{"id":593,"date":"2024-08-24T19:48:17","date_gmt":"2024-08-25T01:48:17","guid":{"rendered":"https:\/\/marginalnonhermit.com\/?p=593"},"modified":"2025-05-14T16:20:13","modified_gmt":"2025-05-14T22:20:13","slug":"rothbards-americas-great-depression-chapter-five","status":"publish","type":"post","link":"https:\/\/marginalnonhermit.com\/?p=593","title":{"rendered":"Rothbard&#8217;s <i>America&#8217;s Great Depression<\/i>, Chapter Five"},"content":{"rendered":"\n<iframe id=\"odysee-iframe\" style=\"width:100%; aspect-ratio:16 \/ 9;\" src=\"https:\/\/odysee.com\/$\/embed\/@MarginalNonHermit:3\/Americas-Great-Depression-Ch5:9?r=8gvoByECHNgc2BfQ5o91oxf89bpi1Ui4\" allowfullscreen><\/iframe>\n\n\n\n<p class=\"\">This chapter is about the &#8220;genetics&#8221; of the inflation, rather than the &#8220;anatomy,&#8221; to use Rothbard&#8217;s words. Basically, in this chapter, we&#8217;re interested in the cast of characters and how they were interacting.<\/p>\n\n\n\n<p class=\"\">Our primary characters are Benjamin Strong, Governor of the Federal Reserve Bank of New York during most of the 1920s, and Montagu Norman, head of the Bank of England at the same time.<\/p>\n\n\n\n<p class=\"\">Rothbard describes their interactions and secret backroom deals to push more inflation and make the inevitable depression worse!<\/p>\n\n\n\n<p class=\"\">Read my show notes <a href=\"https:\/\/marginalnonhermit.com\/wp-content\/uploads\/2024\/08\/rothbard-depression-notes-ch5.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=\"\">This video is available on <a href=\"https:\/\/odysee.com\/@MarginalNonHermit:3\/Americas-Great-Depression-Ch5:9\">Odysee<\/a>, <a href=\"https:\/\/old.bitchute.com\/video\/pb6RZOum4flV\/\">BitChute<\/a>, and <a href=\"https:\/\/youtu.be\/AD3MaYMQuMc\">YouTube<\/a>.<\/p>\n\n\n\n<p class=\"\">References:<\/p>\n\n\n\n<p class=\"\">Harris, <em>Twenty Years of Federal Reserve Policy<br><\/em><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=\"\">Lary, <em>The United States in the World Economy: The International Transactions of the United States During the Interwar Period<\/em><br><a href=\"https:\/\/fraser.stlouisfed.org\/title\/united-states-world-economy-9204?page=3\">https:\/\/fraser.stlouisfed.org\/title\/united-states-world-economy-9204?page=3<\/a><\/p>\n\n\n\n<p class=\"\">Berglund, <em>The Tariff Act of 1922<\/em><br><a href=\"https:\/\/www.jstor.org\/stable\/pdf\/1804045.pdf\">https:\/\/www.jstor.org\/stable\/pdf\/1804045.pdf<\/a><\/p>\n\n\n\n<p class=\"\">Beckhart, <em>The New York Money Market<\/em><br><a href=\"https:\/\/www.degruyter.com\/document\/doi\/10.7312\/beck93862\/html?lang=en#contents\">https:\/\/www.degruyter.com\/document\/doi\/10.7312\/beck93862\/html?lang=en#contents<\/a><\/p>\n\n\n\n<p class=\"\">Smith, <em>Facing the Facts; An Economic Diagnosis<\/em><br><a href=\"https:\/\/archive.org\/details\/facingfactsecono0000smit\">https:\/\/archive.org\/details\/facingfactsecono0000smit<\/a><\/p>\n\n\n\n<p class=\"\">Putnam, <em>What Shall We Do About Depressions?<\/em><br><a href=\"https:\/\/www.jstor.org\/stable\/2349663\">https:\/\/www.jstor.org\/stable\/2349663<\/a><\/p>\n\n\n\n<p class=\"\">Aldrich, <em>The Causes of the Present Depression and Possible Remedies<\/em><br><a href=\"https:\/\/books.google.com\/books\/about\/The_Causes_of_the_Present_Depression_and.html?id=iijIAAAAMAAJ\">https:\/\/books.google.com\/books\/about\/The_Causes_of_the_Present_Depression_and.html?id=iijIAAAAMAAJ<\/a><\/p>\n\n\n\n<p class=\"\">Viner, <em>Political Aspects of International Finance<\/em><br><a href=\"https:\/\/www.jstor.org\/stable\/pdf\/2349238.pdf\">https:\/\/www.jstor.org\/stable\/pdf\/2349238.pdf<\/a><\/p>\n\n\n\n<p class=\"\">Hoover, <em>The Memoirs of Herbert Hoover<\/em><br><a href=\"https:\/\/archive.org\/details\/memoirsofherbert0002hoov\">https:\/\/archive.org\/details\/memoirsofherbert0002hoov<\/a><\/p>\n\n\n\n<p class=\"\">Viner, <em>Political Aspects of International Finance II<\/em><br><a href=\"https:\/\/www.jstor.org\/stable\/pdf\/2349531.pdf\">https:\/\/www.jstor.org\/stable\/pdf\/2349531.pdf<\/a><\/p>\n\n\n\n<p class=\"\">Warren, <em>Herbert Hoover and the Great Depression<\/em><br><a href=\"https:\/\/archive.org\/details\/herberthoovergre0000warr_f2d0\">https:\/\/archive.org\/details\/herberthoovergre0000warr_f2d0<\/a><\/p>\n\n\n\n<p class=\"\">Robbins, <em>The Great Depression<\/em><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=\"\">Beveridge, <em>Unemployment: A Problem of Industry<\/em><br><a href=\"https:\/\/play.google.com\/store\/books\/details?id=1qgrAQAAMAAJ&amp;rdid=book-1qgrAQAAMAAJ&amp;rdot=1\">https:\/\/play.google.com\/store\/books\/details?id=1qgrAQAAMAAJ&amp;rdid=book-1qgrAQAAMAAJ&amp;rdot=1<\/a><\/p>\n\n\n\n<p class=\"\">Benham, <em>British Monetary Policy<\/em><br><a href=\"https:\/\/books.google.com\/books\/about\/British_Monetary_Policy.html?id=cJovAAAAYAAJ\">https:\/\/books.google.com\/books\/about\/British_Monetary_Policy.html?id=cJovAAAAYAAJ<\/a><\/p>\n\n\n\n<p class=\"\">Clark, <em>Central Banking Under the Federal Reserve System&#8230;<\/em><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=\"\">Rist, <em>Notice Biographique<\/em><br><a href=\"https:\/\/www.jstor.org\/stable\/24689652\">https:\/\/www.jstor.org\/stable\/24689652<\/a><\/p>\n\n\n\n<p class=\"\">Chandler, <em>Benjamin Strong, Central Banker<\/em><br><a href=\"https:\/\/archive.org\/details\/benjaminstrongce0000chan\">https:\/\/archive.org\/details\/benjaminstrongce0000chan<\/a><\/p>\n\n\n\n<p class=\"\">Clay, <em>Lord Norman<\/em><br><a href=\"https:\/\/archive.org\/details\/lordnorman0000clay\">https:\/\/archive.org\/details\/lordnorman0000clay<\/a><\/p>\n\n\n\n<p class=\"\">Crosby, <em>Commercial and Financial Chronicle<\/em> (May 9, 1925)<br><a href=\"https:\/\/fraser.stlouisfed.org\/title\/commercial-financial-chronicle-1339\/may-9-1925-518311\">https:\/\/fraser.stlouisfed.org\/title\/commercial-financial-chronicle-1339\/may-9-1925-518311<\/a><\/p>\n\n\n\n<p class=\"\">Palyi, <em>Review: The Meaning of the Gold Standard<\/em><br><a href=\"https:\/\/www.jstor.org\/stable\/2349926\">https:\/\/www.jstor.org\/stable\/2349926<\/a><\/p>\n\n\n\n<p class=\"\">Hardy, <em>Credit Policies of the Federal Reserve System<\/em><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=\"\">Adams, <em>The International Gold Standard Reinterpreted<\/em><br><a href=\"https:\/\/archive.org\/details\/internationalgol0002brow\/mode\/2up\">https:\/\/archive.org\/details\/internationalgol0002brow\/mode\/2up<\/a><\/p>\n\n\n\n<p class=\"\">Anderson, <em>Economics and the Public Welfare<\/em><br><a href=\"https:\/\/archive.org\/details\/economicspublicw0000ande\/mode\/2up\">https:\/\/archive.org\/details\/economicspublicw0000ande\/mode\/2up<\/a><\/p>\n\n\n\n<p class=\"\">Warburg, <em>The Federal Reserve System<\/em> (Vol. 2)<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=\"\">Willis, <em>The Failure of the Federal Reserve<\/em><br><a href=\"https:\/\/www.jstor.org\/stable\/25110746\">https:\/\/www.jstor.org\/stable\/25110746<\/a><\/p>\n\n\n\n<p class=\"\">Reed, <em>Federal Reserve Policy 1921-1930<\/em><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=\"\">Abbott, <em>The New York Bond Market, 1920-1930<\/em><br><a href=\"https:\/\/books.google.com\/books\/about\/The_New_York_Bond_Market_1920_1930.html?id=z0wUAQAAMAAJ\">https:\/\/books.google.com\/books\/about\/The_New_York_Bond_Market_1920_1930.html?id=z0wUAQAAMAAJ<\/a><\/p>\n\n\n\n<p class=\"\">Snyder, <em>Capitalism the Creator<\/em><br><a href=\"https:\/\/mises.org\/library\/book\/capitalism-creator\">https:\/\/mises.org\/library\/book\/capitalism-creator<\/a><\/p>\n\n\n\n<p class=\"\">Hoyt, <em>The Effect of Cyclical Fluctuations Upon Real Estate Finance (Speech)<\/em><br><a href=\"https:\/\/fraser.stlouisfed.org\/files\/docs\/historical\/fdic\/speeches\/hoyt_19470125.pdf\">https:\/\/fraser.stlouisfed.org\/files\/docs\/historical\/fdic\/speeches\/hoyt_19470125.pdf<\/a><\/p>\n\n\n\n<p class=\"\">Hoyt, <em>The Effect of Cyclical Fluctuations Upon Real Estate Finance<\/em><br><a href=\"https:\/\/www.jstor.org\/stable\/2975516\">https:\/\/www.jstor.org\/stable\/2975516<\/a><\/p>\n\n\n\n<p class=\"\">Durant, <em>Commercial and Financial Chronicle<\/em> (April 20, 1929)<br><a href=\"https:\/\/fraser.stlouisfed.org\/title\/commercial-financial-chronicle-1339\/april-20-1929-516890\">https:\/\/fraser.stlouisfed.org\/title\/commercial-financial-chronicle-1339\/april-20-1929-516890<\/a><\/p>\n\n\n\n<p class=\"\">Lawrence, <em>Wall Street and Washington<\/em><br><a href=\"https:\/\/lawcat.berkeley.edu\/record\/521500\">https:\/\/lawcat.berkeley.edu\/record\/521500<\/a><br><a href=\"https:\/\/books.google.com\/books\/about\/Wall_street_and_Washington.html?id=93tEAAAAIAAJ\">https:\/\/books.google.com\/books\/about\/Wall_street_and_Washington.html?id=93tEAAAAIAAJ<\/a><\/p>\n\n\n\n<p class=\"\">Irving, <em>The Stock Market Crash&#8211;and After<\/em><br><a href=\"https:\/\/books.google.com\/books\/about\/The_stock_market_crash_and_after.html?id=mYREAAAAIAAJ\">https:\/\/books.google.com\/books\/about\/The_stock_market_crash_and_after.html?id=mYREAAAAIAAJ<\/a><\/p>\n\n\n\n<p class=\"\">Beckhart, <em>Federal Reserve Policy and the Money Market, 1923-1931<\/em><br><strong>I could not find a good source, even paywalled, for this article. Best I could find was a citation, here:<\/strong><br><a href=\"https:\/\/www.econbiz.de\/Record\/federal-reserve-policy-and-the-money-market-1923-1931-beckhart-benjamin-haggott\/10001892048\">https:\/\/www.econbiz.de\/Record\/federal-reserve-policy-and-the-money-market-1923-1931-beckhart-benjamin-haggott\/10001892048<\/a><\/p>\n\n\n\n<p class=\"\">Willis &amp; Chapman, <em>The Economics of Inflation<\/em><br><a href=\"https:\/\/www.degruyter.com\/document\/doi\/10.7312\/will93390\/html?lang=en\">https:\/\/www.degruyter.com\/document\/doi\/10.7312\/will93390\/html?lang=en<\/a><\/p>\n\n\n\n<p class=\"\">Hardy, <em>Credit Policies of the Federal Reserve System<\/em><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=\"\">Phillips, <em>Banking and the Business Cycle<\/em><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=\"\">Noyes, <em>The Gold Inflation in the United States 1921-1929<\/em><br><a href=\"https:\/\/www.jstor.org\/stable\/418\">https:\/\/www.jstor.org\/stable\/418<\/a><\/p>\n\n\n\n<p class=\"\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This chapter is about the &#8220;genetics&#8221; of the inflation, rather than the &#8220;anatomy,&#8221; to use Rothbard&#8217;s words. Basically, in this chapter, we&#8217;re interested in the cast of characters and how they were interacting. Our primary characters are Benjamin Strong, Governor of the Federal Reserve Bank of New York during most of the 1920s, and Montagu [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":499,"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":[197,37,198,185,196,199],"class_list":["post-593","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-inflation","tag-rothbard","tag-study-guide"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/marginalnonhermit.com\/wp-content\/uploads\/2023\/12\/dollars.jpg?fit=800%2C529&ssl=1","jetpack_sharing_enabled":true,"jetpack_likes_enabled":true,"_links":{"self":[{"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=\/wp\/v2\/posts\/593","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=593"}],"version-history":[{"count":3,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=\/wp\/v2\/posts\/593\/revisions"}],"predecessor-version":[{"id":786,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=\/wp\/v2\/posts\/593\/revisions\/786"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=\/wp\/v2\/media\/499"}],"wp:attachment":[{"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=593"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=593"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/marginalnonhermit.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=593"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}