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13

Bernanke has sort of answered this question himself, in his Remarks On Milton Friedman's Ninetieth Birthday. Friedman argued that the depression was basically caused by the Fed's contractionary monetary policy, and Bernanke seems to be in broad agreement with him, going so far as to say: Let me end my talk by abusing slightly my status as an official ...


10

FDR was not the first president to come to power during a financial "panic" (aka: Recession or Depression). However, he was the first one after the advent of modern economics, and he was listening to the new economists. Economically, banning private holding of gold had the effect of propping up the US currency. Normally in hard times (and I think 1933 ...


9

According to my quick reading of the Life and death during the Great Depression by José A. Tapia Granadosa and Ana V. Diez Roux, the only noticeable increase of mortality was suicide, with a noticeable decline of mortality in every other category. It's interesting that this paper was written in 2009, before the (shall we say) sensationalist Russian claim of ...


7

Wow - it would take me a long time to find the appropriate sources to answer this the way I want to. I also feel obliged to admit that I have an opinion on this topic, and I hope that @Samuel Russell or someone from the other side of the aisle will contribute to counterbalance me. @John Craven is correct that the great depression was a complex, global ...


5

It is a politically charged issue and it really depends on the economic and political side of the fence you're on (T.E.D gave the Keynesian view). As someone who's libertarian on most financial/economic policies, I see it as detrimental and that we're still feeling the negative effects of it today. As Alan Greenspan put it in Gold and Economic Freedom... ...


3

The short answer is that no, Roosevelt did not lift the USA out of the Great Depression with the New Deal. The Great Depression was a world-wide phenomenon, and was not going to just go away because one government decided to do a bunch of things, however helpful those things were. The economy did begin to pick back up in the mid-30s, but it looked like it ...


3

I discussed this exact action in a fair bit of detail in my answer to Gold Confiscation Act of 1933 . You may want to go check that out. To bring that answer full circle, taking the USA off the Gold Standard wasn't the only economic system change the US government made at that time. The Gold Confiscation Act had the effect of propping up the money supply. ...


2

Boondoggle, the term in which I was looking for, came to me today when the economist Max Keiser used it on the political panel show 'Have I got News for You'. He used it in reference to the planned HS2 (high speed rail) linking London with Birmingham in the United Kingdom. On further research I found that the word was first used in 1935 in a New York Times ...


2

This article seems to be an unbiased analysis of Herbert Hoover's reaction to the Crash of 1929. It paints him as a relative activist economically, by the standards of the day, but both over-hyped during the election of 1928 and overwhelmed by the sheer scale of the collapse that was occurring. It is worth remembering that he began construction of the ...


2

I am not a Marxist Political Economist. I am a Marxist labour historian. When I relate to economic history, I can only really talk about the way in which capitalism actually functions (with reference to the truth systems of academia) from a "firm level" or "proletarian" perspective. This question would require a Marxist political economist to answer it in ...



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