By James Rickards
The combination of a recession and an existential financial crisis is extremely rare.
The events of 2007 – 2008 are the only such combined case in our timeline.
You have to go back to the Great Depression of 1929 – 1940 to find a similar case. That period involved two recessions (1929-1933 and 1937-1938), a massive wave of bank failures (1931-1933), continual currency devaluations, and a collapse of world trade.
Now for the all-important question: Is history repeating itself?