Epic Recession: Prelude to Global Depression

Epic Recession explains the origins and future direction of the current economic crisis, and the relationships between the banking system's breakdown and the economy in general. Jack Rasmus describes how Epic Recession is highly resistant to traditional fiscal and monetary policy solutions and requires major structural changes in the economy in order to check and contain. The book analyzes in depth the origins and causes of Epic Recession—revealing its roots in corporate and government policies and fundamental structural changes in U.S. capitalist economy since the early 1980s. Epic Recession explains how the current economic crisis is similar to, and simultaneously different from, both the Great Depression of 1929-1934 and post-1945 recessions in the U.S. It categorizes Epic Recessions in two dominant forms: ‘Type I’ and ‘Type II’: The former similar to events of 1907-1914; the latter to events of 1929-1931. Rasmus argues today’s current crisis is evolving into a ‘Type I’, but has the potential for transforming into a ‘Type II’ and that 2011-2013 will be a critical period for determining which type will prevail.

Epic Recession further provides a detailed critique of both George W. Bush and Obama administration recovery programs, in both their monetary and fiscal dimensions, and assesses why they have fared poorly thus far in resolving the crisis. The book concludes by presenting a full, thorough alternative program necessary for recovery.