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Pastimes : Book Nook
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To: Mike M2 who wrote (14)3/19/2001 1:48:13 PM
From: Ilaine  Read Replies (3) of 443
 
Mike, I am reading about the Great Depression from all different points of view, it doesn't matter to me.

I really hate reading things written by professional economists - they give you one nugget of fact and then derive several dozen pages of theory from it. I don't care about the theories, I want to know the facts.

I think the "bigger the boom bigger the bust" stuff is silly. It's based on the belief that things move in cycles. Hayek correctly criticised von Mises for relying too much on theory and too little on empirical evidence.

Von Mises turned down the job at Credit Anstalt in the summer of 1929. It didn't take a genius to see that the German and Austrian credit systems would collapse given the adoption of the Young Plan. Schact, the president of the Reichsbank, resigned for the same reason, and was later reappointed by Hitler. Von Mises, being Jewish, lucked out.

The devastation caused to the US banking system by German and Austrian defaults seems to be ignored.
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