The return of the Great Depression

Day shows that the policies being pursued in Europe, Asia, and the United States are very similar to Japan's failed policies of the past twenty years and, therefore, doomed to similar results. According to Day, the economic theories behind those policies are flawed and account for why most economists were unable to anticipate the recession or see that their expectations of an imminent recovery are incorrect. Day applies a different theory, the one he used to predict the current crisis, to show that the world is in the early stages of a massive economic contraction.