The master of world-systems analysis gives an interview to Le Monde and writes his commentary The Depression: A Long-Term View on October 15. We have reached the last phase in the downturn of a Kondratieff cycle, when virtual decline becomes real: bubbles are bursting. The depression has started. Capitalism has come to its end, the present system cannot survive. It may take the form of a classic nominal deflation, with all its resulting negative consequences for ordinary people.