American Depression Era

The Great Depression was not a crisis for capitalism but merely an example of the downturn part of the business cycle, which was generated by government intervention in the economy. Had this book appeared in the 1940s, it might have spared the world much grief. Even so, its appearance in 1963 meant that free-market advocates had their first full-scale treatment of this crucial subject.

Since childhood, identical twins Leona and Fiona Dunbar have been getting in—and out—of trouble by pretending to be each other. Yet underneath, they couldn’t be more different. Outspoken Leona lives to break rules, have a good time, and scandalize their respectable hometown of Lexington. Fiona is a seemingly demure churchgoing girl who is the apple of her domineering, widowed mother Mavis’s eye. But together, the twins have fooled teachers, boyfriends, bosses, racist police—and most importantly, straitlaced Mavis.

The current crisis is not like 2008 or even 1929. The New Depression that has emerged from the COVID pandemic is the worst economic crisis in US history. Most fired employees will remain redundant. Bankruptcies will be common, and banks will buckle under the weight of bad debts. Deflation, debt, and demography will wreck any chance of recovery, and social disorder will follow closely on the heels of market chaos. The happy talk from Wall Street and the White House is an illusion. The worst is yet to come.

Babe is a charismatic and widely loved man, a gambler with a gift for gab that often gets him out of tricky situations. He’s also a dreamer, something he shares with his patient and loving wife, Rosie. They both yearn for financial stability and see the land they own as insurance for future generations. But when Babe and a few comrades enlist in a scheme that improbably falls apart, he endangers the little security the family has. On the verge of losing everything, what’s a family man to do? If you’re a gambler like Babe, you double down and risk it all for one big score.

For a while, it seemed impossible to lose money on real estate. But then the bubble burst. The financial sector was paralyzed and the economy contracted. State and federal governments struggled to pay their domestic and foreign creditors. Washington was incapable of decisive action. The country seethed with political and social unrest. In America's First Great Depression, Alasdair Roberts describes how the United States dealt with the economic and political crisis that followed the Panic of 1837.

The Great Depression was one of the most trying eras in American history. All aspects of the US were affected. After the stock market crash of 1929, the nation was thrust into a decade of turmoil and change - in government, the economy, and culture. Many of the changes brought about by the Great Depression remain today.

There are many theories as to why the United States and then much of the world entered into a long period of price deflation, high unemployment, and an overall significant economic downturn, which we now call the Great Depression. People always wonder why this horrendous event occurred and there is no simple answer to this question. It was a perfect storm of events that came together and brought about an inevitable plummet in the lives of millions.