It's already begun: History offers an ominous lesson about economic crashes

In three weeks, on my birthday May 7th, it’ll be exactly 80 years since Germany signed terms of surrender at the headquarters of US General Dwight D. Eisenhower in Reims, France.

That year, 1945, also signaled the official end of the Republican Great Depression. And May 7 of this year may well signal the beginning of the Second Republican Great Depression, the fourth major economic crash in our history. Troublingly, every one of the prior three financial crises also tripped off a major war.