'Revisionist History and the Great Depression'

from goldseek...........

"One of the biggest facts left out of the official story of the Depression was that it wasn’t the first. In fact, it takes quite a bit of digging in the history books to find any mention of previous tragic deflagrations of the business cycle. I am not going to outline each of them here in the interests of time, however, I am going to list them: 1819, 1836-37, 1857, 1873, 1893-95, and 1921. I have omitted banking panics such as 1907 since we’re discussing the business cycle. 


The very interesting fact about all of these sharp downturns of the business cycle is that ALL of them coincided with a complete and utter failure of the management of the money supply by the government. However, as can easily be inferred by the dates of these crises and by closer study of the crises themselves, these were all short-lived events. Most lasted two years with a couple of them lasting 4, but that was the most. The Great one was three times that long. Was this just because of monetary errors? Of course not. It was monetary errors compounded by policy missteps and ill-advised interventions on the part of government. In short, it wasn’t a failure of capitalism that caused the Depression, it was the failure to adhere to the free market that caused it – and then compounded it"...............READ MORE