The "Great" Depression started with land speculation failure in Florida, ASTOR, MELLON, ROTHCHILDS etc all were land speculators, land speculation and the grab for midwest farmland began in the pre and post Civil War era, homesteaders were many times fronts or straw men for these wealthy speculators, there was not a corporate stock market like today then, it was land speculation which alsio led to the crash of the 1890's, before that the great speculation in the Bourses was by the merchant bankers on currencies in wars, particularly Barons, and Rothchilds made their money in the Napoleonic Wars banking for England. Anyway, the Great depressionw as caused by a rumor, in tandem with the failed speculation of land in Florida, like prior land speculation booms and busts, however, it did occur simultaneous to bank failure, the Fed, pre-WW2, as you beleive, was not in existence until after Bretton Woods post WW2. Anyway, Rockefeller was getting a shave and haircut and was in a bad mood, his barber was asked what his mood was prior to the open, he said he was like an old bear, this became "BEARISH" and started the rumors that led to the crash before Rockefeller could get his own money out it was over. So goes the legend. I guess your term Depression needs definition, for whom is it a depression? Certainly not those who have the wealth, in fact a Depression creates a 2 class society, detroying the politcal and economic power of the middle classes, which if you are wealthy is priobably as close as you can get to a landed slave state economy until you visit Red China maybe. If half the GDP is the financial markets, do not kid yourself, a market crash is a depression, for all those on pensions, and the "newly" wealth--ier middle class investors and especially working classes that sacrificed all for a small investment that is worthless...I think that is depressing, for them and for the majority of us.
I am,
Truly yours,
-Crystal ball |
