On Economic Recessions | Murray N. Rothbard

Recorded in 1983

Source: Murray Rothbard on Economic Recessions Р1983 РYouTube

http://www.readrothbard.com/on-economic-recessions-murray-n-rothbard

TRANSCRIPT

00:11
once you have enough I sherry boom you
00:13
have a recession or such as a necessary
00:15
product of the boom therefore the best
00:17
thing to do is get it over with fast
00:19
right and then then you have a recovery
00:21
situation in other words let the market
00:22
do it’s recession adjustment work
00:24
quickly that you get back to full
00:26
employment very rapidly have a for 1929
00:30
I’m not saying we had monetary freedom
00:31
before 29 but for 9029 the government
00:34
did not interfere in recessions and
00:36
somehow fellow does business was not was
00:38
allow the free market to work and so
00:40
recessions were over with very quickly
00:41
for example in 1921 recession 2021
00:44
recession which benjamin anderson called
00:46
the last free market recession last pre
00:49
New Deal recession the had been brought
00:53
about by the government through wartime
00:55
inflation and so forth but once the
00:56
recession hit government and hands off
00:59
and the recession which is very deepens
01:01
real depression was big unemployment
01:03
prices fell sharply it was a lot of
01:05
bankruptcies was over in nine months but
01:08
essentially over by the time the status
01:11
of that period who were getting stronger
01:13
not as strong as they were later by the
01:15
time the status I convince President
01:18
Harding by the way Harding is one of my
01:19
favorite when my only quasi favorite
01:22
president 20th century he’s got a
01:23
lovable character he his instincts were
01:26
pretty good he just want to sit in the
01:28
White House and play poker and by the
01:32
time status were headed by Hoover of
01:34
otherwise another story I can’t get in
01:36
tune as the Morty getting overtime state
01:39
has headed by Hoover just the battle
01:41
over who was very powerful hardy
01:43
administration adjust the back of his
01:44
attorney who started of eating massively
01:46
you gotta check this depression then a
01:48
big public works increase a big
01:49
inflation of credit by the time he was
01:51
able to convince Hoover I mean Harding
01:53
recession was over free market it worked
01:55
so fast the government couldn’t
01:56
intervene at that point Hoover pledged
01:59
to himself into the public if he became
02:01
president he would he would not wait he
02:04
would intervene right away ok and sure
02:07
enough the full of 1929 he was
02:11
unfortunately president and we had a big
02:14
stock market crashing intervene
02:15
massively and immediately and thereby
02:17
prolonging oppression for his four years
02:19
in office and Roosevelt essentially
02:21
intensified his policy to promote the
02:23
19th o Yanna he got us into war 90
02:24
40-41 so the the the Austrian position
02:33
then is if you got to stop and if you’re
02:34
in a boom period stop inflating fast as
02:37
soon as you soon as possible right away
02:40
push the button stop expanding money and
02:42
then sit the recession out don’t
02:44
intervene in it so so it will be over
02:46
with fast it’s like the difference
02:48
between a surgical thing a cut awful of
02:51
tumor or something like that or else a
02:54
chronic chronic depression with at your
02:57
sick constantly and getting sicker ah
02:59
the cute thing versus a chronic
03:01
depression and so by fine-tuning trying
03:06
to find till the system to bring to end
03:08
inflation without without depression
03:10
Freeman I monetarism got us into a big
03:13
depression and then by that time this
03:14
then of course the deficits increased
03:17
monetarism was discredited probably more
03:19
than should have been my frozen was
03:20
discredited whether they should have
03:21
done because they never tried lifer ism
03:23
we never had the tax cut to test it but
03:27
any rate the way the media operates and
03:28
politics operates result of holasend
03:31
findings of the conservative changes are
03:33
now taken over there now in the saddle
03:34
and they’re increasing deficits and
03:36
increasing taxes that meet the deficits
03:38
and so forth and so on and we’re back to
03:40
the good old days of the Keynesian
03:41
epoque and at least politically we will
03:44
not get out of it until well I don’t
03:46
know till we take over ice box

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