The American money capture

[Eric Hughes]

>(Today, with our experiences of inflation in the 1970's and 1980's, it is hard
>for us to appreciate the problems with deflation.  But I think deflation was
>much worse.  

The Great Depression was pretty clearly caused by deflation in the
money supply.  To quote Milton Friedman:

	"All told, from July 1929 to March 1933, the money stock in
	the United States fell by one-third [...]"
		Capitalism and Freedom, p. 50

Eric