We have an interest bearing currency. President Lincoln's Greenbacks were a non- interest bearing currency. If we had Greenbacks, we would not have a federal debt of $21 trillion and trillions in debts by state and local governments. We would also not have a a backlog of trillions in needed infrastructure repairs. Nor would we paying $500 billion a year in interest payments on that government debt. A Depression is a period in time when Unpayable Debts are cancelled en masse. Because we are not allowed money unless we go into debt, cancelling unpayable Debts in bankruptcy court. In the 19th century we had a Depression which was called a Monetary Contraction. That loss of a third or more of our money supply caused a Depression.
Recessions are different. The US is over populated. Proof? Did anyone ever write articles about the high price of gasoline when we had half our current population? Why not? Because we did not have to import natural resources.
America lost 3 million people to starvation in the 1930s. We have 200 million more people now than then.
Shadow Stats tells us the real unemployment rate is 23% and that inflation is 2 1/2 times what the government says. They lie to make us believe things are better than they are.And so they can cheat us on cost of living raises for union contracts and for pensions. Suppose you discounted our nominal wages for the real cost of living. Suppose you subtracted out federal, state and local taxes and looked at real after tax wages. Now suppose you subtract out debt and interest payments. What do you have left? Most people would have enough for necessities, such as, rent, utilities, food and transportation. Not much to fund an economy?