Nine out of ten Americans seem to believe that the Great Depression was caused by the failure of private business or an excessive concentration of wealth of the elite profiteers and that it was necessary for government to step in and fix the free market. This could not be further from the truth. In fact, quite the opposite is true. The Great Depression was caused by the failure of government and the failure of the Federal Reserve.
How did this unbelievable myth become so widespread? Simply put, the free market and private enterprise have no press agents, whereas the government and the Federal Reserve have many. The Fed simply didn't want to admit a mistake of controlling currency and overextending credit.
Thursday, April 8, 2010
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So the interest Government pays on its debt is the primary cause of inflation? That makes a lot of sense. Thanks for this clip and this blog.
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