Eli5 what protects us from having another great depression? Is it even possible for us to get there or are their measures in place to stop that ?
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In very short terms the government does a lot more than most people are aware. There are vast systems now that manage financial and banking institutions specifically to prevent the extreme turbulence of the depression era. Bank runs and failures used to be regular occurrences even for years after the depression, but haven’t happened since the 50’s. Technically banks can still ‘fail’, but you as a client wouldn’t ever notice as the bank would essentially be taken over and remanaged and funded with insurance etc.
One of the things about a lot of government action is when it works properly you don’t even notice, even if it would be a crisis if it wasn’t done. Take flood and storm management, you’ve probably never noticed just how extensive these systems are all around you, but the flooding that could happen if they weren’t there would be catastrophic.
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