The writer of this article in the Telegraph, UK, thinks it is. No matter how much the US pundits try to keep clear of the word "depression", everything points to the way things were during those years just before WWII.
A commentor at the article named BazzaMcKenzie has some great insight and also gives a link to this article written by the co-founder of Intel Corp. It will give you a clear picture how the West has screwed itself economically, and IMO, is now well on it's way to handing over Western supremacy to the East and to Islam. Definitely worth reading.