the global melodrama

[Carrol Cox]

Doug Henwood wrote:
> 
> James Devine wrote:
> 
> >>... So I'm wondering if the world's central bankers really *want* this
> >deflation to run its course.<
> >
> >they did in 1930.
> 
> Can we draw any conclusions from that experience relevant to today?
> 
> Doug

If I remember correctly, the WSJ a number of times a year declares that
the Depression was nothing but two simple errors. (Simple, in that they
represented single state decisions.) (1) The Smoot-Hawley Tariff and (2)
The Fed's failure to create liquidity.

Poof! One of the major episodes of the 20th century swept under a rug.

Carrol