In his latest blog post Paul Krugman drew my attention to Keynes’s essay The Great Slump of 1930. In describing the enormity of the 1930 slump, Keynes properly compared the severity of the 1930 slump with the 1920-21 episode, noting that the price decline in 1920-21 was of a similar magnitude to that of 1930. James Grant, in his book on the Greatest Depression, argues that the Greatest Depression was so outstanding, because, in contrast to the Great Depression, there was no attempt by the government in 1920-21 to cushion the blow. Instead, the powers that be just stood back and let the devil take the hindmost.
Keynes had a different take on the difference between the Greatest Depression and the Great Depression:
First of all, the extreme violence of the slump is to be noticed. In the three leading industrial countries of the world—the United States, Great…
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Utopia, you are standing in it! 
Feb 06, 2015 @ 19:36:59
beat you!
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