The American money capture
Eric Hughes
hughes at ah.com
Mon May 2 11:01:49 PDT 1994
>(Today, with our experiences of inflation in the 1970's and 1980's, it is hard
>for us to appreciate the problems with deflation. But I think deflation was
>much worse.
The Great Depression was pretty clearly caused by deflation in the
money supply. To quote Milton Friedman:
"All told, from July 1929 to March 1933, the money stock in
the United States fell by one-third [...]"
Capitalism and Freedom, p. 50
Eric
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