Did the Fed's Gold Policies cause the Great Depression?

"The result was that gold. seeking a haven. flowed into the United States - $175 million in 1929 and $280 million the next year. If the Federal Reserve had followed the old gold standard rules, this would have increased money available to banks and citizens. But George Harrison at the New York Fed and others believed in the inflation theory, and thought that more cash would exacerbate inflation. The Fed therefore veered from the old gold standard tradition. It sterilized the effect of all that new money by selling bonds - in effect, soaking up money from the economy to offset the money expansion."

So the Fed did not follow it's own traditions because some unelected experts thought they knew better. How did that work out?

Linky Links

Stuff I found interesting or amusing and thought I'd share.

- When in doubt - ram!

- Jack Smith is evil.

- Al Can't Hang - poker's legendary wingman.

- The case for the American manufacturing asset class.

Reminder

Friday Flotsam and Jetsam

Have a new miscellaneous thoughts and observations post up on Substack.

There's a certain irony that October may be the busiest sports month - with college and pro football, MLB playoffs, and the starts of the NBA and NHL seasons. Yet it is also the time of year when spouses, families, or significant others want you to go apple picking or the leaves in the yard need raking. This is where time management skills really pay off.

As always - please Subscribe, hit the Like button, or share the Link. Now to rake the leaves before the weekend games start. 

Quotes for Today

Some quotes I hope may resonate with you.

Have a new Quotes for Today up on my Substack. As I've mentioned doing this as a way to thank those who have Subscribed. If you are a Subscriber - you should have received an email. Thanks.

Hemingway's Boat

Linky Links

Stuff I found interesting pr amusing and thought I'd share.

- Project Agincourt. Next generation warfare.

- Understanding the AI that drives robots.

- How states can cut rules and regulations. Idaho for the win.

- Democrats cost Chicago $3 billion.

The Forgotten Man

"But Roosevelt systemized interest group politics more generally to include many constituents - labor, senior citizens, farmers, union workers... It is no coincidence that the first peacetime year in American history in which federal spending out paced the total spending of the states and towns was that election year of 1936. It can even be argued that one year -1936 - created the modern entitlement challenge that so bedevils both parties.

Roosevelt's move was so profound that it changed the English language. Before the 1930's, the word "liberal" stood for the individual; afterward, the phrase increasingly stood for groups. Roosevelt also changed economics forever. Roosevelt happened on an economic theory that validated his politics and his moral sense: what we now call Keynesianism. Keynesianism, named after John Maynard Keynes, emphasized consumers, who were also voters. The theory gave license for perpetual experimentation - at least as Roosevelt and his administration applied it."

Thus free government stuff was born

Linky Links

Stuff I found interesting or amusing and thought I'd share.

- Kevin Kelly: Natural History of a New Idea.

- Our kids deserve better schools. Long but interesting read.

- So F/A-XX goes to... (The new strike fighter plane for those not used to military acronyms.)

- Don't care your political leanings - these three questions from Thomas Sowell can work in all aspects of your life.

Thursday Flotsam and Jetsam

Have a new miscellaneous thoughts and observations post up on Substack.

It is October 1st and the Boston Red Sox officially did not make it to October baseball. They lost last night to the New York Yankees by a lot to a little - 9 to 2. Covefe!

As always - please Subscribe, hit the Like button, or share the Link. Thanks!

Quotes for Today

Some quotes I hope may resonate with you.

Have a new Quotes for Today up on my Substack. As I've mentioned doing this as a way to thank those who have Subscribed. If you are a Subscriber - you should have received an email. Thanks.

On This Day in 1908

Some Memes You May Enjoy

Many a truth is said in jest.

- I like subtle.

- I feel seen.

- Can't look at this scene the same now.

- Truth

College Football Thoughts

Some observations as we head into this weekend's games plus some thoughts on the Senate passing the Protect College Sports Act and what may be next.

Was having these observations anyway and thought why not jot the down and post on Substack.

Remember Life is Not a Game

Linky Links

Stuff I found interesting o amusing and thought I' share.

- The economic implosion of Iran. Some good points.

- From Elon's lips to Trump's ears. He's not wrong.

- Trump's carbon tax. So that means those who preach climate change will be supporting the war in Iran and Trump now - right?

- She still sounds (and looks) great! Although with the change in haircut it took me a minute.

Wednesday Flotsam and Jetsam

Have a new miscellaneous thoughts and observations post up on Substack.

Yesterday was a big day. There was the Super Intelligence summit at the White House, the Bruins won their season opener 3-0 over the Rangers, and the Red Sox fell 9-0 to the Yankees in game 1 of their playoff series. Lots to absorb.

As always - please Subscribe, hit the Like button, or share the Link. Thanks!

Quotes for Today

Some quotes I hope may resonate with you.

Have a new Quotes for Today up on my Substack. As I've mentioned doing this as a way to thank those who have Subscribed. If you are a Subscriber - you should have received an email. Thanks.

James Clear on Having High Standards

Via

More Linky Links

More stuff I found interesting o amusing and thought I'd share.

- VDH: Remembering the gloom and doom of the 1992 elections - on the upcoming midterms. He's not wrong. 

- Hockey is back!

- Athletes are supporting the Support College Sports Act. Thinking this may put it over the top.

- Five trends driving change in Europe.