[The Goat]

As things look more and more similar to the depression era the consensus among Keynes, Milton, Stiglitz and hell of a lot of other economists ought to be repeated... the Great Depression was ultimately the result of poor monetary policy. In a sentence, the crash wiped out about 1/3 of the nation's money supply which induced horrific deflation. Deflation ruins anyone who is in debt, regardless of what kind of debt, as the dollars "owed" to the creditor are much more valuable than when they were initially borrowed. Tragically the depression occurred before modern monetary policy was developed and really only Keynes at the time understood the US had to replenish the money supply before the economy would recover. Of course he preferred to do this via gov spending and that debate still rages today; however the basic principle that the depression was a phenomenon of monetary policy is accepted by all the great economists. Basically we need to continue to infuse the national economy so long as inflation is not an issue. The method by which this happens is gonna be the big fight.

... btw i heard Monica Crowley say on national tv that only tax cuts can fix a recession/depression. I don't think the radical right has learned anything in 50 or 60 years and that is flat scary.