Quote of the day from Urban Survival ("U.S."link bar above):
Nope there's a word beyond depression on the economic scale that's not even being talked about yet. The word is 'die-off.' It's what happens when you have a global depression that takes out food and other necessities. People simply die-off.
Recession: An economic slowdown "officially declared after two consecutive quarters of reduced gross domestic product" or recognition by government economists of increasing societal miseries, whichever comes last. (Sorry, I couldn't resist a dig at the the Bush administration's somnambulists who suddenly regained coherence yesterday by realizing we've actually been in a recession for the entire past year!)
Depression: Something we've heard about, studied or seen pictures of but only a small minority have ever actually experienced. A condition the entire Earth may now be on the doorstep of, but don't expect governments and their economists to acknowledge until being chased into the hills to save their asses from hordes of rabble.
Die-off: What follows a great depression. Something in all my economics classes I'd never heard of until today but I suspect is what - on a visceral level - attracted me to the 'dismal science.' That is, like other academic disciplines such as history or microbiology (viruses, plagues, etc.), economics contains a dark element that can kill us all!
Have a nice day.