Myths of the Great Depression (1 Viewer)

[nousernameleft]

Myth 1:
It was not predictable.

Fact:Ludwig Von Mises predicted it. The Great depression like our own financial crisis was predicted.

Myth 2:
The central bank was created to stop the boom/bust cycle/
Fact:It occurred 15 years after America established a central bank.

Myth 3
hoover and Roosevelt were laissez faire.

Fact: They tried everything to stop the depression, tariffs, price controls, you name it.

Myth 4: WW2 revived the economy.

Sure GDP was up, but GDP counts government spending. Since wages and prices were not allowed to fall this distorted the numbers.

It's like saying you don't have a fever because your pushing the mercury in the thermometer down.

Tell me more myths hat you know of.

 

[gibbo153]

i assume myth 4 isn't actually meant to read as people actually thought that a world war stimulated economic growth and development?

the END of wars, however, almost always creates a huge amount of consumer and business confidence in the market. is that what you mean?

 

[Uncle]

All the way with LBJ

 

[Riet]

I thought 4 had to do with the fact that production was massively increased and in the case of America, they were selling arms to countries.

 

[kevinx2]

jews did great depression

 

[wixxy2348]

jews did great depression

Jews did wtc.
Jews did everything tbh imo.

 

[niloony]

The Great Depression was brought to each country by their feeble socialist/democratic governments!

 

[Mu5hi]

4 isnt a myth, just need to get into depth of it

 

[Ben Netanyahu]

myth: women bring domestic violence on themself
truth: it's always the man