America's Great Depression

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The book delves into business cycle theory, emphasizing how expansive monetary policy creates imbalances between investment and consumption. It critically analyzes the Federal Reserve's inflationary policies of the 1920s, arguing that their impact was not immediately visible in consumer prices. Rothbard illustrates that the stock market correction was a symptom of a larger investment boom, which ultimately set the stage for an economic bust. This exploration offers a nuanced understanding of the interplay between monetary policy and economic cycles.