All Commentary
Friday, August 12, 2011

Turmoil Revives Memories of 1930s


“The events of the last few weeks — gridlock in Washington, brinksmanship over raising the debt ceiling, Standard & Poor’s downgrade of long-term Treasuries, renewed fears about European debt and a dizzying plunge in the stock market — bear an intriguing resemblance to some of the events of 1937-38, the so-called recession within the Depression, with a major caveat: it was a lot worse back then.” (New York Times)

Do governments ever learn?

FEE Timely Classic
“The Great Depression According to Milton Friedman” by Ivan Pongracic Jr.