Ten years later, in the midst of a global depression, CEMEX hit turbulent times.
Suppose, in the present case, that the risk of a global depression is actually zero.
But remember October 1987: a financial-market crash need not bring on a global depression.
Having successfully worked together to avoid global depression, our challenge now is a global recovery that is both balanced and sustained.
At the height of the financial crisis, the coordinated action we took with the nations of the G20 prevented a global depression and helped restore worldwide growth.
In a global depression, though, Governments have again tried, in vain, to stimulate economies when they should have been figuring out how to enforce the basic laws of capitalism.
One of the most brutal things about the current global depression was the expansion of the primary gig, swallowing the time to perform your secondary and drying up that supplementary income.
But, had the central banks of the US and Europe not responded to the emergency with trillion dollar dollops of emergency cash, emergency guarantees and emergency loans, we might have experienced a global depression.
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In other words, they ran abnormally high public sector deficits - peaking at deficits in the UK, US and parts of the eurozone at 10% or more of GDP - to prevent a global recession becoming a global depression.
The Nazis rose to power on the heels of the much worse economic duress and massive unemployment in the 1930s, a global Depression that hit Germany particularly hard and one that worldwide austerity measures are now widely believed to have caused.
And there were some economists who said that we may be falling over a precipice: The banking sector had completely locked up, no credit was flowing, and we might end up seeing a global depression that rivaled what happened in the 1930s.
Finally global economies, which had reached the point of looking over the abyss into a potential second global Great Depression, began to pull back from the brink.
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Republicans blocked that because they want to water down Wall Street reforms, reforms that were put in place to help prevent the kind of financial crisis that almost tipped the global economy into a depression.
The stimulus may have prevented the global economy from slipping into depression.
He said financial measures pursued by the U.S. over the past 18 months have helped the global economy pull "back from the brink of a depression, " and he touted recent international efforts to combat global warming and other environmental threats.
As you know now, 2008 was the year of the greatest global financial crisis since the Great Depression.
Fear gripped the financial markets five years ago as the U.S. and the world suffered through the worst global economic downturn since the Great Depression.
Not even a worldwide depression that permanently lowers global economic output and emissions to, say, 1970 levels, would stop CO2 concentrations from rising over the remainder of the century.
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Over the past two years, those of us in the G20 have worked together to rescue the global economy, to avert another depression, and to put us on the path to recovery.
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But Mr Johnson, who was made shadow chancellor two weeks ago, accused the government of being "deficit deceivers" who had peddled "myths" to the British public, including that the "biggest global economic crisis since the Great Depression is the fault of the previous government".
And this week the IMF's chief economist said that the contraction in global demand could exceed anything we've seen since the Great Depression itself.
As advanced economies struggle to come out of the worst financial crisis since the Great Depression, emerging economies have gained share and importance in global economic affairs.
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And the U.S. economy, indeed global economies, came extremely close to a catastrophic meltdown into a second Great Depression in 2008.
As we saw in the Great Depression, countries with large current account surpluses are especially vulnerable to deteriorating global conditions.
Where does that leave us today in the immediate aftermath of the 2008-09 global financial crisis, just removed from the biggest crisis in confidence since the Great Depression of the 1930s (before brands were mass market and ubiquitous)?
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Doesn't anyone in authority remember that the notorious Smoot-Hawley Tariff of 1929-30 precipitated the Great Depression by slapping prohibitive taxes on hundreds of imports, thereby setting off a devastating global trade war?
Global advertising spending by clients in 2009 suffered the sharpest decline in any single year since the Great Depression.
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