The Great Depression: New Deal Myth Refuted

The new deal myth of the Great Depression is something every bit as ridiculous as the myth of the Robber Barons and something I hear all too often. As I have touched upon before relative to the Great Depression, the crisis itself was caused via the interventionist policies, after the Federal Reserve in 1922 using Open Market Operations, they manipulated the interest rates, changed the reserve ratios and temporarily stripped away the Gold Standard running the printing press. All of which led to the 1929 Great Depression.

In this video I briefly touch upon Hoover that gives you an insight that he was anything but Laissez-faire at that time, as well as addressing the myth surrounding FDR and unemployment. The statistics provided is in plain English, for sources of those 3 tables, you can find them here:

• source: U.S. Department of Commerce, Historical Statistics of the United States (Washington D.C.: U.S. Government Printing Office, 1961, 73.

• source: U.S. Department of Commerce, Historical Statistics of the United States (Washington D.C.: U.S. Government Printing Office, 1961, 139.

• source: U.S. Department of Commerce, Historical Statistics of the United States (Washington D.C.: U.S. Government Printing Office, 1961, 179.

It is also important to note that the reason for why unemployment fell slightly down to 14.6 percent by 1940 it was because millions were conscripted into the military to fight abroad in the Second World War. Hardly an argument of job creation and no mention from the boy about the 'Roosevelt Recession'.

You could see from FDR's monopolistic policy of forcing prices up through restricting productive output was harmful, but the boy quickly skipped around that, rather quite convenient given the same socialists harped off about how evil the so-called 'Robber Barons' were claiming they drove prices up to shaft the consumer, even although such information is false.

You can watch Tom Woods full video here:
https://www.youtube.com/watch?v=S6jYIOzm5Mg&t=82s

And here are some sources that illustrate the failure of the $15 minimum wage proving what happens as a consequence of trying to argue with the laws of supply and demand:

• https://fee.org/articles/real-world-examples-of-how-the-minimum-wage-harms-workers/
• https://fee.org/articles/ontario-s-minimum-wage-hike-has-been-disastrous-especially-for-disabled-workers/
• https://fee.org/articles/the-costs-of-nyc-s-15-minimum-wage/

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