Ep. 664 How the Fed Screwed Up Before and During the Great Depression
The Tom Woods Show
Tom Woods
4.8 • 3.3K Ratings
🗓️ 20 May 2016
⏱️ 40 minutes
🧾️ Download transcript
Summary
We know the Fed inflated during the 1920s and set the stage for the bust, but some people say that if only the Fed had inflated during the 1930s, things would have improved. This is wrong on every conceivable level -- and in fact, the Fed tried its best to inflate in the 1930s. It's very important for us to get this right, because we've got the Keynesians and the Friedmanites united against us. We clear up the Fed's real record during the Depression in today's episode.
Transcript
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| 0:00.0 | The Tom Woods Show, episode 664. |
| 0:03.9 | Prepare to set fire to the index card of allowable opinion. |
| 0:08.5 | Your daily dose of liberty education starts here, the Tom Woods Show. |
| 0:15.0 | Hey, gang, I got an easy way for you to earn 50 smackers. |
| 0:18.7 | You listening? |
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| 0:31.3 | retailers with cash rebates and you get 50 smackers if you refer just two friends. Surely you have two friends, then you can have |
| 0:42.4 | 50 smackers in your pocket. Check it out at tom woods.com slash e-bates. Hi everybody, Tom Woods here. |
| 0:49.1 | Haven't talked about the Federal Reserve in a while, so let's do that. But in particular, today I want to |
| 0:53.5 | talk about a historical episode that's very that. But in particular, today I want to talk about a historical |
| 0:54.4 | episode that's very important, and it's a period of history about which I think people know |
| 1:01.4 | not as much as they should, and in particular, they don't know as much as they should about |
| 1:05.8 | what the Federal Reserve was doing. And I include in that libertarians and probably even some Austrians. |
| 1:11.7 | And I'm talking about the 1930s. Yes, we know thanks to Rothbard that in the 1920s, the Federal |
| 1:17.8 | Reserve engaged in credit expansion. And this sets in motion the Austrian business cycle that |
| 1:26.4 | ends in tears. |
| 1:28.4 | But what was going on in the 1930s? |
| 1:30.4 | We have this argument that the Fed retrenched and it wasn't expansionary enough and it sat back and did nothing while the economy tumbled into depression. |
| 1:39.6 | But that's just not right. |
| 1:40.9 | That's not right on any level. |
| 1:43.5 | And someone who's written on this and done some |
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