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To: Thomas M. who wrote (10)	3/19/2001 9:14:05 AM
From: Don Lloyd	Read Replies (1) \| Respond to of 443

Thomas - ...In 1924, at the height of the Weimar hyperinflation, Germany had 1783 printing presses, operating 24 hours a day, printing money.... How can you have a healthy economy when you don't upgrade your machines for 141 years? I doubt that the 1783 model year presses even included microprocessor technology, or vacuum tubes, or even a mechanical calculating engine, although cupholders are a possibility. -g- Regards, Don

To: Thomas M. who wrote (10)	3/19/2001 11:48:23 AM
From: Ilaine	Read Replies (1) \| Respond to of 443

I was born in 1952, so I've been through a couple of recessions - I don't recall anyone digging up corpses for food.-g- Recessions are not depressions. The Great Depression was worse than any other depression in this country - far worse - that's why it's called the Great Depression. As far as I know, every other depression started out with a bank panic, which caused a lack of liquidity and a spiraling collapse of the system for the transmission of money through the economy. Same for the Great Depression, it started before the Great Crash as a liquidity crisis in the summer of 1929. The persistence and duration of the Great Depression seems to have been exacerbated by policies of the Federal Reserve and the federal government, including adherance to the gold standard without following the rules of gold standards with respect to price deflation, and refusing to bail out banks that had liquidity problems but were otherwise sound. Hacket-Fisher's conclusions are poorly reasoned, but I liked the data.