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Episode 168: Not Your Great-Grandfather's Depression

Words & Numbers

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The Viral Cycle of Inflation

There was this vision that what's happening is prices are falling, which drives down wages. And so there was a vision that there was this vicious cycle of deflation. Roosevelt goes off gold, that's like in July of 32, I think it is. And they go off the gold standard with the explicit aim of promoting inflation. So vision that's going on here is this competition has run amok. What we're seeing is this vicious combination of price competition just driving everyone to the bone.

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