"This book blows away the conventional interpretations of the crash of 1929, not only in its contents but that this book exists at all. It was written in 1931. He ascribes the crash to the pile of up debt, which in turn was made possible by the Fed printing machine. This created distortions in the production structure that cried out for correction. So what is the answer? Let the correction happen and learn from our mistakes.
Such is the thesis of the great Garet Garrett. But take note: this book was a big seller in 1931. In other words, two years before FDR arrived with his destructive New Deal, ascribing the depression to capitalism and speculation, Garrett had already explained what was really behind the correction..."
at http://mises.org/resources/3313/The-Bubble-that-Broke-the-World
Such is the thesis of the great Garet Garrett. But take note: this book was a big seller in 1931. In other words, two years before FDR arrived with his destructive New Deal, ascribing the depression to capitalism and speculation, Garrett had already explained what was really behind the correction..."
at http://mises.org/resources/3313/The-Bubble-that-Broke-the-World