One of the most persistent myths of the Great Depression is that from 1929 to 1932, Hoover did little to remedy the situation. In reality, Hoover was nearly the equal of Roosevelt in terms of government intervention, pursuing a relentlessly inflationary monetary policy and did much to prevent companies from adjusting to the new reality. In doing so, he likely turned what should have been a short recession into a decade long depression. Here is Murray Rothbard's account. A long read, but well worth it.
And the significance to today is clear; we have a major shock to banking and investment firms, and the Fed and our government are once again pursuing relentless intervention in the economy and a relentlessly inflationary monetary policy. No, I'm not predicting another Depression, but I am suggesting that what's being planned could do far more harm than good.
And what to do? Again, this empire works on debt.
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