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    《Bran-New + Winner Of The 2015 Hayek Book Prize + Arguing That Federal Interventions After The 1929 Crash Extended The Great Depression》James Grant -THE FORGOTTEN DEPRESSION : 1921 The Crash That Cured Itself

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    This Washington Post & The Wall Street Journal bestseller in paperback edition is a bran-new book and nicely wrapped with protective book-wrapper. The original new book is sold at usual price RM71.40. Now here Only at RM16. By the publisher of the prestigious Grant’s Interest Rate Observer, an account of the deep economic slump of 1920–21 that proposes, with respect to federal intervention, “less is more.” This is a free-market rejoinder to the Keynesian stimulus applied by Bush and Obama to the 2007–09 recession, in whose aftereffects, Grant asserts, the nation still toils. James Grant’s story of America’s last governmentally untreated depression: A bible for conservative economists, this “carefully researched history…makes difficult economic concepts easy to understand, and it deftly mixes major events with interesting vignettes” -- The Wall Street Journal In 1920-1921, Woodrow Wilson and Warren G. Harding met a deep economic slump by seeming to ignore it, implementing policies that most twenty-first century economists would call backward. Confronted with plunging prices, wages, and employment, the government balanced the budget and, through the Federal Reserve, raised interest rates. No “stimulus” was administered, and a powerful, job-filled recovery was under way by late 1921. In 1929, the economy once again slumped—and kept right on slumping as the Hoover administration adopted the very policies that Wilson and Harding had declined to put in place. Grant argues that well-intended federal intervention, notably the White House-led campaign to prop up industrial wages, helped to turn a bad recession into America’s worst depression. He offers the experience of the earlier depression for lessons for today and the future. This is a powerful response to the prevailing notion of how to fight recession. The enterprise system is more resilient than even its friends give it credit for being, Grant demonstrates. In The Forgotten Depression, James Grant “makes a strong case against federal intervention during economic downturns” ( Pittsburgh Tribune Review), arguing that the well-intended White House-led campaign to prop up industrial wages helped turn a bad recession into America’s worst depression. In short, Jim Grant takes the position that the 1921 U.S. Depression was short-lived primarily because leaders at the relatively new Federal Reserve, and most political leaders of the day, were committed to fiscal rectitude and non-intervention in the economy. He does so in a very well organized and well written book that is filled with quotes and citations to primary sources such as meeting notes, speeches, correspondence and editorials. Though the book is very readable, it helps if the reader has some understanding of banking and current-day monetary policy. About the Author James Grant is the founder of Grant’s Interest Rate Observer, a leading journal on financial markets, which he has published since 1983. He is the author of seven books covering both financial history and biography. Grant’s journalism has been featured in Financial Times, The Wall Street Journal, and Foreign Affairs. He has appeared on 60 Minutes, Jim Lehrer’s News Hour, and CBS Evening News.

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