The Forgotten Depression: A Study in Laissez-faire
The year is 1921. America is little more than two years removed from triumph on the Western Front. Warren Gamaliel Harding is its czar. And it is sunk in depression…
Great Depression
Advance Notice of the Next Market Crash
Fifty years after the 1929 crash, a group of money managers and investment thinkers put together a collection of essays looking back at that experience. The result was a distillation of some pretty fine investment wisdom. Timely, I think, to review now. One of the contributors was Arthur Zeikel, then with Merrill Lynch. The title …
The Real Forgotten Man
Franklin Delano Roosevelt famously used the term “forgotten man” in a 1932 speech to describe those at the bottom of the economic pyramid who, he felt, government should aid. But the originator of the phrase “forgotten man” had a whole different meaning in mind. He aimed to expose the seeming good intentions of government to …
How the U.S. Changed the Nature of Money
World War II might have dragged the country out of the Great Depression, but it did so at a great price. Central planning took center stage, and politicans and bureaucrats suddenly knew what was best for America, the economy, and your life. On top of that, they replaced the free market with a new economic system… Creditism.