In this fascinating speech, economist Thomas Woods explains why you’ve never heard of the Depression of 1920. Because it was over within a year, as the government let it run its course.
- The first year of the 1920 Depression was worse than that of 1929. Conditions were horrible.
- Yet due to President Woodrow Wilson’s stroke near the end of his term, very little was done by the government to stop the economic decline.
- By the summer of 1921, recovery was on the way.
- It’s too bad we’re scared into thinking that economic downturns automatically require bold government action. History shows they don’t necessarily require any.