The Bubble that Broke the World

Garet Garrett

What caused the stock-market crash of 1929 and the Great Depression that followed?

This book blows away the conventional interpretations, not only in its contents but that the book exists at all. The Bubble that Broke the World was written in 1931. Author Garet Garrett ascribes the crash to the pileup of debt, which in turn was made possible by the Federal Reserve’s 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.

We are still fighting an uphill battle to explain the true causes of stock-market crashes and economic recessions, especially the Great 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.

Bubble that Broke the World by Garet Garrett

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Meet the Author
Garet Garrett

Garet Garrett (1878–1954) was an American journalist and author who was noted for his critiques of the New Deal and US involvement in the Second World War.

Articles of Interest Garet Garrett
[The following is a condensation of Garet Garrett’s pamphlet The Rise of Empire , published in 1952, and included in his collection The People’s Pottage (Caldwell, ID: Caxton Printers, 1953).] We have...
Mises Daily Garet Garrett
There are many aspects of government. The one least considered is what may be called the biological aspect, in which government is like an organism with such an instinct for growth and self-expression that if let alone it is bound to destroy human freedom — not that it might wish to do so but that it could not in nature do less. No government ever wants less government — that is, less of itself. No government ever surrenders power, even its emergency powers — not really.
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References

Boston: Little Brown, 1932