The debt buildup today exceeds that of the Great Depression; as such, the experience of the Great Depression is more relevant than that of 1920-1.

Personally, I think in the end, we will either go through a depression or a significant inflation, and present temporizing is making the eventual outcome worse.

We had many chances to arrest the growth in debt, but Greenspan and Bernanke let booms go on too long, and did not recessions do their good work of eliminating bad projects & debts. As such, the marginal efficiency capital fell until we ended up in a liquidity trap today.

Now there are no good solutions; they all require significant pain.