“We will attempt intelligent and courageous deflation, and strike at government borrowing which enlarges the evil, and we will attack high cost of government with every energy and facility which attend Republican capacity...it will be an example to stimulate thrift and economy in private life.
“Let us call...for a nationwide drive against extravagance and luxury, to a recommittal to simplicity of living, to that prudent and normal plan of life which is the health of the republic.”
Tuesday, October 27, 2009
The wisdom of Warren G. Harding
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And if the Fed had allowed Harding to succeed and actually allow deflation, we might have avoided the Depression.....a look at a book by Harry Browne I borrowed once indicates that WWI was the first war after which there was no ordinary postwar deflation. It was postponed until about 1930.
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