This book blows away the conventional interpretations of the crash of 1929, not only in its contents but that this book exists at all. It was written in 1931. He ascribes the crash to the pile of up debt, which in turn was made possible by the Fed printing machine. This created distortions in the production structure that cried out for correction. So what is the answer? Let the correction happen and learn from our mistakes.
Such is the thesis of the great Garet Garrett. But take note: this book was a big seller in 1931. In other words, two years before FDR arrived with his destructive New Deal, ascribing the depression to capitalism and speculation, Garrett had already explained what was really behind the correction.
It took Murray Rothbard to resurrect these truths decades later, and when he wrote this in 1963, it was a shock and we are still fighting an uphill battle to explain the true causes of the crash and following depression. But here in this wonderful book is an actual contemporary account that spelled it out plainly for the world to see.
No more can we say that people back then could not have understood. Garrett told them. And thanks to this new edition of this classic and important work, he is telling us again today.
190 pages, paperback 2007