Book Nook Message Board - Msg: 15522348

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To: Thomas M. who started this subject	3/18/2001 2:33:08 AM
From: Thomas M.	Read Replies (3) of 443

I'm currently reading "Money, Greed, and Risk: Why Financial Crises and Crashes Happen" by Charles R. Morris. His perspective on the boom/bust cycle is that periods of financial innovation bring about greatly heightened risk along with the accompanying boom, and that it takes decades for financial markets to adapt to those innovations. He has an interesting take on the deflationary period following the Civil War: The perception of great economic hardship during the 1870s and 1880s, to some substantial degree, therefore, reflects what some economists call "money illusion". Farmers bewailed the persistent drop in farm prices, without noticing that the price of almost everything else was falling too. Falling prices favor creditors, of course; farm foreclosures were common. But, farm debt averaged just 13% of assets. The picture of great numbers of cruelly dispossessed farm families may contain a good seasoning of mythmaking.

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