Long Depression
In the United States, the Long Depression began with the Panic of 1873. The National Bureau of Economic Research dates the contraction following the panic as lasting from October 1873 to March 1879. At 65 months, it is the longest-lasting contraction identified by the NBER, eclipsing the Great Depression's 43 months of contraction. Figures from Milton Friedman and Anna Schwartz show net national product increased 3 percent per year from 1869 to 1879 and real national product grew at 6.8 percent per year during that time frame. However, since between 1869 and 1879 the population of the United States increased by over 17.5 percent, per capita NNP growth was lower. Following the end of the episode in 1879, the U.S. economy would remain unstable, experiencing recessions for 114 of the 253 months until January 1901.
American Empire: The Center Cannot Hold
When the Great Depression occurs, Burton Mitchel III is blamed in the Confederacy. In the U.S. which came out of the 1920s with a booming economy and with the Canadian revolt having been crushed in 1925, newly elected President Hosea Blackford takes the heat, with shantytowns and slums being named "Blackfordburghs". Millions lose their jobs, and in Utah, (under military occupation since 1916), a fanatical Mormon sniper guns down Governor-General John J. Pershing. When Japan and the U.S. go to war in 1932 after Japan is caught smuggling weapons to Pacific Canada (the occupied Canadian province of British Columbia) by the U.S.S. "Remembrance", and Japanese bombers attack Los Angeles. In the 1932 presidential election, President Blackford is defeated by Calvin Coolidge and his running mate Herbert Hoover in a landslide. However Coolidge is never able to take office. On January 5, 1933, he dies of a heart attack about a month before he could take office. (In real life, Former President Coolidge died of a heart attack on the same date.) Vice President-Elect Hoover assumes the presidency, practicing Coolidge's campaign policy of government non-intervention in the economy.