Monday, December 04, 2006
America's Failed Fascists
Big-government attempts to manage the economy, not the stock market crash, caused the Depression of the 1930s.
I've touched upon the subject in a number of postings under the head of economics and Constitutional principles.
In brief, the money supply was greatly over-expanded in the 1920s by the newly created Federal Reserve System. Partly it was an accommodation to American manufacturers and farmers filling the rebuilding needs of war-torn Europe.
The result was similar to our dot.com boom of the 1990s. With the economy awash in excess credit, businessmen mistook those conditions for real consumer prosperity and over-expanded production facilities................
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