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People trying to draw analogies with the #GreatDepression, wartime, or 70s stagflation are missing the point IMHO 1/x
GD was a ‘sudden-stop’ shock which ended the credit-boom lending to Weimar as the Young Plan looked in jeopardy. Made worse by politics (war debts, etc), #protectionism (Smoot-Hawley), Hoover call to maintain wage-rates, #FX chaos (esp. when Brits left #gold standard) 2/x
The initial slump & ‘secondary (financial vicious cycle) depression’ then perpetuated by #NewDeal boondoggle vote-buying, #FDR capriciousness, & Brain Trust cranks. This was much more a post-#GFC parallel than today’s #ContaminoBay #lockdown 3/x
