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My takeaway was the exact opposite: in the 1930s, things really were as bad as they seemed, and the U.S. was justified in taking extreme measures to avoid it h
by jimmytucson 2y ago
My takeaway was the exact opposite: in the 1930s, things really were as bad as they seemed, and the U.S. was justified in taking extreme measures to avoid it happening again.
- willmadden 2y ago>and the U.S. was justified in taking extreme measures to avoid it happening again What part of the chart shows this?
- WalterBright 2y agoAll the country had to do was to stop doing the things that caused the Depression: 1. pegging the dollar to gold 2. inflating the dollar 3. having the Fed set the money supply by fiat rather than the pre-1914 way of letting the market forces do it
- deepsun 2y ago4. Spending the tax money like crazy, to give the poor some money to buy things. Hoover Dam, Golden Gate Bridge etc are nice takeaway of that generosity frenzy. Too bad during COVID gov just gave cash, not getting any infrastructure in return.
- tim333 2y agoFor better or worse the policy was stay home and isolate rather than come together and build stuff.
- chasd00 2y agoCOVID wasn't a lack of employment problem, everyone had jobs, the government decided to pay people to stay home. It was a handout specifically aimed at not building anything at all.
- WalterBright 2y agoThe government persisted with the failed policies, lengthening and deepening the Depression. Central economic planning simply never is able to do better than free market forces.
- tim333 2y agoThat's not really true. Just because central planning be done stupidly doesn't mean it never works. Check out the number of countries that don't have something like a central bank stabilizing their currency which is approx zero out of 200 or so countries.
- WalterBright 2y agoThe US was stable for over 100 years without a central bank. The reason countries have a central bank is so they can inflate the currency.
- WalterBright 2y agoFor all the folks who don't believe me, the term "sound as a dollar" was a common compliment in the US before 1914. You never hear it anymore.