Return to Capitalism by William Northwall

Author:William Northwall [Northwall, William]
Language: eng
Format: epub
Publisher: Published by Richter Publishing LLC www.richterpublishing.com
Published: 2017-07-13T04:00:00+00:00

All of this is worth bringing up for revealing, if nothing else, the terrible policymaking that needlessly elongated a downturn that, if left alone by Herbert Hoover and Roosevelt, would have been the source of a healthy economic rebound. Recessions, like market corrections, are an economy’s way of clearing out all the debris on the way to boom times. The Great Depression did not have to be…. So incensed was Fed Chairman Eugene Meyer by FDR’s decision that he resigned. From John Tamny’s Who Needs the Fed?

What started the “Great Depression”? Smoot-Hawley ended the “Roaring Twenties” (by setting off a worldwide trade war), and FDR’s downgrading the dollar’s value (which short-changed all the creditors who’d issued debt). The first was stupid and the second, arrogant. Stupidity followed by arrogance set up the whole world for, and brought us the cataclysm summarized by one name: Adolf Hitler.

Let me restate that. The Great Depression didn’t need to happen, and neither did WWII. Both came about secondary to stupidity and arrogance; what a tragedy!!!

Thought it couldn’t get any worse; well, stupidity followed by arrogance repeated itself under guidance by George W. Bush and was followed up by Barack Obama. Ignorance of past government behavior never seems to be clearly understood. For example, a new book by Marc Levinson, An Extraordinary Time, “…takes us back to the whirlwind of the very early 1970s, when a plunging-dollar crisis was soon followed by even worse shocks: oil and gas prices going through the roof; the global economy shuddering; the collapse of banks and firms; and then (here the author is very good) the half-hearted recovery that would defy the policy prescriptions of one administration after another.” This author then goes on to say we entered a new economic era. That the boost from our country being the main surviving economic power after the WWII was over, on top of the end of the conversion of an agrarian society to an industrialized country; that we now were a mature society, and despite all the technical advances (communication, etc.) concludes that the end of a golden age of economic progress was over, as described by the Nobel laureate economist, Paul Samuelson. Samuelson wrote the book we studied in college for economics. He was a true Keynesian who never believed in the gold standard. And ends with the notion “that modernizing societies like America have one special period of great productivity growth and then return to normal.”This from the book’s review by Paul Kennedy, TheWall Street Journal, 11-29-16.

Marc Levinson, the author of An Extraordinary Time, is an economist, historian, and journalist who writes for publications including TheWall Street Journal, Bloomberg, Foreign Affairs, and The Economist. The reviewer, Paul Kennedy, is a professor of history and director of International Securities Studies at Yale. They represent views of many learned persons from the “economic intellectual” types. That general view is that our country has entered a new, low growth era, and nothing can be done about it. I vigorously disagree.

I began

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