Financial Historian: COVID-19 Economic Depression

Financial Historian: COVID-19 Economic Depression | Tooze Sees Prolonged Unemployment | GZERO World

While some European economies have experienced depression in modern times, the US hasn't seen one since the 1930s. In a conversation with Ian Bremmer for GZERO World, Economic Historian Adam Tooze points to a dangerous mix of rising unemployment, skittish investors, and a lack of a social safety net as signs that it's time to discuss the possibility of prolonged economic depression.

More from GZERO Media

US President Donald Trump, Secretary of State Marco Rubio, Interior Secretary Doug Burgum and Health and Human Services Secretary Robert F. Kennedy, Jr., attend a Cabinet meeting at the White House in Washington, D.C., USA, on August 26, 2025.
REUTERS/Jonathan Ernst

The Trump administration is divided over its approach to Venezuela, according to Venezuelan journalist Tony Frangie Mawad.

A Ukrainian soldier is seen at a checkpoint at the road near a Crimea region border March 9, 2014. Russian forces tightened their grip on Crimea on Sunday despite a U.S. warning to Moscow that annexing the southern Ukrainian region would close the door to diplomacy in a tense East-West standoff.
REUTERS/Viktor Gurniak

60: Ukraine will allow men aged 18–22 to leave the country, easing a wartime ban that kept males under 60 from crossing the border.

- YouTube

In Argentina’s Patagonia, Indigenous Mapuche communities say they are facing increasing persecution under President Javier Milei, the Libertarian leader whose promises of economic reform are intensifying long-standing conflicts over land rights and environmental protection.