Voxiversity II - America's Great Depression
This is a complete list of all of the readings and related quizzes for the study of Murray Rothbard's America's Great Depression.
Section 1: The Introductions - TEXT
Section 2: The Positive Theory of the Cycle - TEXT
Section 3: Keynesian Criticisms of the Theory - TEXT
Section 4: Some Alternative Explanations of Depression: A Critique - TEXT
Section 5: The Inflationary Factors - TEXT
Section 6: The Development of the Inflation - TEXT
Section 7: Theory and Inflation: Economists and the Lure of a Stable Price Level and Prelude to Depression: Mr. Hoover and Laissez Faire - TEXT
Section 8: The Depression Begins: President Hoover Takes Command - TEXT
Section 9: 1930 - TEXT
Section 10: 1931 - 'The Tragic Year' - TEXT
Section 11: The Hoover New Deal of 1932 - TEXT
Section 12: The Close of the Hoover Term - TEXT
America's Great Depression: 25-question Final Exam
Section 1: The Introductions - TEXT
Section 2: The Positive Theory of the Cycle - TEXT
Section 3: Keynesian Criticisms of the Theory - TEXT
Section 4: Some Alternative Explanations of Depression: A Critique - TEXT
Section 5: The Inflationary Factors - TEXT
Section 6: The Development of the Inflation - TEXT
Section 7: Theory and Inflation: Economists and the Lure of a Stable Price Level and Prelude to Depression: Mr. Hoover and Laissez Faire - TEXT
Section 8: The Depression Begins: President Hoover Takes Command - TEXT
Section 9: 1930 - TEXT
Section 10: 1931 - 'The Tragic Year' - TEXT
Section 11: The Hoover New Deal of 1932 - TEXT
Section 12: The Close of the Hoover Term - TEXT
America's Great Depression: 25-question Final Exam
1 Comments:
For all the stories an explanations forwarded and all the pontificating on all the causes and consequences of the Great Depression, there lies a fundamental factor often overlooked or completely ignored. The cause of the Great Depression is easy to understand; it was caused by the overexpansion and use of private credit as money far in excess of the actual money supply. Whereas, a normal business cycle is credit expansion and contraction in relation to asset values, the Great Depression was a reversion to mean, that is, to the actual supply of money available, irrespective of asset values.
In simpler terms, the Great Depression was the result of a cascading collapse of bankster generated, debt based, 'private credit' that was being used as if it were money. !POOF!
The ratio of money (paper and gold) to credit back then was roughly 60/40, 60% money, 40% credit (based upon an extrapolation of an actual cash money to M2). Today, that ratio is about 11/89, 11% money, 89% credit. Keep in mind that over $1.18-Trillion of the actual money supply circulates in foreign countries, not in the U.S., so the real ratio is about 3/97.
2008 was headed towards another reversion to mean but the Fed managed to stall the collapse by having the Treasury pump $10-trillion in treasuries into the markets to shore up the capital base while the Fed pumped about $8-trillion in new credit into the markets, shoring up asset values and laundered over $18-Trillion in fraudulent/worthless bankster assets through its backdoor, off-balance sheet operations.
Over $60-trillion in bankster credit managed to !POOF! out of existence during that crisis, bankrupting entire nations, thousands of businesses and 10s of millions of people. All because people foolishly believed that central bankster and commercial bankster generated debt based, private credit is money. And still do....
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