know
confidence that adults are in charge
confidence that tomorrow will be better than today
confidence
until 1945, we did not know success --
you cannot believe August 1945 --
confidence was restored
and we have lost a measure of confidence since 9/11/2001
today just a blip IMO
