"This context highlights the importance of the 1920–1921 depression. Here the government and Fed did the exact opposite of what the experts now recommend. We have just about the closest thing to a controlled experiment in macroeconomics that one could desire. To repeat, it’s not that the government boosted the budget at a slower rate, or that the Fed provided a tad less liquidity. On the contrary, the government slashed its budget tremendously, and the Fed hiked rates to record highs. We thus have a fairly clear-cut experiment to test the efficacy of the Keynesian and monetarist remedies." – Robert Murphy

Today we dive into some economics with an example I have always liked from an economist who I always felt had a great way of explaining things simply. Robert P Murphy brings us a short, but strong argument on why the depression of 1920-1921 give us all the juxtaposition we need to disprove the long held beliefs of the Keynesians and the monetarists, and paint the Great Depression in a very, very different light. Don't miss it.

Choice: https://www.amazon.com/Choice-Cooperation-Enterprise-Human-Action/dp/1598132180

Use of Knowledge in Society: https://open.spotify.com/episode/1991IXoqxFGOFrQoHnR9a2?si=cc26e6506fd24262

Deflation and Liberty: https://open.spotify.com/episode/7h4a74WEs1ShShtmzCQSC1?si=7c76419170014ffe

Check out the original article at:

The Depression You've Never Heard Of: 1920-1921 - Foundation for Economic Education

 

Guy's Nostr Pubkey: npub1h8nk2346qezka5cpm8jjh3yl5j88pf4ly2ptu7s6uu55wcfqy0wq36rpev

Check out details on the Swan IRA!

Don't forget to check out our amazing sponsors:

• Dive into the Bitcoin only wallet, the cypherpunk calculator, with the NEW Coldcard Q1! A company that has built secure Bitcoin products for nearly a decade. Code BITCOINAUDIBLE gets 9% off the ColdCard! (https://bitcoinaudible.com/coldcard)

• Gets sats back every time you dump fiat at a store, to pay your bills, everything in your fiat life pays you sats with the Fold Debit Card and FoldApp. 20,000 FREE SATS! at (https://bitcoinaudible.com/fold)

• The best place to onboard a true Bitcoiner - Stack sats automatically, withdraw automatically, and learn or get help from the best team of Bitcoiners out there with Swan Bitcoin. (https://swanbitcoin.com/guy)

----------------------------------

"Society is division and association of labor. In the final analysis, there is no conflict of interest between society and the individual, as everyone can pursue his interest more efficiently in society than in isolation." – Ludwig Von Mises

Learn more about your ad choices. Visit megaphone.fm/adchoices

---

Send in a voice message: https://podcasters.spotify.com/pod/show/bitcoinaudible/message