[Arthur Wildfire! March]

I don’t know of a single depression in an industrialized nation that wasn’t due to bureaucratic meddling. Here’s something I recently heard about:

Great Depression and Austria

There’s an economic theory that Austria’s treaty-based debt problems led to the Great Depression. [Treaty of St. Germain.]

In the 1920s, the Austrian National Bank teamed up with the House of Rothschild and tried to bail out Austria’s leading bank [the Creditanstalt]. Amsterdam triggered a series of international bailouts that spilled over to the U.S.

Source: excerpts from Charles Kindleberger’s book “The
World in Depression.”
http://www.creditwritedowns.com/2009/03/1931.html

Seems to me that international bailouts are a terrible idea. While we protect our banks from runs, ‘runs’ on currencies [aka inflation] could be even more harmful [something the Weimar Republic learned the hard way].

[Quix]

THX THX