Posted on 10/15/2009 8:46:53 PM PDT by rabscuttle385
Of interest.
Bump
This is a great find, thanks.
bookmark
Great post, thanks.
You’re welcome.
Austrian Ping
Excellent piece and worth absorbing into the memory bank the next time you inevitably get into this topic with some dopey liberal.
I love when Keynesians ask me to point to any recession that we got out of without interventionist government policy. This is a perfect example, but technically you could point to any recession/depression/panic before the Great Depression.
I would say that the Keynesians couldn’t point to any recession that has ever been ended as a result of government meddling either before or after the Great Depression and had that depression been handled as the one before it was then it would never have been so “great”, so deep, or so long.
Of course the K-bags will counter with the tired narrative that it was WWII that ended the great depression and that is proof enough that government involvement was the correct remedy. To this you can inform them that even if that were correct (which it is probably not) then the only example of their precious form of control economics ever solved a problem it required the conscription of nearly every man, woman and child into the war effort; that most industry become engaged in creating a product that was only in high demand because it was constantly being blown up; shortages and rationing; the destruction of Europe and Asia; the deaths of 50 to 70 million people and the detonation of two atomic bombs. Don’t get me wrong saving the world from the oppressive evil of the Axis powers was a good thing . . . but it is hardly an economic recovery plan.
It is always a plus to be educated on facts and not on the ‘re-education’ of the last 80+ years of school children.
Timely post and I always enjoy Woods.
The other thing to be aware of regarding Roosevelt’s Depression is if Keynesianism is so great, why did FDR have a huge crash in 1937, within the Depression?
Here is an article on the subject.
The Great Depression Facts: Double Dip Economic Slump
http://www.marketoracle.co.uk/Article8778.html
I learned of this first from reading The Forgotten Man earlier this year.
Excellent point, and thanks for the link to that article!
I agree 100%. Everything the government does hurt recovery or at least further distorts the imbalances the market is trying to correct with a recession. Was isn’t “good” for the economy either. I always get a good laugh when they say that natural disasters are good for the economy because all the effort going into repair and rebuilding boosts GDP and employment. Well take that to its logical conclusion and we should be bombing all of our cities ‘round the clock.
Nice alternate example to Roosevelt and Hoover's depression. You hear about this from MSM.
I read “The Forgotten Man” last Fall.
BFL
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.