“Looking back the great American ‘stabilisation’ [and boom] of 1922-1929 was really a vast attempt to destabilise the value of money in terms of human effort by means of a colossal programme of investment [driven by too easy credit]… which succeeded for a surprisingly long period, but which no human ingenuity could have managed to direct indefinitely on sound and balanced lines. [and therefore it ended dramatically in the huge 1929 stock market crash followed by the Great Depression. ]”

— Dennis Holme Robertson

D.H. Robertson in "How Do We Want Gold to Behave?." The International Gold Problem, Humphrey Milford (1932): As cited in imagi-natives.com; Also cited in: Murray N. Rothbard (2013) America's Great Depression (LFB) p. 1921.

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "Looking back the great American ‘stabilisation’ [and boom] of 1922-1929 was really a vast attempt to destabilise the va…" by Dennis Holme Robertson?

Dennis Holme Robertson3

British economist 1890–1963

Related quotes

“I did say in print, in February, 1929 that there was no hope for economic recovery in Europe before American interest rates came down. That wouldn’t be until the American boom collapsed — which was likely to happen within the next few months. And this did, in fact, happen in October 1929.
What made me expect this, of course, was one of my main theoretical beliefs — that an inflationary boom cannot be maintained indefinitely. I was sure that a very unstable situation was created by the artificial prolongation of the boom in 1927, when the Federal Reserve tried to stave off a collapse by credit expansion.”

Friedrich Hayek (1899–1992) Austrian and British economist and Nobel Prize for Economics laureate

1980s and later, Interview in Silver & Gold Report (1980)

“In the autumn of 1929 the mightiest of Americans were, for a brief time, revealed as human beings.”

John Kenneth Galbraith book The Great Crash, 1929

Source: The Great Crash, 1929 (1954 and 1997 https://openlibrary.org/books/OL25728842M/The_Great_Crash_1929), Chapter I, A Year To Remember, p. 5

“There is a value called “mind” as there is a value oil, wheat, or gold. … One can invest in that value, one can “follow” it as they say on the stock exchange; one can watch its fluctuations in I know not what price list which is the world’s general opinion of it. … All these rising and falling values constitute the great market of human affairs. And of these the unfortunate value mind does not stop falling.”

Paul Valéry (1871–1945) French poet, essayist, and philosopher

Source: Regards sur le monde actuel [Reflections on the World Today] (1931), p. 161

“Management is the activity which plans, organizes, and controls the operations of the basic elements of men, materials, machines, methods, money, and markets, providing direction and coordination, and giving leadership to human efforts, so as to achieve the thought objectives of the enterprise.”

George R. Terry (1909–1979)

As cited in Wren & Bedeian (1972;411)
Principles of Management, 1960

“I told them that my grandfather had died in the Great Crash of 1929 — a stockbroker jumped out of a window and crushed him and his pushcart down below.”

Mario Cuomo (1932–2015) American politician, Governor of New York

On meeting with a group assembled by David Rockefeller, New York Times (14 September 1986)

“We have the worst revival of an economy since the Great Depression. And believe me: We're in a bubble right now. And the only thing that looks good is the stock market, but if you raise interest rates even a little bit, that's going to come crashing down.”

Donald J. Trump (1946) 45th President of the United States of America

2016, September 2016, First presidential debate (September 26, 2016)

“THERE is widespread agreement among economists that abuse of credit constitutes one of the chief unwholesome elements in business booms and is mainly responsible for the ensuing crash and depression.”

Benjamin Graham (1894–1976) American investor

Part III, Chapter XIII, The Reservoir Plan and Credit Control, p. 153
Storage and Stability (1937)

“I shall always regard this aspect of my dispute with Keynes as the greatest mistake of my professional career, and the book, The Great Depression, which I subsequently wrote, partly in justification of this attitude, as something which I would willingly see be forgotten. […] Now I still think that there is much in this theory as an explanation of a possible generation of boom and crisis. But, as an explanation of what was going on in the early ’30s, I now think it was misleading. Whatever the genetic factors of the pre-1929 boom, their sequelae, in the sense of inappropriate investments fostered by wrong expectations, were completely swamped by vast deflationary forces sweeping away all those elements of constancy in the situation which otherwise might have provided a framework for an explanation in my terms. The theory was inadequate to the facts. Nor was this approach any more adequate as a guide to policy. Confronted with the freezing deflation of those days, the idea that the prime essential was the writing down of mistaken investments and the easing of capital markets by fostering the disposition to save and reducing the pressure on consumption was completely inappropriate. To treat what developed subsequently in the way which I then thought valid was as unsuitable as denying blankets and stimulants to a drunk who has fallen into an icy pond, on the ground that his original trouble was overheating.”

Lionel Robbins (1898–1984) British economist

Autobiography of an Economist (1971), p. 154.

“The stock of money, prices and output was decidedly more unstable after the establishment of the Reserve System than before. The most dramatic period of instability in output was, of course, the period between the two wars, which includes the severe (monetary) contractions of 1920-1, 1929-33, and 1937-8. No other 20 year period in American history contains as many as three such severe contractions.
This evidence persuades me that at least a third of the price rise during and just after World War I is attributable to the establishment of the Federal Reserve System… and that the severity of each of the major contractions — 1920-1, 1929-33 and 1937-8 is directly attributable to acts of commission and omission by the Reserve authorities…
Any system which gives so much power and so much discretion to a few men, [so] that mistakes — excusable or not — can have such far reaching effects, is a bad system. It is a bad system to believers in freedom just because it gives a few men such power without any effective check by the body politic — this is the key political argument against an independent central bank…
To paraphrase Clemenceau, money is much too serious a matter to be left to the central bankers.”

Milton Friedman (1912–2006) American economist, statistician, and writer

As quoted in The Money Masters (1995)

“From the Great Depression, to the stagflation of the seventies, to the current economic crisis caused by the housing bubble, every economic downturn suffered by this country over the past century can be traced to Federal Reserve policy. The Fed has followed a consistent policy of flooding the economy with easy money, leading to a misallocation of resources and an artificial 'boom' followed by a recession or depression when the Fed-created bubble bursts.”

Ron Paul (1935) American politician and physician

Before the US House of Representatives, introducing the The Federal Reserve Board Abolition Act, H.R. 833. http://www.lewrockwell.com/paul/paul504.html (9 February 2009) <br class="br">2000s, 2006-2009

Help us to complete the source, original and additional information

Dennis Holme Robertson3

Related quotes

Related topics