When crisis strikes, people dig into history for comparisons. Economists are travelling back in time as part of their juxtaposition attempts to study the effects of the crunch. The Great Depression was, no doubt, a singular mega event in the global economic environment. However, today’s financial scenario is by no yardstick a black cloud with visible silver linings. The crunch has persisted long enough to unsettle the ‘pay cheque to pay cheque’ lives of the world’s majority.

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