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The American money capture

To: [email protected]
Subject: The American money capture
From: [email protected] (Eric Hughes)
Date: Mon, 2 May 94 10:35:54 -0700
In-Reply-To: Hal's message of Sun, 1 May 1994 10:08:14 -0700 <[email protected]>
Sender: [email protected]

>(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

References:
- Re: The American money capture
  - From: Hal <[email protected]>

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