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Politics : Right Wing Extremist Thread

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To: Neocon who wrote (20138)	11/15/2001 5:43:23 PM
From: Ilaine	Read Replies (1) of 59480

See Peter Temin's "Did Monetary Forces Cause The Great Depression?" Support from backtesting by economists such as Albrecht Ritschl at University of Zurich. I have more downloaded on the computer but as Adobe Acrobat files - I need to set up a database. The lack of borrowing was probably due to high interest rates, in particular high real interest rates during deflation. You mentioned bank failures, deflation. Deflation was both cause and effect. Overproduction, especially in agriculture, causing an agricultural depression which began in the mid-20's. Excess capital investment, which needed to be worked out. Excess borrowing, so consumption had to be foregone while debts were serviced. Inadequate gold supply - more than half the world's gold supply was held by the US and 27% by France. These two nations held approximately 80% of the world's gold supply in 1931. Capital controls by other nations, trying to control inadequate gold supply. Drought in 1929. Government bungling, making things worse (tariffs.) Harold James's new book, "The End of Globalization," argues that the financial system of the time was simply not sturdy enough to handle international monetary shocks.

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