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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: koan who wrote (80720)	6/27/2008 2:56:17 PM
From: Joe Btfsplk	Read Replies (2) of 116555

Keynes....predicted the great depression because he understood its cause. It was thirty years after FDR took office before the cause of the Great Depression was understood. In '63 Milton Friedman and Anna Schwarz published a Monetary History of the US 1867-1960. They established that the cause was a a monetary contraction resulting from FED error. Back then a few hard money theorists stood at the sidelines screeching. They couldn't muster hard evidence and were generally regarded as anachronistic cranks. In those decades faulty assumptions achieved bedrock status. Those assumptions were picked up by the second hand dealers in ideas; historians, professors, teachers, perhaps most importantly, journalists. Those bad assumptions haunt and impede us today. Keynes ideas got a stake through the heart with the stagflation of th 70's. Opportunistic politicians, anxious to maintain the illusion they exert beneficial influence, resurrected Keynes with todays stimulus checks. There's a lot of literature about the Depression and its legacy. If anyone is interested, here's a few links: hoover.org mackinac.org mackinac.org amazon.com mackinac.org amazon.com

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