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You've never heard of the 1921 Depression?
Sunday, May 17, 2009
A presentation by Thomas Woods of the Mises Institute on an overlooked example of how the government doing nothing can have a wonderfully curative effect on an ailing economy.
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6 comments:
Unemployment was 11.6%. Is that the definition of a depression?
How convenient that the Spanish flu that killed 500,000 people in 1918-1919 had nothing to do with it.
It is funny how the Austrian's always state what they consider to be that facts.
And I suppose the price level has nothing to do with the newly created Fed confiscating gold and handing out federal reserve notes.
"The decline in the GNP price deflator from 1920 to 1921 is the largest one-year percentage decline in the series in the more than 120 years covered."
and I thought gold wasn't confiscated until 1933...
Yes, "Anonymous" is right. Gold was confiscated in 1933, and not by the Fed. (Where would the Fed get that power?) And "me" accuses the Austrians of making up facts?
"Me" doesn't think a 21% plunge in production constitutes a depression?
FDR ordered the Gold confiscation... it was then, ultimately, GIVEN to the Fed!
God was not confiscated until 1933. But if you think 11% unemployment is a depression then if you count U6 today we obviously are in a depression today as well. How could it be a depression if everybody still had a job? If your only definition is output then I guess you call it a depression.
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