Tuesday, November 16, 2010

Interesting analysis of the earlier depression


"But remember that these savings increased in value (due to the appreciation of the currency by 30% from 1930-33. That is, the average American worker received an additional 120 ounces of gold (almost 2½ years income) over these 3 years without doing any extra work. This was, of course, money which had been stolen from him during World War I (when prices doubled) and given to the paper aristocracy (courtesy of the Democrats). In words of one syllable, the Democrats were the party of the banks and Wall Street (despite their loud protestations to the contrary)."

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