The forgotten depression — 1921 The crash that cured itself

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Subscribe to AEI's YouTube Channel • https://www.youtube.com/user/AEIVideo... • Like us on Facebook • / aeionline • Follow us on Twitter • / aei • For more Information • http://www.aei.org • How much do you know about the inflationary financing of America’s role in World War I, the high-inflation postwar aftermath, the depression of 1920–21, and the rapid recovery that followed? Since most Americans learn so little financial history, the answer is probably, “nothing.” James Grant’s new book, “The Forgotten Depression: 1921” (Simon Schuster, 2014), gives you the chance to consider what lessons this unknown history may supply. • Expanding on these instructive events with his usual insight, wit, provocative research into forgotten realms of financial history, and outlandish quotes from prominent personages of the day, Grant considers 1920–21 to have been “the last governmentally untreated business depression in America,” yet “by late 1921, a powerful jobs-filled recovery was under way.” This history offers a sharp contrast to and skeptical look at the hyperactive central banking and regulation of our own time. • The forgotten depression- 1921: The crash that cured itself

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