📽 The Great Depression Documentary | What Caused It?
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- Опубліковано 11 чер 2024
- The Great Depression Documentary - what caused it? What was done to remedy the problems and did it work? Learn Austrian Economics in a fun way!
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Econ Clips is an economic blog. Our objetive is teaching economics through easy to watch animated films. We talk about variety of subjects such as economy, finance, money, investing, monetary systems, financial markets, financial institutions, cental banks and so on. With us You can learn how to acquire wealth and make good financial decisions. How to be better at managing your personal finance. How to avoid a Ponzi Scheme and other financial frauds or fall into a credit trap. If You want to know how the economy really works, how to understand and protect yourself from inflation or economic collapse - join us on econclips.com. Learn Austrian Economics in a fun way!
I really appreciate your efforts on making this long and high quality video. Thank you guys so much!
Thank you!
@@EconClips Based on what is currently going on now, the tariffs, Trade War, increased in insane level of spending of those in power repeating the same mistakes which collapsed the markets and the economy?
How come who caused the Great Depression and Recession was never arrested. Who ran the Ponzi Schemes and Pyramid schemes.
This is easy math to understand.
Arrest the "investors" who took (stolen) more money out than they originally put in plus profits were earned.
This is easy math. It's only simple math to figure out profits.
Printing out free money (deficit spending) to make up this bad, simple math is unacceptable, it's simple math here.
Stocks going up is to equal (match) dividends paid period, or it is impossible math. A Ponzi scheme.
The Great Depression had a ton of this impossible math going on period Con men running their con.
If you are investing; make sure it is solely on profits being paid or you are in a Pyramid scheme by con men.
And how come these com men responsible for the Great Depression got away with blaming the Jewish people for it?
We need to understand this so it doesn't happen again. History has a way of repeating itself.
We didn't learn anything from history?
Anyone else seeing history repeat itself 90 years later?
Shane Brady yep. The rate at which US govt interest payments increase per year is 2.4x what it was in 2017... It's going to be one hell of a ride
Yup and people are leaning to more government just like they've been planning. It's not a repeat it's a plan to control the people generation by generation because you can feed the new world bullshit to the kids waiting for that generation to catch up slowly til it over flows and floods the free markets poisoning its meaning. To control a strong nation is to poison it from within. The best way to win a war is make the people feel like it's their fight. Lol all just my opinion of course, have a nice day :D
Why do u think we are here bro hahahhahaa
Shane Brady 2021 the balloon pops
It's been repeating for the entire 90 years, thanks to the Fed. We also have a much larger national debt to boot, thanks to the spending frenzies of the 1930s and 1960s and 1980s.
History repeats itself dress styles, housing styles , autos and financial disasters, my opinion which I’ve held for years, the coming financial disaster will be the worst ever
I concur. The 2020s are the new 1930s.
For a second, I forgot this was about the early 1900s and thought he was telling us about what's been happening now...
the next economical downturn is going to be great depression levels
It’s just starting I’m glad i moved out of the city and built a farm 11 years ago
My mother told me when she was a litty girl, they didn't feel the depression because they lived on a farm.
I call BS. everybody was already freaking out over a little bit of toilet paper and Clorox wipes can you imagine when they cant get ANYTHING, ADD ON TOP OF THAT ALL THE MURDER AND LOOTING. It's gonna be hell
eric sosa l love it quite and peaceful had to replant some of the produce have 3 times the amount I planted last year 60 days will be eating and selling produce
eric sosa I’ve doing this for 11 years pretty well haven’t down to a science my uncle close his meat cutting operations I bought all of his equipment I guess that will be one of next occupations cutting up deer cows and pigs I guess I won’t be starving for a long time
eric sosa that’s how you get experience a little at a time I’m the last produce farmer in my county
Really great video. Hope the subscribers keep growing.
This is a lot easier than reading Rothbard's America's Great Depression which I have. Thank you for making it. I have a discussion board question coming up regarding the depression and its causes. Better to source this video than Rothbard's book.
He goes into so much detail. Makes me want to read it again lol
It makes me happy you're referencing Rothbard for the video. Instant credibility in my book. Subscribed!
Watching this 2020 March ....how scared are you?!
Just pooped myself
Not really scared at all. The government was just being retarded as usual and they shut down everything.
@M M Bro this "pandemic" isnt even an atrocity. Heres some facts from the CDC for you, Covid-19 has a worldwide mortality rate of 1%. (ONE PERCENT), and the common flu has killed way more people. And the common flu comes every year, (AND in different strands!) Another fact, all of the people who have died from it have been; The elderly, people with already underlying health conditions/problems (cancer, tuberculosis etc.), and people who smoke/drink heavily. So when you see those commercials of a woman saying her husband got the corona and died, well if you do a basic fact check l, turns out either their husband already had a health condition or was a heavy smoker. Do stop worrying about it.
M M you’re an idiot...there is nothing fake about this pandemic...I fear losers like you as much as I do the wrath of what is to come..your type defile this country
Our debt to GDP ratio is something like 125%
Fantastic explanation of the great depression! Thank you!
i am here just a night before my exam, thanks for the help.
"We did it, we caused the Great Depression"...Federal Reserve Chairman, Ben Bernanke.
when did he say that ? is there a video of it ??? i really want to know
Source?
www.federalreserve.gov/BOARDDOCS/SPEECHES/2002/20021108/
"Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again."
@@lightzpy8049 Milton Friedman’s 90 birthday party
@ Barry Weiss. Correct
A significant amount of the credit made available during the 1920s went into land speculation. A good primer on what occurred is found in the book "Only Yesterday" by historian Frederick Lewis Allen. Not only did investors become captured by the frenzy of the Florida land boom, this same frenzy occurred in many cities in response to population increases that triggered a significant increase in the demand for both commercial and residential land. An agricultural land boom also occurred during the First World War, during which time farmers borrowed heavily to expand their land holdings. A few years was required after the war ended for European farmers to recover, but by the mid-1920s global production exceeded demand, prices fell, farmers defaulted on loans, rural banks failed by the hundreds. As the land boom crashed, investors shifted heavily into the stock market, driving up prices well beyond what any fundamentals supported. Thus, by the end of 1929 the U.S. economy was stressed across almost all areas of production. To be sure, imprudent bank lending triggered the crash, but it was crash in the making because of the failure to utilize tax policy to tame the credit-fueled, speculation-driven land markets. A few economists (e.g., Harry Gunnison Brown, Scott Nearing and John R. Commons) had argued Henry George's case for the taxation of the potential annual rental value of land and of rents from other sources. This never became public policy, allowing the land market cycle to operate from boom to bust. Will we ever learn?
This process (in general) is a bit like bait: I ask you to invest $50 and make you think you'll increase its value to $500 (or a lot). Then, I do things on the side - affect interest rate, create laws, pull other strings - and put into place events that make your $50 mine. So, in the same way I baited the crab with the prospect of gain and then catch and ate him, financial people do that to us.
Lesson: If it seems too good to be true, it probably is.
or
If someone appeals to your emotion by telling you that you *deserve* this, that your family *deserves* these goods things, that you'll be popular if you buy/do this and unpopular if you don't, they are manipulating you, pulling your strings by using basic psychology. You have fallen for short term gain and denied yourself long-term gain. You chose quick and easy over the "right" way. We all have done it. Forgive youself, learn your lesson, warn others in a patient manner, and stop allowing others to victimize you!
Such an awesome video bro! Love how you really go into the detail. What do you think about the current economy? Are we near a crisis? And why or why not?
Yep. Cause
@@MMA2018 stupidest explanation ever. cause i said so.
Man that’s was a great informative video! BTW I’ve paused it like 15-20 times to look some words in the dictionary :)
Really well explained
Are there any sources that could be made available?
great video *BUT* can you pls provide references next time? (FOR EVERYTHING NOT JUST 2 BOOKS)
END THE FED
In the style of the silent cinema! 💙
Great!
How do you rob a bank and not go to jail? Become a banker!!!
Mark Holladay also a politician.
Or become a computer hacker! LOL
@@jimhanson9248 well done sir, I can think of a few other bottom feeders. Like attorneys and financial planners. But Jim I think you should get the 1st place prize. Without a politician paving the way for the rest of the theifs "the people would have a fighting chance". You're prize is on the way, glad we can still find humor in this darkness. Blessings to you and yours.
Fantastic video!!!
Hoover signed the smoot hawley tariffs in 1930 (around the 12 minute mark). This led to retaliatory tariffs and a spiraling contraction in trade, and resulted in overall reduction in goods produced worldwide, and reduced global prosperity. This the primary cause of the deep severity of the Great Depression and only a minute of this 20 minute video is devoted to them, and they aren’t even mentioned by name.
Thank you
Ironically we are going through that first part right now
Yep, and this is why I wish we had a completely free market. Yes, we would still have some economic downturns, but they'd be far smoother. When the government and federal reserve bank get involved, that just creates a much larger mess.
If there was a true free market in money (gold), there would be no repeated ups-downs in the economy. Only a paper-digital based, government-controlled "money" has that problem of creating havoc and constant price increases! Actually, it is the value of the paper "money" depreciating (resulting in higher prices), not prices in general increasing as the cause! The inflating is by the Central Bank machinery from the Federal Reserve banking cartel that 6 to 18 months later, shows as general price increases throughout the economy. Gold barely increases by maybe only 1% year-over-year, with new mining done. That proves the new "money" (paper or digital) after the gold standard was ended on Aug. 15, 1971, is a blatant failure to keep prices from going LOWER, as would be with gold-money instead of government-central bank created inflationary paper-crap. As Mises famously said, "Only government can take a good commodity as paper, slap some ink on it, and make it totally worthless!"
@@freeguy77 Didn't the Gold brought in from the Americas cause massive inflation for the Spanish?
@@squaeman_2644 Gold and silver need to be mined, which takes work (hard labor) in finding, then mining it, and refining it, then mint into coins for common use. Paper/digital requires no work or labor, so making it somehow as a unit of account ("money") by elitist central planning banksters in politicalization of a key invention by man to facilitate trade, will eventually destroy its purchasing power and blind trust in it by the commoners. Gold increases are by percentage change, extremely small in comparison to existing amount, so it is hardly noticeable, and does not cause the wild up-down, boom-to-bust cycles as seen worse after Aug. 15, 1971. The end of any 'dollar' tie to gold for the first time after the 1792 Mint Act defining the dollar in statute law (never repealed), after Hamilton's 1791 Report to Congress, finding the 'dollar' as 371.25 grains silver, and 24.75 grains gold; at a fixed 15:1 ratio. I hope this answers your question.
Great video
Such a long video by you. I hope it's not the last so epic.
Where can I find the sources on the historical facts mentioned here?
How do you include the false phrase "interest rates being set" in an otherwise well-developed argument? Interest rates consist of a dependent variable derived from an amount borrowed and an amount repaid. You cannot set (or calculate) interest rates separately from those independent variables.
The crazy thing is this shit is happening again 🤦🏾♀️
That was pretty damn good.
4:02 describes reserve requirements backwards. A 10% reserve requirement on a $1 deposit means the bank has $0.90 to lend, not $10. I think you meant to say a $10 deposit would require the bank to “reserve” $1 and lend the other $9. Please explain if I missed something.
check fractional reserve banking.if bank get deposit of $1, they can loan up to 90% of it because banks will keep on lending it to people in a cycle.in the end, $1 can be given as $9 debt. for us it is illegal, but it is legal for banks.not only that, they even have the nerve to charge interest for it.thats why inflation is never going away.more people have debt, more money supply in the economy, more inflation.
Great vid
Great documentary. The most comprehensive I’ve seen until now.
It’s not thorough at all..in fact what we have experienced since 2008 has debunked everything in this video
Can you give an example?
kulturfreund66 credit and inflationary pressures, money stock, Federal Deficit spending etc
kulturfreund66 Rothbard’s central thesis is that private allocation/dispersion of goods and services is more efficient than by command authority...2008-2020 proved otherwise...and with regard to money stock and fractional reserves causing the Great Depression..it’s not accurate..but that is a subject too complex to wade into here
@@MyDadWasALifeguard What? How did 2008-2020 prove otherwise? What? I would agree though that fractional reserve banking per se is fine. The problem is central banking
im being forced to watch this by my history teacher. good quality vid, but im having trouble staying awake.
This is eerily similar to 2020! Today it is happening in real time!!!!!
Always remember: The Gold standard can never fail, only you can fail the gold standard...
Michael Finn every gold standard ever has always failed
gold is hoarded and the suplly increased and decreased the same way The fed manipulates interest rates. So, it is out of our hands and controlled by someone else. Would be nice if we had something mor transparent so that no tricks could be played on us. Look at who controls gold, where it is stored, etc.
It is inconvenient, but a system of bartering may be more honest. I'd love crypto to work, but merely controlling electricity and the internet may disrupt crypto - and who really controls crypto?! Most of it is traceable - except for Monero and one or two others - and who created those?
We got Tons of Hoover camps in Denver now
What was the GDP in 1930's
Pity that there are ads in the middle of the video..
Audit, expose and end the Fed
Lets add the missing words in Murray Rothbard's statement...Given that you wish to buy something that you can not afford in your normal wage (you can afford bread) like a car (that you have not saved for) such that you must get into a financial arrangement that is not in your best interests (like a bank loan), AND the financial market is the centre focus of the government, AND money supply bypasses the consumer ... continue with his quote..
yes. we must acknowledge that part of the fault is our own. we cannot control others, but by controlling ourselves we can prevent others from profiting at our expense. we can be our own worst enemy or our own best friend. our ego/vanity is so often our worst enemy.
My teacher made me learn this
i kinda had hard time understand this ;/ somebody cab say fast what it was ;O
What bout the dustbowl?
Zajebango! Podobają mi się dużo bardziej angielskie filmiki niż polskie :D
I think you keyboard is broken. I couldn't read anything you typed.
@@zdcyclops1lickley190 Polish is the way Poles torture school children. Only Chinese is harder to learn.
this all looks so familiar hmmmm
Hoovers solution to support wages was the correct one, but, the cost difference had to come from the FEDs social security program. Support falling wages like they did the financial system. Ah well, keep reading...
So the Fed was established in 1913 and a short time later the Great Depression Lol no wonder our founding fathers were adamant against centralized banking. Great video Earned my sub
There were recessions before The Fed was establish, but, yeah... The Fed was created to siphon off our money, to mold the economy in ways that made BigBankers richer at the expense of others. But, lets not deny our own role in this. Gambling is risky and if casinos didn't win more than they lost, there'd be no casinos. The Fed is a powerful secretive casino of sorts - maybe one with a filter so that, out of every dollar you spend, it gets some of it and you never notice until The Fed releases destruction in the form of a recession or hyper inflation.
let's stop being *fools* - stop playing their game. Stop investing in the compnaies they onw. Look us the top conglomerates to see which products and services they own and then stop giving your money to them. We complain, but don't want to make changes in our own life to stop these Puppet Masters.
Vote with your dollar!
1920's. How do banks make money? By lending out money? Restricted to the deposits they hold given to them by a person? Or by creating a loan and speculating on the FEDs money?
Out of thin air
The US unemployment rate was 1.9% when Roosevelt left office. You should have mentioned this.
yes because everyone was working for the war effort lol
Slaves have an unemployment rate of zero.
I found this too much to take in. Maybe my knowledge of economics is too shallow to grasp it.
ua-cam.com/video/GCQfMWAikyU/v-deo.html
That ones easier to understand.
@@kaibaCorpHQ thx u i also found it too technical
@@findingmyhealing57 He meant it to be because he's an Austrian Economics ideologue...
@@kaibaCorpHQ But your link has a take which is very much opposed to the Austrian position: more government intervention!
Summary: central banks are a socialist concept. The bank prints easy money, causing people to buy things they don't need. This misallocates scarce resources and causes a large amount of wealth to be transferred to a small minority. Thus, resulting in a depression. Printing money is effectively the same as collectivism and redistributionism, or outright theft. An economy that justifies theft on a massive basis will fail.
You cover Hoover, but ignore FDR?
Oh...at the very end...barely
The Repeal of the Glass Steagall Act, compliments of Bill Slick Willy Clinton.
Its coming again prepare n learn
Covid19 brings me here
77 central bankers watched this video.
Imagine all the changes Herbert Hoover saw in his 90-year lifetime. Too bad he didn't live an additional few years to see computers come to households, heh.
We don't need him hanging around any longer.
thank you for debunking the Keynesian myth. Hopefully we will learn from it one day. It makes me sick this isn't taught in school
I am no fan of Keynes, but to have *only* gold backing our currency is silly since gold is so rare and the population keeps growing. Adding other precious metals and maybe even other commondities seems wiser. It could've at least been tested by adding silver, copper, and titanium. Test it until you find some stable equation and if it needs to tweaked now and then (when new technology finds uses for metals - such as for cell phones and solar batteries), then adjust the formula.
Already, gold is hoarded and its supply is manipulated. There was even a case of a man in Texas trying to corner the silver market. The diamond industry works like that, too, by keeping lots of reserves and then increasing and decreasing the supply to keep prices just high enough. Now that I think of it, it sounds like what The Fed does.
@@genkiferal7178 Good insight! I commend you for raising good questions. First of all, it is a myth that gold is too rare to be used as money. If one oz gold coins become too valuable for everyday transactions, than people will simply use 1/2 oz coins or 1/10 oz coins. Money is simply a measure of value, It doesn't matter if we measure a rug in inches feet, or miles as long as what we are meauring stays the same. So any amount of gold will be quite enough. As for the hording issue, there is law of economics called Greshams law. Which states that bad money drives out good money. That is why silver quarters dissapeared from circulation when replaced with cheaper metals, after all, if they are the same face value.. wouldn't you horde the silver and spend the junk? So in theory, if we removed the bad money, hording will cease to be as much of an issue.
Finally the issue of a bi metalic system is fascinating. We have used bi metalic system before, but our system had one glaring flaw that doomed it from the start. Fixed exchange rates, when we fixed exchange rates between gold and silver, one or the other would dissappear from circulation as the market values fluctuated. A bi metalic system isn't necessary for prosperous economics, but it isn't a bad idea either. For it to work tho, they cannot fix rates or we will wind up with a single metal system anyway
I recommend a book called the creature from jeckyll Island. He explains all of this better than I ever could. It's a great listen on audible too
@@jarehelt Read that book 15 years ago and loved it.
I understand and mostly agree that you'd simply use smaller increments of gold, but, when the metal becamse too rare (too hoarded and not enough mined), you'd have to make smaller denominations. ( Right now, some are talking about doing away with the penny and the world will soon transisition to cashless - easier to track and control us!).
I agree that tying the value of one matel to that of another is useless.
I like your name - i think - just noticed it.
The job of the Fed should be to pop bubbles BEFORE they pop by raising interest rates.
Money needs to go in citizens hands via e.ployment.
Check out- ICE AGE FARMER last video, get ready folks
2021, looks like we’re repeating history 😬😬😬😬😬😬
Anyone here live in Colorado ? :)
There is a book we read growing up in school that teaches us enough. Most books written are from others perspectives and opinions and generally ignore facts. 🤷♂️
Ask ten economists about the cause and remedy for the great depression you get 20 different answers.....none of them really knew or know what they were or are doing!
This is much truer than anything said in the video.
Maybe all of those things mattered and maybe there are a few people who want to control what you know and so lie about the causes and hide the truth - so that they can do it again. Its like putting a chicken neck in a cage to trap the crabs. When there are enough crabs in the cage, you yank the cage up and then boil them alive. You put the half eatne chicken neck back into the cage -maybe with another chicken neck- and put the now empty cage back into the water to trap more crabs. That seems to be how The Fed (and their cronies) operate. And we are the stupid crabs who only see gain and fail to see the trap laid for us.
Good point. Recessions happen for all sorts of reason and are very unpredictable. The question we should ask is how to get out of a recession once we're in it. This is where Keynes comes in.
Great video!
Can you do a video on how the economy of Nazi Germany improved from Weimar hyperinflation?
So you're saying that the crash was caused by banks speculating on the FED created money to cover loans and not the savings of the people in their deposits? Then when the FED stopped propping them up they became insolvent, crashing the system? The moment the banks relied on the FED right at the beginning, the banks were insolvent. Wages was the problem. They were not high enough for the banks. They wanted more. The government respected them (or the potential to have lots of money) more than the people. So, why did the FED stop the social security to the financial system?
Hoover gets a really bad rap due to the situation he inherited. If you really look at his life, he was almost an ambassador of Goodwill around the world. Had it been any other era, he would have been one of the greatest presidents of all time. Solid man.
Good vid!
He was an awful president though. He failed at pulling the USA out of the depression and should of stuck to laissez faire policies
@@kingofthecosmos3253 At least one documentary said FDR didn't pull us out of it, either. Perhaps we should blame presidents less and see what caused it and fix those things. Presidents don't have the power people think they have.
really appreciate the video and effort put into this, the only thing is that if you'll use french words, learn how to pronounce them: it's "laiSSez faire" --> double S is pronounced as S not Z. In other words, it's not pronounced laiZez faire, it's laiSSez faire
Again we never learn from the past. Over and over again. We make the same mistakes. I am going to profit from this though.
Too much money in too few hands.
It's a good video, but I swear the music.
In simpler terms people put their money into the stock market which is like betting on a racehorse. When they did put money in the stock market they bought the stocks on margin which means that they had to put down about 10% and the rest was on easy credit. There was no big internal issues it was the fact that the stock market look great but in reality the fundamentals the economy were not good. Same situation we are right now that fed keeps cutting interest rates to put EZ Money out there and people buy on the merging. Then they pump monies we don't have into the economy and say the stock market's doing great it's ready to top out and then it's going to tank that's what happened in the Great Depression and that's what's going to happen now you would think people wouldn't be so stupid they wouldn't fall into the same trap.
YES!!!! Its a trap to entice us with gain. It is gambling. Invest in your own business or in your family's business. Supposedly, this is what some Indian and Chinese immigrants to the USA do and that is why some do so well. They invest in the businesses of close friends and family members and then spend their money in those same businesses so they see how that business is doing and *know* the character of the man they invested in. If Minal Patel is scoundrel, lazy, or an unrealistic dreamer, his family and friends wouldn't invest in his business.
With the banks or stock market or even big box stores, we don't know the people we deal with. We may know a few low-wage employess, but we don't know the higher staff or have access to their accounting books. Even Ernst & Young auditors have been caught in scams or caught failing to audit correctly.
Too many terms I don’t understand so this video doesn’t make sense to me
Not anymore....
We are in the last phase before the recession, tariffs to other countries a desperate move to grab money but the recession is inevitable
They're gonna come after our social security.
Why is it the feds fault that private banks lent out more money !?? It wasn’t the fed creating that money, it was banks right ?
JP MORGEN CHEATING ON GOLD PRICES. in 2019.
The statement in the middle that blamed production. You haven't made the case for production yet, so why blame it? Over production of what? Under consumption of what? Its a free market system. What dill would produce something that doesn't sell? If a product had huge demand they can ramp up production, soaking up some unemployed etc., that's what they do. Then monitor when to start ramping down. Then, since wages are supported cut back hours and reallocate workers. Imagine where America would be now? Unstoppable power house. Not even China today can match that dynamic workforce and production.
Hang on what !? Why would the government WANT inflation !?!
Deuteronomy chapter 28
58 “If you refuse to obey all the words of instruction that are written in this book, and if you do not fear the glorious and awesome name of the Lord your God, 59 then the Lord will overwhelm you and your children with indescribable plagues. These plagues will be intense and without relief, making you miserable and unbearably sick. 60 He will afflict you with all the diseases of Egypt that you feared so much, and you will have no relief. 61 The Lord will afflict you with every sickness and plague there is, even those not mentioned in this Book of Instruction, until you are destroyed. 62 Though you become as numerous as the stars in the sky, few of you will be left because you would not listen to the Lord your God.
But God loves us, right?
@@fdadfadfad9107 I do not think God loves sinners. God did not however create us just to destroy us, He is sifting out the evil as we go through each generation until there are no more good left. Unless of course we finally come to covenant and bow to God.
😊
Peace, take today because it may be all you have
My post was more of a Parthian comment, I don't want to engage you in conversation. Thanks.
@@fdadfadfad9107 no problem, take care and may you stay c free
@M M yes that is correct 2😊
We just need to turn back God's way not mens way, we lost the ability to choose correctly and like to think we are like God since the Serpent told us so in Geneis at the beginning
Increasing spending on big gov entities or trickle down theories isn’t the same as spending into the citizens in a trickle up fashion.
Stop trying to tie the two together.
Unemployment rate was 1.9% when FDR died, I'd say the new deal worked pretty damn well (aswell as ww2); it was better than even today. Granted that had a lot to do with ww2, but even after that it only hit 7.9 till the Korean war.
Low unemployment during the war is not a "damn well" result. Before the depression the unemployment rate was much lower than 7.9
The only metric that makes FDR's economy look good is the unemployment rate and he largely brought that down through the draft, mass hiring by the government, and sweetheart deals with big corporations.
It's much like eliminating poverty by printing million dollar bills for everybody.
@@QuelDroma366 Basically what happened during the recession (and continue to happen now under quantitative easing) but for the rich.
Slaves have an unemployment rate of zero.
a war was created to fix our economy? it'll happen again soon. will it be against Russia this time and involve the areas in the middle east where the oil pipelines must go through?
#GetRidOfTheFederalReserve
The video is more of an opinion that free market works and that FDR's intervention did nothing good, despite good things did happen.
Why kids are not taught this in schools?
This is austrian economics, mainstream economics oppose this perspective, they blame it on capitalism
"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." - Henry Ford
There’s no L in “both”
They are doing all of this now
You keep saying the federal reserve is a government entity...but at its foundation it was 80 percent owned by the biggest Wall Street banks headed by the house of Morgan....only 20% by the government. According to Lowenstein in his recent book on the history of the fed. So isn't ur video misleading by leaving this fact out....Fed policy as u describe are more correctly attributed to the private sector...not the government...if Lowenstein is correct..
That's fantasy u really think the Government controlled the house of Morgan? The Morgan's owned every politician that made the Fed possible...u think government dictated to the Morgan's really...All panics are caused by corrupt private sector Elite's. This big government conspiracy narrative is pure fiction!!
This video NAILS IT!!!! It wasn't capitalism, it was governmental INTERFERENCE with and stimulus, and distortion of the market, which caused and prolonged the Great Depression. Everyone blames the gold standard. They couldn't be more wrong.
Capitalism is only good when their is many business that can compete with each other for quality for the consumer ( example of bad capitalism was during the gilded age of late 1800s when it was a big monopoly and trust within the big business ..... we kinda see some trust today too ) . When their is less business to compete you will see a increase on that product and less quality because no one else can compete ( examples are pill company's that charge a shit ton after another competitor shut down) with them , you will see quantity over quality, rn we are seeing small/local business struggling and once they shut down they shut down for good unlike big business. What make it worse they gave bailouts to casinos, Harvard and big business but give loans/debt to small business .
ITS up to us ( the people) to keep capitalism from going stale but some people think its to perfect to go bad or to improve it but history and human nature says other wise .
The Fed is not a government agency and gov't has almost no control over The Fed (run by BigBankers). And, we still have speculators and hedge funds that distort the market. And, we still have citizens who overspend and that has nothing to do with a gold standard. The supply of gold has been and is still manipulated in the same way interest rates are. Gold is more stable, but isn't the cure-all some think.
Invest in your self, in your own business, in your brother or best-friend's business. Write in clauses to make him act right if that makes you sleep better at night. he has to allow you to audit his books and speak to customers so you know if he isn't running the business right. And, you get to frequent that business yourself as a customer, so know how things might be going.
@@MajinMist603 we now have monopolies and our leaders no longer enforce anti-monopoly laws. Amazon/AWS, for instance, owns a huge percentage of America's servers, so can control which site gets to say what. We each need to know more details about who we deal with so that we spend our money and time on businesses who don't want to control us or what we do or say.
These Austrian economists always conveniently leave out the Austrian banking crisis in 1931 which caused massive bank runs world wide. Some say this is what triggered the great depression not the stock market crash.
No, the credit expansion started in 1921, and accelerated from 1927 to the peak in mid-1929. Then the Fed slammed on the brakes. But the damage had been done years earlier! The disastrous June 16, 1930 Smoot-Hawley Tariff massive increases (foreign import taxes) shrunk world trade, adding to the increase economic crash and higher unemployment. Hoover's further massive tax increases to "balance the budget" (1932) further cratering the economy, ballooning the deficit more, restricted private investment. Hoover's imploring corporations not to cut bloated wage rates again added to the high unemployment. FDR continued these government interventions and added more, destroying the free market so badly that private businesses could not plan with the constant government interventions--the owners never knew what the government central planners were going to do another central planning idea or when, next! It was all on the government, not anything to do with what remained of a "free market'." FDR even seized the private gold held, and the gold clause in bonds that the government "promised." Government promises mean nothing, which is why the Constitution needs to be obeyed instead of government always aiming for shortcuts around the prohibitions against government central planners! Prime example: the last time there was a true Congressional Declaration of War against a foreign enemy was against Germany and Italy on Dec. 11, 1941! 81 years ago! How many illegal foreign wars has the U.S. marched into since, disobeying that plain language? All those wars were not only immoral, as the U.S. was not attacked by a foreign government, but illegal because both Houses (House-Senate) must pass a Declaration of War, not some shortcut language, "authorization of force" crap! This proves the government will not be held down as the Founders promised in passing the Constitution in 1787, even with a Bill of Rights that is also increasingly ignored, and disobeyed by the central planning elitists!
We all know now that Rothbard was wrong
Someone should show our government this before they print off another trillion
malinvestments like Facebook, Amazon, Netflix, Google, Wall Street, and the Fed itself? That kind of malinvestment?
What causes all economic downturns? In most cases, GOVERNMENT Policy.
He sounds like a high school student spouting conventional wisdom he learned in school. Everyone has a theory they collected from somewhere. 1919 was peak coal production, no longer could they increase production to cover debt so they printed money for 10 years until credit crashed. 2018 was peak oil, for 10 years they printed money until now you see another crash.