>
> Marx sneered at people who thought the problems with capitalism were
> the result of a shortage of the circulating medium. Friedman's
> monetary theory of the depression ignores all the real sector
> problems - e.g., the rapid growth in productivity vs. incomes in the
> 1920s. Friedman wants to exempt capitalism from any systemic
> responsibility for the depression and blame the state, in the person
> of the central bank, instead. The Fed probably fucked up in the late
> 1920s, but fuckups don't explain mega-disasters like the 1930s.
Doug. Will you write a book on the anti-monetary history of the US? It would be so handy for the rest of us.
-s