The Recession
In 2008, an economic recession throughout the industrialized world was suggested by several important indicators of economic downturn (Foldvary, Fred E. (September 18, 2007). The Depression of 2008. The Gutenberg Press. ISBN 0-9603872-0-X. http://www.foldvary.net/works/dep08.pdf). Contributors to this downturn included high oil prices, high food prices, and a substantial credit crisis leading to the drastic bankruptcy of large and well established investment banks as well as commercial banks in many nations around the world. This crisis has led to increased unemployment, and other signs of contemporaneous economic downturns in major economies of the world.
In December 2008, the NBER declared that the United States had been in recession since December 2007, and several economists expressed their concern that there is no end in sight for the downturn (It's official: Recession since Dec. '07).
This economic crisis has been called the The Great Depression II, by some observers
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