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Nomenclature is import and occasionally events change the well established normative, which we should be prepared to recognize. I think such a time has come for the standard usage "Great Depression" and the more recent "the worst recession since the Great Depression."
Just as "the worst war since the Great War" became the "Second World War" or the terser "World War II", while the "Great War" became the "First World War" or "World War I", I suggest the Great Depression be called the "First World Depression" or "World Depression I" and the latest depression be called the "Second World Depression" or "World Depression II".
Abandoning the euphemistic "the worst recession since the Great Depression" will help us settle into our new circumstance.
AFTER NOTE: Something I should have done before writing this entry was check usage with google. Google reports:
"Second Great Depression" 137,000 hits
"Great Depression II" 44,400 hits
far out pace my suggested
"World Depression II" with a mere 30 hits.
So, it would appear the "Second Great Depression" is the current usage of choice.
