The Forgotten Depression

March 3, 2015

Follow the link to watch the full event: https://www.cato.org/events/forgotten-depression-1921-crash-cured-itself

What happens if you throw a depression and nobody from the government shows up? And what would happen if, instead of lowering interest rates and spending more to spur recovery, the government did nothing? The answer, in 1921 at least, is that the economy not only recovers but is “roaring” in less than two years. Was “The Crash that Cured Itself,” as the subtitle of James Grant’s fascinating new book refers to it, a fluke, or does it offer useful lessons for today’s erstwhile depression fighters?

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