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Events • November 18, 2014 

# *The Forgotten Depression: 1921: The Crash That Cured Itself*

[![](https://object.cato.org/sites/cato.org/files/images/forgotten-depression.jpg)](http://www.amazon.com/The-Forgotten-Depression-Crash-Itself/dp/1451686455/?tag=catoinstitute-20)

What happens if you throw a depression and nobody from the government shows up? No Quantitative Easers or fiscal stimulators or financial-firm rescuers? 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? Join us to hear James Grant, Jim Powell, and Lawrence H. White discuss this and other important questions raised by Grant's stimulating new book.

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This work is licensed under a [Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License](https://creativecommons.org/licenses/by-nc-sa/4.0/). 

##### Featuring 

[![Media Name: powell.jpg](/sites/cato.org/files/styles/author_picture/public/authors/crops/powell.jpg?itok=7cQs7s_G)](/people/jim-powell) 

##### [Jim Powell](/people/jim-powell)

Senior Fellow 

[![Media Name: lwhite.jpg](/sites/cato.org/files/styles/author_picture/public/authors/crops/lwhite.jpg?itok=qVPZVwye)](/people/lawrence-white) 

##### [Lawrence H. White](/people/lawrence-white)

Senior Fellow, Center for Monetary and Financial Alternatives, and Professor of Economics, George Mason University

[ 

](https://x.com/Lawrencehwhite1) [ 

](mailto:lwhite11@gmu.edu) 

[![George Selgin](/sites/cato.org/files/styles/author_picture/public/2021-01/George%20Selgin.jpg?itok=daUqyD5g)](/people/george-selgin) 

##### [George Selgin](/people/george-selgin)

Former Senior Fellow and Director Emeritus, Center for Monetary and Financial Alternatives, Cato Institute

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](https://x.com/GeorgeSelgin) [ 

](mailto:gselgin@cato.org)