Episode 59 - 6. The Inflationary Boom of the 1920s (continued) - Murray N Rothbard
Summary
Rothbard analyzes the 1920s as a period of deliberate Federal Reserve inflation designed to prop up European economies and sustain American exports through private foreign lending. He argues that this mercantilist strategy, driven by figures like Benjamin Strong and supported by the "Stable Money" movement, created massive malinvestment and a fragile credit pyramid. The episode details how the cessation of this inflationary policy in 1929 triggered the Great Depression, exposing the inherent contradictions of the managed gold exchange standard.
Listen ad-free on Castria