{"id":589,"date":"2024-08-16T19:05:09","date_gmt":"2024-08-17T01:05:09","guid":{"rendered":"https:\/\/marginalnonhermit.com\/?p=589"},"modified":"2025-05-14T16:20:04","modified_gmt":"2025-05-14T22:20:04","slug":"rothbards-americas-great-depression-chapter-four-part-two","status":"publish","type":"post","link":"https:\/\/marginalnonhermit.com\/?p=589","title":{"rendered":"Rothbard&#8217;s <i>America&#8217;s Great Depression<\/i>, Chapter Four, Part Two"},"content":{"rendered":"\n<iframe id=\"odysee-iframe\" style=\"width:100%; aspect-ratio:16 \/ 9;\" src=\"https:\/\/odysee.com\/$\/embed\/@MarginalNonHermit:3\/Americas-Great-Depression-Ch4p2:5?r=8gvoByECHNgc2BfQ5o91oxf89bpi1Ui4\" allowfullscreen><\/iframe>\n\n\n\n<p class=\"wp-block-paragraph\">We continue our deep dive into Murray Rothbard&#8217;s classic text on the Great Depression!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Today, we&#8217;re looking at the second half of Chapter Four, which examines four different sources of inflation that the Federal Reserve controlled and exacerbated in the period between 1921-1929.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\">Show notes can be found <a href=\"https:\/\/marginalnonhermit.com\/wp-content\/uploads\/2024\/08\/rothbard-depression-notes-ch4p2.pdf\">here<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Return to the series list <a href=\"https:\/\/marginalnonhermit.com\/?page_id=763\">here<\/a>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This video is available on <a href=\"https:\/\/odysee.com\/@MarginalNonHermit:3\/Americas-Great-Depression-Ch4p2:5\">Odysee<\/a>, <a href=\"https:\/\/old.bitchute.com\/video\/O0A6UWcsLjvl\/\">BitChute<\/a>, and <a href=\"https:\/\/youtu.be\/DPGx8Ydgnqs\">YouTube<\/a>!<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">References:<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">My post &#8220;Beware the Bully Pulpit!&#8221;<br><a href=\"https:\/\/marginalnonhermit.com\/?p=232\">https:\/\/marginalnonhermit.com\/?p=232<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Two Explanations of Acceptances:<br><a href=\"https:\/\/www.wallstreetmojo.com\/bankers-acceptance\/\n\">https:\/\/www.wallstreetmojo.com\/bankers-acceptance\/<br><\/a><a href=\"https:\/\/www.investopedia.com\/terms\/a\/acceptance-market.asp\">https:\/\/www.investopedia.com\/terms\/a\/acceptance-market.asp<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kemmerer, &#8220;The ABC of the Federal Reserve System&#8221;:<br><a href=\"https:\/\/fraser.stlouisfed.org\/files\/docs\/publications\/books\/abcfrs_kemmerer_1922.pdf\">https:\/\/fraser.stlouisfed.org\/files\/docs\/publications\/books\/abcfrs_kemmerer_1922.pdf<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Willis&#8217;s Manuscript for &#8220;Report of an Inquiry into Contemporary Banking in the United States&#8221; is impossible to find, but a copy was donated to Columbia U:<br><a href=\"http:\/\/www.columbia.edu\/cu\/libraries\/inside\/projects\/findingaids\/scans\/pdfs\/48_WIEN-WIT_13.pdf\">http:\/\/www.columbia.edu\/cu\/libraries\/inside\/projects\/findingaids\/scans\/pdfs\/48_WIEN-WIT_13.pdf<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Willis et al., &#8220;Federal Reserve Banking Practice&#8221;:<br><a href=\"https:\/\/books.google.com\/books?hl=en&amp;lr=&amp;id=N7eEAAAAIAAJ&amp;oi=fnd&amp;pg=PR5&amp;dq=henry+parker+willis+conclusions&amp;ots=idu36YEenS&amp;sig=stRjzfExjiXMENYnxYOXNE6V6tA#v=onepage&amp;q&amp;f=false\">https:\/\/books.google.com\/books?hl=en&amp;lr=&amp;id=N7eEAAAAIAAJ&amp;oi=fnd&amp;pg=PR5&amp;dq=henry+parker+willis+conclusions&amp;ots=idu36YEenS&amp;sig=stRjzfExjiXMENYnxYOXNE6V6tA#v=onepage&amp;q&amp;f=false<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Harris, &#8220;Twenty Years of Federal Reserve Policy&#8221;:<br><a href=\"https:\/\/archive.org\/details\/twentyyearsoffed0000seym\/page\/n7\/mode\/2up\">https:\/\/archive.org\/details\/twentyyearsoffed0000seym\/page\/n7\/mode\/2up<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The Annalist (I couldn&#8217;t find the Sprague article &#8220;Immediate Advances\u2026&#8221; anywhere):<br><a href=\"https:\/\/archive.org\/details\/pub_annalist-a-magazine-of-finance-commerce-and-economics\">https:\/\/archive.org\/details\/pub_annalist-a-magazine-of-finance-commerce-and-economics<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Phillips, et al., &#8220;Banking and the Business Cycle&#8221;<br><a href=\"https:\/\/mises.org\/library\/book\/banking-and-business-cycle\">https:\/\/mises.org\/library\/book\/banking-and-business-cycle<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Banker&#8217;s Magazine Archive (See p. 13 for Willis&#8217;s article):<br><a href=\"https:\/\/books.google.com\/books?id=ZVsmAQAAIAAJ&amp;printsec=frontcover#v=onepage&amp;q&amp;f=false\">https:\/\/books.google.com\/books?id=ZVsmAQAAIAAJ&amp;printsec=frontcover#v=onepage&amp;q&amp;f=false<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Two Willis articles in The Annalist (footnote 24):<br><a href=\"https:\/\/archive.org\/details\/sim_annalist-a-magazine-of-finance-commerce-and-economic_1924-11-24_24_619\/page\/540\/mode\/2up\">https:\/\/archive.org\/details\/sim_annalist-a-magazine-of-finance-commerce-and-economic_1924-11-24_24_619\/page\/540\/mode\/2up<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/archive.org\/details\/sim_annalist-a-magazine-of-finance-commerce-and-economic_1924-11-10_24_617\/page\/476\/mode\/2up\">https:\/\/archive.org\/details\/sim_annalist-a-magazine-of-finance-commerce-and-economic_1924-11-10_24_617\/page\/476\/mode\/2up<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Saloutos, &#8220;Agricultural Discontent in the Middle West, 1900-1939&#8221;:<br><a href=\"https:\/\/archive.org\/details\/agriculturaldisc00salorich\">https:\/\/archive.org\/details\/agriculturaldisc00salorich<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Anderson, &#8220;Economics and the Public Welfare&#8221;:<br><a href=\"https:\/\/archive.org\/details\/economicspublicw0000ande\/page\/n3\/mode\/2up\">https:\/\/archive.org\/details\/economicspublicw0000ande\/page\/n3\/mode\/2up<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hardy, &#8220;Credit Policies of the Federal Reserve System&#8221;:<br><a href=\"https:\/\/mises.org\/library\/book\/credit-policies-federal-reserve-system\">https:\/\/mises.org\/library\/book\/credit-policies-federal-reserve-system<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Clark, &#8220;Central Banking under the Federal Reserve System&#8221;<br><a href=\"https:\/\/fraser.stlouisfed.org\/title\/central-banking-federal-reserve-system-314\">https:\/\/fraser.stlouisfed.org\/title\/central-banking-federal-reserve-system-314<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Miller, &#8220;Responsibility for Federal Reserve Policies, 1927-1929&#8221;:<br><a href=\"https:\/\/fraser.stlouisfed.org\/title\/american-economic-review-1161\/responsibility-federal-reserve-policies-1927-1929-2353\">https:\/\/fraser.stlouisfed.org\/title\/american-economic-review-1161\/responsibility-federal-reserve-policies-1927-1929-2353<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Robey, &#8220;Capeadores in Wall Street&#8221;:<br><a href=\"https:\/\/cdn.theatlantic.com\/media\/archives\/1928\/09\/142-3\/132464434.pdf\">https:\/\/cdn.theatlantic.com\/media\/archives\/1928\/09\/142-3\/132464434.pdf<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Warburg, &#8220;The Federal Reserve System (volume 2)&#8221;:<br><a href=\"https:\/\/fraser.stlouisfed.org\/files\/docs\/publications\/books\/frsorigin1930\/frsorigin_warburg_1930v2.pdf\">https:\/\/fraser.stlouisfed.org\/files\/docs\/publications\/books\/frsorigin1930\/frsorigin_warburg_1930v2.pdf<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Warburg in the Commercial and Financial Chronicle:<br><a href=\"https:\/\/fraser.stlouisfed.org\/title\/commercial-financial-chronicle-1339\/march-9-1929-517038\">https:\/\/fraser.stlouisfed.org\/title\/commercial-financial-chronicle-1339\/march-9-1929-517038<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Chandler, &#8220;Benjamin Strong, Central Banker&#8221;<br><a href=\"https:\/\/archive.org\/details\/benjaminstrongce0000chan\">https:\/\/archive.org\/details\/benjaminstrongce0000chan<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Baster, &#8220;The International Acceptance Market&#8221;:<br><a href=\"https:\/\/www.jstor.org\/stable\/195\">https:\/\/www.jstor.org\/stable\/195<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Garrett, &#8220;The Bubble that Broke the World&#8221;:<br><a href=\"https:\/\/mises.org\/library\/book\/bubble-broke-world\">https:\/\/mises.org\/library\/book\/bubble-broke-world<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Robbins, &#8220;The Great Depression&#8221;:<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=\"wp-block-paragraph\">Willis, &#8220;The Theory and Practice of Central Banking&#8221;:<br><a href=\"https:\/\/archive.org\/details\/theorypracticeof0000henr\">https:\/\/archive.org\/details\/theorypracticeof0000henr<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Reed, &#8220;Federal Reserve Policy 1921-1930&#8221;:<br><a href=\"https:\/\/archive.org\/details\/federalreservepo0000haro\/page\/n7\/mode\/2up\">https:\/\/archive.org\/details\/federalreservepo0000haro\/page\/n7\/mode\/2up<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Willis, &#8220;Who Caused the Panic of 1929?&#8221;:<br><a href=\"https:\/\/www.jstor.org\/stable\/25110946\">https:\/\/www.jstor.org\/stable\/25110946<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rogoff, &#8220;Central Banking Functions of the United States Treasury, 1789-1941&#8221;:<br><a href=\"https:\/\/archive.org\/details\/in.ernet.dli.2015.469624\/page\/n5\/mode\/2up\">https:\/\/archive.org\/details\/in.ernet.dli.2015.469624\/page\/n5\/mode\/2up<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>We continue our deep dive into Murray Rothbard&#8217;s classic text on the Great Depression! Today, we&#8217;re looking at the second half of Chapter Four, which examines four different sources of inflation that the Federal Reserve controlled and exacerbated in the period between 1921-1929.<\/p>\n","protected":false},"author":1,"featured_media":487,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[3,2],"tags":[197,37,198,196],"class_list":["post-589","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics","category-video-link","tag-americas-great-depression","tag-economics","tag-great-depression","tag-rothbard"],"jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/marginalnonhermit.com\/wp-content\/uploads\/2023\/12\/Rothbard_70s.jpg?fit=445%2C576&ssl=1","_links":{"self":[{"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=\/wp\/v2\/posts\/589","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=589"}],"version-history":[{"count":2,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=\/wp\/v2\/posts\/589\/revisions"}],"predecessor-version":[{"id":785,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=\/wp\/v2\/posts\/589\/revisions\/785"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=\/wp\/v2\/media\/487"}],"wp:attachment":[{"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}