Saturday, April 11, 2009
Why study the Great Depression? The crash of 1819 offers a better lesson
So says the Mises Institute, in its review of actions that put the US back on its feet following an expensive war, abandonment of monetary discipline, bank foolishness and a housing bubble.
But none of that silliness has happened around here lately, has it? So of course there is nothing to learn...
Back then, those unsophisticated rubes just went back to the idea of solid money and free markets. They figured the loose credit that had caused the problems could not also be the solution to those problems. The very idea! What a bunch of maroons.