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Austrians blame the Great Depression on the inflation created by the Federal reserve during the 1920s and how that fueled the bussiness cycle. Milton Friedman blames it on the collapse of the money supply during the 1930s. Could both be right? It seems like the decline of the m3 money supply by one third...
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Whenever discussing the Great Depression, it is always argued that high interest rates imposed during the Great Depression (Specifically 1931) worsened the Depression because investment was curtailed. This of course seems to run contrary with what an Austrian would argue. There was obviously credit inflation...
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I was reading "America's Great Depression" by Rothbard and according to the book the 8 years prior to the great depression there was a 65% (8.12%/year) increase in the TMS. According to the chart on this site, the period of late 2000-2007 there has been an 83% increase (11.8%/year). What...
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See Rothbard's What Has Government Done to Our Money . When a regular person buys a government bond, that person is spending money they had to have somehow received beforehand from someone else. That is, it must have been money that was already in circulation. When the Federal Reserve buys government...
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In the midst of our economic slowdown, the U.S. Treasury Dept has issued what they are calling the "Blueprint for Financial Regulatory Reform". The highlights, as given by an article on Yahoo!'s website , are as follows: --designate the Fed as the primary regulator for market stability...