Yeah, we all know the libertarian ad hoc explanation for how the government caused the Depression, rather than the stock market, which is cited by EVERY OTHER HISTORIAN IN THE WORLD.
And it remains the textbook explanation amongst economists; the fact that you may see it as a “libertarian” explanation is neither here nor there. Further, your “appeal to the masses” is a logical fallacy; it is duly noted that you dislike to cite sources for your opinions, preferring to refer to “everyone else” as if that actually means something.
The Fed was created in 1913.
What about the depression following the Panic of 1907, which spurred the creation of the Fed? The depression following the Panic of 1893. The depression following Panic of 1870. The depression following Panic of 1857. The depression following the Panic of 1837. The depression following the Panic of 1819? How did the non-existent Fed cause those? Go look up the approved ad hoc responses to each one.
The subject we are discussing is Fed’s role in the Depression, which is amply explained by Milton Friedman’s authoritative work on the subject. The above paragraph is a straw man; I have made no claim that ALL Depressions are caused by the Fed, that the Fed is always a negative force, etc.; in fact, recessions are a natural occurrence of the business cycle, documented all the way back to Ancient Rome.
Ergo, the only proper response to your above questions is “Who gives a shit? The subject is the FED during the GREAT DEPRESSION, and that alone. If you want to talk about why recessions occur more broadly, start a new thread.”
And how did it cause poverty?
OBVIOUSLY, it caused poverty because Bautista was capturing all the profits for himself. Therefore, it was not capitalism that caused dissension and led to the Cuban Revolution, but the action of the dictator that perverted the capitalist process.
I appreciate you proving my point for me with that example.
Can you tell me why socialism was so popular in these countries previous to the First World War?
I could venture a guess, but you tell me. I’m getting bored watching you chase your own tail trying to defend an undefensible proposition.