The Return of the Great Depression - a book review.

Once in a while, a book comes along that shakes so many of your core beliefs that you are left questioning either the integrity of what you have read or your own knowledge. In this particular case, I had the privilege of a sneak peek at The Return of the Great Depression by Vox Day and with most certainly can state, it is the latter. RGD as it shall be referred to from now on, as can be inferred from its title makes a very compelling case as to the state of our economy and where this nation is potentially headed. However do not be mislead by its name, for this is much more than a prophecy, it is principally and foremost an economic text diligently spending the majority of its efforts in explaining why we are standing on the edge of a precipice.


A non trivial task to say the least as the American public has been on the receiving end of political pundits, commentators, journalists, politicians, bloggers and friends all who wish to explain in their own unique way the reasons behind our financial turmoil. Inevitably the information regarding such pertinent details as to the state of our economy gets lost in the constant scuffle of bipartisanship, ideology and mudslinging. What is unique about RGD’s approach and the difficulty of the task undertaken is to not only provide an explanation rooted in strong economic foundation, but to also tackle and examine the prevalent economic explanations and their egregious falsities. One must expend a great deal of energy to elegantly deliver one’s point of view, but must expend even greater energy to successfully understand opposing views and intelligently be able to ascertain their effectiveness or lack thereof. Mr. Day skewers the conventional wisdom with such bravado that all questions of its merit quickly evaporate.

RGD takes you on a gripping journey with such ease and suspense you will quickly forget you are reading a complicated economic textbook and will need to reminded by loved ones that sleep is as useful as understanding the economy. We begin in the hay day of Japan’s economic boom and ultimate bust, the history of which is unknown to many, but crucial to understand for all. We then zoom to the culmination of the housing collapse laying the groundwork for what unfolds to be a Pandora’s Box of financial witchcraft. RGD focuses on a most crucial and underlying theme of the book, illustrating the housing boom while profound, is but the tip of the proverbial iceberg. Through language designed for the layman supported by numerous charts and tables, RGD hones in at the very root causes of the financial terror gripping our nation. Virtually no stone is left unturned as the fundamental flaws of our entire economy are exposed in a glaring and sometimes brutal fashion. No one is spared as Mr. Day tackles head on the central bank, economic theories, philosophies, flawed fiscal policies, media, economists and economic data finally arriving at the most logical and obvious conclusion. All this is done with awe inspiring brevity and a personal touch so often missing in great economic works of our time. It is amazing to find within one page an explanation of why the government’s unemployment numbers are chronically faulty yet also learn of Mr. Day’s raids within World of Warcraft, although his penchant for the Alliance is regrettable – long live the Horde!

RGD’s rollercoaster gently winds down and the most likely scenarios are presented. At this point the reader can choose from a buffet of options ranging from a widely believed economic recovery to a possibility of another Depression. Rest assured, like a good Hollywood movie the ending leaves the reader with hope for the future and the author’s well crafted remedies for even the worst of outcomes.

Regrettably, the book suffers from one slight handicap although this is no fault of the author given the task at hand. While great attempts were taken to wrap the difficult material into a pill the layman could swallow, such a wide spectrum of economic, historical and political knowledge is covered the pill’s size becomes unmanageable. As with all important discoveries, the magnitude of this revelation largely depends on your existing knowledge and the entrenchment of your economic beliefs. For me, familiar with at least basic economic concepts, libertarian viewpoints and the history behind the Great Depression the completion of the book was bittersweet. Sweetness in appreciating the underlying theme and enjoying a profoundly expanded horizon, bitterness in the recognition that as many questions were raised as answered. I cannot understate the importance of this profound text nor ignore the paradox facing America; a majority of the people must read this book, but only a minority will understand it. Let not this warning dissuade you for any amount of information extracted out of this historical text will be both enlightening and mind changing hopefully for the collective good of our ailing nation.

Vox Day and all information regarding The Return of the Great Depression can be found on his blog: Vox Popoli.