Today the Australian dollar is approaching parity with the USA greenback. The Federal Government in America is taking a larger role in managing the economy with the bail-out of Fannie Mae and Freddie Mac. Global stock markets are shedding value quicker than the “Biggest Loser” drops kilos. And in California depositors line up around the block to withdraw funds from failed bank IndyMac.

When did our grandparents know they’d entered the Great Depression?

The October 1929 stock market crash was one event. It did not define the Great Depression - it was the first major indicator. Then a series of collapses and inter-linked events sent the world into depression. These included bank failures (not unlike Indy Mac or Bear Stearns), company collapses, property price drops and loss of confidence in the central bankers.

When did they know? When will we know?