The Uligarchy: When Usury and Oligarchy Meet.
The Great Depression, Part II: The Big Crash
Based on information and analyses provided by the Mises Institute and Murray Rothbard.1
The Big Crash
“The Roaring Twenties” kicked off after the short 1920-1921 recession that the Harding Administration effectively curtailed with tax and Federal budget cuts. “The Roaring Twenties” would gone on until July, 1929, when everything came to a cliff head as business activity and overall production began to decline. After the effects of the Golden Deal2 caught up with the country, the hot air balloon economy being funded by the massive amount of debt used to expand time deposits popped,3 and the government intervention in the free market which created corrupt markets and grey areas for increased bureaucracy bound up; then the international markets crashed into a wall in October of 1929.
Hoover is Elected
Herbert Hoover,4 the former Secretary of Commerce under both President Harding5 and then Harding’s successor President Calvin Coolidge6, was elected to the presidency on A.D. March 4th, 1929. Hoover was an avid proponent of interventionism, having been a supporter of the Fordney-McCumber Tariff Act of 1922,7 having authorized the Department of Commerce to oversee foreign loans in advance so that they could “advise” the bankers on them, and the expansion of the Department of Commerce with its market involvement. As President, Hoover continued his interventionist characteristics, including his “voluntary” measures that the government desired, with the implicit threat that if businesses did not “volunteer” for government “advise” properly, compulsory controls would soon follow.
*SHAMELESS PLUG*
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