Could Have
That is the million dollar question that all the so called experts are asking is 'could we have prevented the current depression?' Not only the experts, but the average person is not just asking...but screaming at the top of their lungs. The old saying may not apply here...hindsight is 20/20...because you can look at anything that has come to pass and see the writings on the wall as to why it happened.
The current depression is one of those things that a lot of people all over the world look back on and try to analyze, as to how and why it happened. If you look at this current situation, we could have prevented the current depression. There's no question about it, the writings of this current depression was predicted many many years ago.
It all really started back in 1024 AD when a group in England called the 'money changers' started to store other peoples gold in their vaults. They would then give the depositor a gold deposit receipt on a piece of paper. This was the original paper money that evolved into what we use today. These money changers then realized that most of the people never returned for their gold, so they started lending out some of the gold (on paper) that was entrusted to them, and they also kept the interest that they charged out. Then they started to lend out more of this new paper money, more then they actually had gold stored in their vaults to back it up. Most common people like you and I would go to jail today if we ever tried to pull a scam like this.
That is where the entire start of every recession and depression that has ever taken place in any part of the world. If you look at the way in which they lent out more then they actually carried in reserves, it makes perfect sense to assume that it would eventually lead to a shortage of the reserves. If all the people currently, went in and withdrew all their money in their bank, the banks would only have enough to pay back about 3% of their customers. Is that criminal, because it certainly is not good business practices. When a person runs into the same situation, such as they have owe more money then they have coming in, then it's called bankruptcy.
It really is as simple as looking back to the way our entire banking system got started to realize that things simply could not keep on going the way they were going. There have been plenty of people in the past that have tried to warn us about this type of impending doom. Now, like most post depression comments asks...could we have prevented the current recession...and I think the answer is very obvious. It really doesn't take a rocket scientist to predict the eventual outcome. Just as the world is concerned, and been warned about the undoubted changes in the earths condition as far as global warming, and the changes that must be made in order to avert the disaster. So too were there people trying to warn us about the current depression and what we could have done to prevent it.
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