He contrasts the rapid recovery of the economy following the 1920–1921 depression, when the government adopted a "hands-off" policy, with the disastrous stagnation of the economy in the 1930s, during Roosevelt's New Deal.
Tom Woods has made an invaluable contribution with his latest book. The public today looks for an explanation of the current economic crisis and a prescription for recovery.
People are being told by governments, central bankers, and leading mainstream economists that money-base expansion is not inflationary — because th
Artificial credit created by a deceptively low rate of interest leads to speculative bubbles.
Remove all government impediments to effective entrepreneurial planning: avoid protectionist measures internationally; allow prices and wages to adjust as needed to restore market equilibrium. Not only cut tax rates, as was done in the incomplete reforms of the 1980s and early in this century, but, per Rothbard, drastically reduce the government budget, both taxes and expenditures.
"All of this government intervention will only spawn new malinvestments and later depressions."
True prosperity did not return until "the federal government relinquished its stranglehold on the American economy."
