Actually not true. A lot of the 19th century recessions were "global" in that there was contagion across the Atlantic to Europe (or vice versa). Asia didn't get

Actually not true. A lot of the 19th century recessions were "global" in that there was contagion across the Atlantic to Europe (or vice versa). Asia didn't get linked into the network until the end of the 19th century. And the US money supply in the 1920´s was pretty stable as it happens, the 1929 bubble was a lending phenomena.