PEOPLE WHO ARGUE that the free-market
economy collapsed of its own weight in
the 1930s seem utterly unaware of the
critical role played by the Federal Reserve
System’s gross mismanagement of money
Library of Congress
The Great Depression was not the country’s first
depression, though it proved to be the longest. Several others preceded it.
A common thread woven through all of those earlier debacles
was disastrous intervention by government, often in the form of political
mismanagement of the money and credit supply. None of these depressions,
however, lasted more than four years and most of them were over in two. The
calamity that began in 1929 lasted at least three times longer than any
of the country’s previous depressions because the government compounded its
initial errors with a series of additional and harmful interventions.