{"id":566,"date":"2024-08-09T19:39:34","date_gmt":"2024-08-10T01:39:34","guid":{"rendered":"https:\/\/marginalnonhermit.com\/?p=566"},"modified":"2025-05-14T16:19:57","modified_gmt":"2025-05-14T22:19:57","slug":"rothbards-americas-great-depression-chapter-four-part-one","status":"publish","type":"post","link":"https:\/\/marginalnonhermit.com\/?p=566","title":{"rendered":"Rothbard&#8217;s <i>America&#8217;s Great Depression<\/i>, Chapter Four, Part One"},"content":{"rendered":"\n<iframe id=\"odysee-iframe\" style=\"width:100%; aspect-ratio:16 \/ 9;\" src=\"https:\/\/odysee.com\/$\/embed\/@MarginalNonHermit:3\/Americas-Great-Depression-Ch4p1:e?r=8gvoByECHNgc2BfQ5o91oxf89bpi1Ui4\" allowfullscreen><\/iframe>\n\n\n\n<p class=\"\">Here is my summary and study guide for the first half of chapter four, up to (but not including) the section &#8220;Treasury Currency&#8221; on page 116 of the fifth edition.<\/p>\n\n\n\n<p class=\"\">Rothbard is hitting us hard with data and references in this part, so be prepared!<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"\">This chapter is covering the inflationary aspects that were in play from 1921-1929, up until the crash. Rothbard shows that the inflationary parts of the economy can be attributed to the Fed and the Treasury, and that they had to inflate a crazy amount to keep prices relatively stable in the face of the massive productivity increases of the 1920s.<\/p>\n\n\n\n<p class=\"\">My outline and notes are <a href=\"https:\/\/marginalnonhermit.com\/wp-content\/uploads\/2024\/08\/rothbard-depression-notes-ch4p1.pdf\">here<\/a>.<\/p>\n\n\n\n<p class=\"\">Return to the series list <a href=\"https:\/\/marginalnonhermit.com\/?page_id=763\">here<\/a>.<\/p>\n\n\n\n<p class=\"\">The video is available on <a href=\"https:\/\/odysee.com\/@MarginalNonHermit:3\/Americas-Great-Depression-Ch4p1:e\">Odysee<\/a>, <a href=\"https:\/\/old.bitchute.com\/video\/yQpOIA2lkl5a\/\">BitChute<\/a>, and <a href=\"https:\/\/youtu.be\/I_y3buG2_e8\">YouTube<\/a>.<\/p>\n\n\n\n<p class=\"\">References (many paywalled, unfortunately):<br>America&#8217;s Great Depression, Rothbard<br><a href=\"https:\/\/mises.org\/library\/book\/americas-great-depression\n\">https:\/\/mises.org\/library\/book\/americas-great-depression<br><\/a><br>Human Action, Mises<br><a href=\"https:\/\/mises.org\/library\/book\/human-action\">https:\/\/mises.org\/library\/book\/human-action<\/a><\/p>\n\n\n\n<p class=\"\">Monetary Theory and the Trade Cycle, Hayek<br><a href=\"https:\/\/mises.org\/library\/book\/monetary-theory-and-trade-cycle\">https:\/\/mises.org\/library\/book\/monetary-theory-and-trade-cycle<\/a><\/p>\n\n\n\n<p class=\"\">The Great Depression, Robbins<br><a href=\"https:\/\/mises.org\/library\/book\/great-depression\">https:\/\/mises.org\/library\/book\/great-depression<\/a><\/p>\n\n\n\n<p class=\"\">Are Time Deposits Money?, Lin<br><a href=\"https:\/\/www.jstor.org\/stable\/1803818\">https:\/\/www.jstor.org\/stable\/1803818<\/a><\/p>\n\n\n\n<p class=\"\">The Federal Home Loan Bank System and the Control of Credit, McKinley<br><a href=\"https:\/\/www.jstor.org\/stable\/2976850\">https:\/\/www.jstor.org\/stable\/2976850<\/a><\/p>\n\n\n\n<p class=\"\">Comment Reply, McKinley<br><a href=\"https:\/\/www.jstor.org\/stable\/2975933\">https:\/\/www.jstor.org\/stable\/2975933<\/a><\/p>\n\n\n\n<p class=\"\">The Significance of Time Deposits in the Expansion of Bank Credit, 1922-28, French<br><a href=\"https:\/\/www.journals.uchicago.edu\/doi\/abs\/10.1086\/254284?journalCode=jpe\">https:\/\/www.journals.uchicago.edu\/doi\/abs\/10.1086\/254284?journalCode=jpe<\/a><\/p>\n\n\n\n<p class=\"\">Prof. Graham on Reserve Money and the 100 Per Cent Proposal, Lin<br><a href=\"https:\/\/www.jstor.org\/stable\/1803824\">https:\/\/www.jstor.org\/stable\/1803824<\/a><\/p>\n\n\n\n<p class=\"\">100 Per Cent Reserves: Comment, Graham<br><a href=\"https:\/\/www.jstor.org\/stable\/367\">https:\/\/www.jstor.org\/stable\/367<\/a><\/p>\n\n\n\n<p class=\"\">Studies in the Quantity Theory of Money, Friedman<br><a href=\"https:\/\/archive.org\/details\/studiesinquantit0000frie\/page\/n7\/mode\/2up\">https:\/\/archive.org\/details\/studiesinquantit0000frie\/page\/n7\/mode\/2up<\/a><\/p>\n\n\n\n<p class=\"\">The Federal Reserve System, Prochnow<br><a href=\"https:\/\/archive.org\/details\/in.ernet.dli.2015.190477\/page\/n1\/mode\/2up\">https:\/\/archive.org\/details\/in.ernet.dli.2015.190477\/page\/n1\/mode\/2up<\/a><\/p>\n\n\n\n<p class=\"\">The Role of the Sales Finance Companies in the American Economy, Phelps<br><a href=\"https:\/\/archive.org\/details\/roleofsalesfinan0000clyd\">https:\/\/archive.org\/details\/roleofsalesfinan0000clyd<\/a><\/p>\n\n\n\n<p class=\"\">Some Implications of the Growth of Financial Intermediaries, Shelby<br><a href=\"https:\/\/www.jstor.org\/stable\/2975931\">https:\/\/www.jstor.org\/stable\/2975931<\/a><\/p>\n\n\n\n<p class=\"\">Banking and Monetary Statistics 1914-1941, Federal Reserve System<br><a href=\"https:\/\/fraser.stlouisfed.org\/files\/docs\/publications\/bms\/1914-1941\/BMS14-41_complete.pdf\">https:\/\/fraser.stlouisfed.org\/files\/docs\/publications\/bms\/1914-1941\/BMS14-41_complete.pdf<\/a><\/p>\n\n\n\n<p class=\"\">The Supply and Control of Money in the United States, Currie<br><a href=\"https:\/\/academic.oup.com\/psq\/article-abstract\/50\/3\/432\/7242097?redirectedFrom=fulltext\">https:\/\/academic.oup.com\/psq\/article-abstract\/50\/3\/432\/7242097?redirectedFrom=fulltext<\/a><\/p>\n\n\n\n<p class=\"\">Economics and the Public Welfare, Anderson<br><a href=\"https:\/\/archive.org\/details\/economicspublicw0000ande\/page\/n3\/mode\/2up\">https:\/\/archive.org\/details\/economicspublicw0000ande\/page\/n3\/mode\/2up<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Here is my summary and study guide for the first half of chapter four, up to (but not including) the section &#8220;Treasury Currency&#8221; on page 116 of the fifth edition. Rothbard is hitting us hard with data and references in this part, so be prepared!<\/p>\n","protected":false},"author":1,"featured_media":542,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,2],"tags":[37,198,65,196,199],"class_list":["post-566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics","category-video-link","tag-economics","tag-great-depression","tag-money","tag-rothbard","tag-study-guide"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/marginalnonhermit.com\/wp-content\/uploads\/2024\/07\/Murray_Rothbard.jpg?fit=476%2C600&ssl=1","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=\/wp\/v2\/posts\/566","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=566"}],"version-history":[{"count":4,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=\/wp\/v2\/posts\/566\/revisions"}],"predecessor-version":[{"id":784,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=\/wp\/v2\/posts\/566\/revisions\/784"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=\/wp\/v2\/media\/542"}],"wp:attachment":[{"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}