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Politics : Foreign Affairs Discussion Group

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To: maceng2 who wrote (43102)	9/10/2002 8:40:22 PM
From: Ilaine	Read Replies (3) of 281500

So there was just a slight hiccup in 1929 and an untimely death in 1928 stopped the whole of the USA economy in it's tracks. Nobody said that. Milton Friedman's statement about the death of Benjamin Strong is premised on his theory that tight money policies by the Fed caused an ordinary business cycle to turn into the Great Depression. Benjamin Strong was the cheap money man that Rothbard blames for the Great Depression. You could learn more about it if you read Friedman&Schwartz's Monetary History of the United States, probably too dense and chewy for you, as it goes into great detail about US monetary history. amazon.com I am in the camp that believes that the Gold Standard, as it was formulated after the Great Depression, is the primary engine of depression, the so-called "golden fetters" theory, as economist Barry Eichengreen states it. j-bradford-delong.net Famous economists who adhere to this theory included Hayek and Keynes, whom you know, their contemporary Karl Polanyi, author of The Great Transformation, and our contemporary economist Robert Mundell, q.v. his Nobel prize acceptance speech, "A Reconsideration of the 20th Century." (Mundell thinks that it was the manipulations of the Gold Exchange Standard that was the culprit, not gold-backed money per se.) robertmundell.net The reason you are seeing ads for loans is that loans are profitable. Nobody would keep advertising for business that lost them money. When they stop making loans is when you should worry.

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