Top 3 Myths About the Great Depression and the New Deal

[CrusaderFrank]

[/I]

I'm informed that much of went to European national bank accounts.

I am further informed (although I have never confirmed this fact) that it was sold at a serious discount, too.

Anybody have a credible source to confirm or deny this "fact"?

But that couldn't work - it would expand the money supply, which was actually reduced by 1/3rd.

Gold flowed out of the country in 1931 after European countries started leaving the gold standard. However, much of the money contraction occurred after the failure of the Bank of United States in 1930. Assets to deposits were very low in September of 1930 as people poured money into the banking system after the collapse of the stock market. But after the failure of the Bank of United States - which many Europeans thought was the central bank - deposits began leaving the system indiscriminately. People started putting money in tin cans and mattresses as they withdrew from the banking system, and the ratio of assets to deposits skyrocketed.

If the Fed was supposed to be the lender of last resort, why did it let the Bank of United State fail, especially when the Bank was able to pay out 92 cents on the dollar?

 

[JakeStarkey]

FrazzledGear and Crusader Frank are dangerous because they are unbalanced. Anyone who differs from them is somehow a "liberal" or a "socialist" or a "commie." Never mind they have to revise history, factual events, and definitions to reach their goals.

Kiddos, there is a reason why you are in the vast minority and the reponsible GOP portion of the party looks on you with loathing.

 

[Toro]

But that couldn't work - it would expand the money supply, which was actually reduced by 1/3rd.

Gold flowed out of the country in 1931 after European countries started leaving the gold standard. However, much of the money contraction occurred after the failure of the Bank of United States in 1930. Assets to deposits were very low in September of 1930 as people poured money into the banking system after the collapse of the stock market. But after the failure of the Bank of United States - which many Europeans thought was the central bank - deposits began leaving the system indiscriminately. People started putting money in tin cans and mattresses as they withdrew from the banking system, and the ratio of assets to deposits skyrocketed.

It's almost as if the gold standard that many hold so dear served to strangle the economy when we most needed monetary flexibility.

When FDR took office, one of the very first (and most important) measures he got passed was a move to end bank runs - a move so successful that there were almost 4,000 failures the year the reforms were enacted and 7 (seven!) the year after.

I have a hint of suspicion that such a reform generated economic stability and promoted growth.

Milton Friedman said that the creation of the FDIC was a big reason why the Depression ended as it broke the irrational cycle of bank runs.

 

[Toro]

But that couldn't work - it would expand the money supply, which was actually reduced by 1/3rd.

Gold flowed out of the country in 1931 after European countries started leaving the gold standard. However, much of the money contraction occurred after the failure of the Bank of United States in 1930. Assets to deposits were very low in September of 1930 as people poured money into the banking system after the collapse of the stock market. But after the failure of the Bank of United States - which many Europeans thought was the central bank - deposits began leaving the system indiscriminately. People started putting money in tin cans and mattresses as they withdrew from the banking system, and the ratio of assets to deposits skyrocketed.

If the Fed was supposed to be the lender of last resort, why did it let the Bank of United State fail, especially when the Bank was able to pay out 92 cents on the dollar?

Not sure.

 

[Contumacious]

yeap one source of info.

tell us where in history his ideas worked to produce the results he claims?

Tell us where in history has socialism/communism produced the results you claim?

why would I do that silly little man.

I dont believe either of those systems are worthy.

I am a capitalist and a realist.

So supporting fascism and the welfare/warfare state makes you a "capitalist"...who would have thunketh!!!!!!!!!!!!!!!!

.

 

[8537]

Gold flowed out of the country in 1931 after European countries started leaving the gold standard. However, much of the money contraction occurred after the failure of the Bank of United States in 1930. Assets to deposits were very low in September of 1930 as people poured money into the banking system after the collapse of the stock market. But after the failure of the Bank of United States - which many Europeans thought was the central bank - deposits began leaving the system indiscriminately. People started putting money in tin cans and mattresses as they withdrew from the banking system, and the ratio of assets to deposits skyrocketed.

If the Fed was supposed to be the lender of last resort, why did it let the Bank of United State fail, especially when the Bank was able to pay out 92 cents on the dollar?

Not sure.

I presume it was because at the time the Fed's mission was two-fold: To serve as lender of last resort and to preserve an adequate supply of the circulating medium, which also meant protecting the domestic gold supply (since it was the determinant of the money supply)

They therefore didn't have the resources or flexibility to serve as the lender of last resort - to use monetary authority to bail out the bank would have required them to "find" a bunch of gold.

 

[CrusaderFrank]

FrazzledGear and Crusader Frank are dangerous because they are unbalanced. Anyone who differs from them is somehow a "liberal" or a "socialist" or a "commie." Never mind they have to revise history, factual events, and definitions to reach their goals.

Kiddos, there is a reason why you are in the vast minority and the reponsible GOP portion of the party looks on you with loathing.

Jake? You should mind your own ******* business.

I think you must be a mental patient because nobody, absolutely nobody believes your bullshit. It was cute and funny for like the first 2 days but that you continue your Pinocchio -like "I'm a real Republican!" act means you must be in a mental ward somewhere

 

[Contumacious]

I AM A CAPITALIST


I can call you a crossdressing manwhore with vericose viens but it doesnt make you one huh?



You dont get to deside what I believe.


I am a capitalist and a democrat.

I believe in commerse.

I dont believe it is magic like so manhy of you cons do.


Unfettered markets have NEVER produced in the entire history of man what you people always claim it does.

You are deluded and easily fooled by the very people bripat wants to have control.

They are the new wouldbe kings.

You think your approach to caplitalism will free the people because they told you that.

I know capitalism has never produced the results your masters tell you it will.

They have a plan for your and my asses.

I dont like to be a slave.

If you want to be a slave thats your choice.

I will refuse their slavery.


I want capitalism that spurs innovation and protects the new entrants into its halls at every momment of the day.

I want capitalism that allows average joes to have a quality of life that makes the whole world envious of us again.


Trying to strip me of my right to believe in caplitalism because I dont buy your slavery plan is jsut so typical of the very people who controil your mind.

Why dont you just go ask mises what your supposed to say to that?

You're no ******* capitalist.

go slave go.


Now can you tell me why you buy a theory of the markets that has NEVER been proven out in any human society in all our history?

So you never wonder who pays for your food stamps, your housing ...... You never wonder where Obama gets the money to support all your Ho's?

.

 

[bigrebnc1775]

bigreb is merely a poorly-paid blogger for the Hard Right. The HR's points are poor and bigreb presents them even more poorly.

jokey a friend to all liberals, when you reach accross the isle do you also give a reach around?

You don't deny the fact that you are a poorly-paid blogger doing a poor job with poor material? Good enough for me.

No jokey I am not a blogger I have never made a blogg I wouldn't know where to begin to start one.

 

[bigrebnc1775]

Oddball, you are aware that there are right wing and left wing progressives, are you not?

Quit acting dense.

You got caught in an outright lie....Complete with links to the vote breakdowns. Quit trying to worm out of it.

YOU just lied, again. You are trying to revise what happened, and that is fabricating, sonny, and you are no better at it than bigrebnc. The only links were the Congressional elections from 1852, nothing by states or legislatures on the various pieces of legislation during the era.

I said the IRS amendment moved through a Republican world from 1896 to 1912, which is true. That means Republican and Democratic legislatures and electorates voted for it, strange one. The FedReserv bill was passed in 1913 by progressive Dems and Pubs, which you have not denied because you can't unless you change the facts.

The Progressive world from 1902 to 1917 encompassed both parties, which had strong progressive left-leaning or right-leaning wings depending on the party.

Not sure if you lied maybe more like illinformed at best.

 

[JakeStarkey]

FrazzledGear and Crusader Frank are dangerous because they are unbalanced. Anyone who differs from them is somehow a "liberal" or a "socialist" or a "commie." Never mind they have to revise history, factual events, and definitions to reach their goals.

Kiddos, there is a reason why you are in the vast minority and the reponsible GOP portion of the party looks on you with loathing.

Jake? You should mind your own ******* business.

I think you must be a mental patient because nobody, absolutely nobody believes your bullshit. It was cute and funny for like the first 2 days but that you continue your Pinocchio -like "I'm a real Republican!" act means you must be in a mental ward somewhere

Frank, you are in the vast minority in America and the solid minority here. Your nonsense stinks, you can't evidence without the argument falling apart, and I will keep calling you and the other Hard Right wacks out. You are not a real Republican, period, just a wannabee, just like the blogger for pay, bigrebnc.

 

[bigrebnc1775]

FrazzledGear and Crusader Frank are dangerous because they are unbalanced. Anyone who differs from them is somehow a "liberal" or a "socialist" or a "commie." Never mind they have to revise history, factual events, and definitions to reach their goals.

Kiddos, there is a reason why you are in the vast minority and the reponsible GOP portion of the party looks on you with loathing.

Jake? You should mind your own ******* business.

I think you must be a mental patient because nobody, absolutely nobody believes your bullshit. It was cute and funny for like the first 2 days but that you continue your Pinocchio -like "I'm a real Republican!" act means you must be in a mental ward somewhere

Frank, you are in the vast minority in America and the solid minority here. Your nonsense stinks, you can't evidence without the argument falling apart, and I will keep calling you and the other Hard Right wacks out. You are not a real Republican, period, just a wannabee, just like the blogger for pay, bigrebnc.

 

[JakeStarkey]

Jake? You should mind your own ******* business.

I think you must be a mental patient because nobody, absolutely nobody believes your bullshit. It was cute and funny for like the first 2 days but that you continue your Pinocchio -like "I'm a real Republican!" act means you must be in a mental ward somewhere

Frank, you are in the vast minority in America and the solid minority here. Your nonsense stinks, you can't evidence without the argument falling apart, and I will keep calling you and the other Hard Right wacks out. You are not a real Republican, period, just a wannabee, just like the blogger for pay, bigrebnc.

Yes, bigrebnc, you and so many of the Hard Right freaks lie and lie and lie. And the rest of America, that part of America that is responsible and good and decent, are catching on that you guys are emotionally diseased. We don't want your political disease of hatred and lies.

 

[bigrebnc1775]

Frank, you are in the vast minority in America and the solid minority here. Your nonsense stinks, you can't evidence without the argument falling apart, and I will keep calling you and the other Hard Right wacks out. You are not a real Republican, period, just a wannabee, just like the blogger for pay, bigrebnc.

Yes, bigrebnc, you and so many of the Hard Right freaks lie and lie and lie. And the rest of America, that part of America that is responsible and good and decent, are catching on that you guys are emotionally diseased. We don't want your political disease of hatred and lies.

When I say You I ain't talking about your girl friend sheep I am talking about you

[/IMG]

 

[bigrebnc1775]

In America: A Narrative History, we get all the details of Watergate and of Nixon's abuse of power (as we should), but not a word about FDR as the pioneer of such activity. When the Paulist radio station of poor Fr. James Gillis in Chicago criticized FDR' s court-packing scheme, the FCC took its license away. As early as 1935, FDR requested that the FBI initiate a series of investigations into a variety of right-wing organizations, and later in the decade secretly sought proof (which, of course, never came) that prominent members of the America First Committee were receiving Nazi money. America Firsters were routinely smeared as Nazis and traitors. Our authors provide us with plenty of one-sided coverage of Joe McCarthy, but nothing about any of this.

The Free Market: The Truth about FDR

 

[Oddball]

Oddball, you are aware that there are right wing and left wing progressives, are you not?

Quit acting dense.

You got caught in an outright lie....Complete with links to the vote breakdowns. Quit trying to worm out of it.

YOU just lied, again. You are trying to revise what happened, and that is fabricating, sonny, and you are no better at it than bigrebnc. The only links were the Congressional elections from 1852, nothing by states or legislatures on the various pieces of legislation during the era.

I said the IRS amendment moved through a Republican world from 1896 to 1912, which is true. That means Republican and Democratic legislatures and electorates voted for it, strange one. The FedReserv bill was passed in 1913 by progressive Dems and Pubs, which you have not denied because you can't unless you change the facts.

The Progressive world from 1902 to 1917 encompassed both parties, which had strong progressive left-leaning or right-leaning wings depending on the party.

That's not what you said, you lying liar.

The majority of the states that approved the federal income tax were GOP. The great majority of GOP in Congress voted for the tax act and the federal reserve.

T, you can't win this game, if you don't know your facts.

 

[bigrebnc1775]

You got caught in an outright lie....Complete with links to the vote breakdowns. Quit trying to worm out of it.

YOU just lied, again. You are trying to revise what happened, and that is fabricating, sonny, and you are no better at it than bigrebnc. The only links were the Congressional elections from 1852, nothing by states or legislatures on the various pieces of legislation during the era.

I said the IRS amendment moved through a Republican world from 1896 to 1912, which is true. That means Republican and Democratic legislatures and electorates voted for it, strange one. The FedReserv bill was passed in 1913 by progressive Dems and Pubs, which you have not denied because you can't unless you change the facts.

The Progressive world from 1902 to 1917 encompassed both parties, which had strong progressive left-leaning or right-leaning wings depending on the party.

That's not what you said, you lying liar.

The majority of the states that approved the federal income tax were GOP. The great majority of GOP in Congress voted for the tax act and the federal reserve.

T, you can't win this game, if you don't know your facts.

He knows exactly what he said.

 

[Oddball]

Fake Malarkey pegged the meter...

 

[The T]

You got caught in an outright lie....Complete with links to the vote breakdowns. Quit trying to worm out of it.

YOU just lied, again. You are trying to revise what happened, and that is fabricating, sonny, and you are no better at it than bigrebnc. The only links were the Congressional elections from 1852, nothing by states or legislatures on the various pieces of legislation during the era.

I said the IRS amendment moved through a Republican world from 1896 to 1912, which is true. That means Republican and Democratic legislatures and electorates voted for it, strange one. The FedReserv bill was passed in 1913 by progressive Dems and Pubs, which you have not denied because you can't unless you change the facts.

The Progressive world from 1902 to 1917 encompassed both parties, which had strong progressive left-leaning or right-leaning wings depending on the party.

That's not what you said, you lying liar.

The majority of the states that approved the federal income tax were GOP. The great majority of GOP in Congress voted for the tax act and the federal reserve.

T, you can't win this game, if you don't know your facts.

Jokey fakey just cannot help himself. He's doing nothing now but passing black feathers.

 

[bigrebnc1775]

You're no ******* capitalist.

go slave go.


Now can you tell me why you buy a theory of the markets that has NEVER been proven out in any human society in all our history?

So you never wonder who pays for your food stamps, your housing ...... You never wonder where Obama gets the money to support all your Ho's?

.

She doesn't have a clue what a captalist is. government control is not captalism.