The depression of 1920-21
(the depression most do not know about)
And the same historical illiteracy covers the depression of 1920-21. Even though it lasted only about a year, it was quite a depression. The unemployment rate, in that one-year period, went up by more than 100 percent, going from 5.2 percent to 11.7 percent.
“The severe depression of 1921 was over so rapidly, for example, that Secretary of Commerce Hoover, despite his interventionist inclinations, was not able to convince President Harding to intervene rapidly enough; by the time Harding was persuaded to intervene, the depression was already over, and prosperity had arrived,” Murray Rothbard wrote in the Introduction to the Third Edition of America’s Great Depression.
fff.org
the depression of 1920 was actually worse statistically than the well known depression of 1929, however, was rapidly resolved as a result of illness of the president at that time . the country was functionally run by his wife "the first woman president" one might say, . basically the lesson here is that perhaps the best remedy is to do as little as possible |
