Replies to post #371659 on Zeev's Turnips Patch-No Politics (ZEEV)

[Joe Stocks]

>>Are you suggesting that there were "asset inflation dynamics" in 1929?<<

Yes I would. 'Crashes" are usaully the by product of overly inflated prices - bubbles. Why would you say there was not asset inflation?

[profit_guy]

re: "asset inflation dynamics" in 1929

...and "One Hundred Years of Land Values in Chicago"

http://www.wsu.edu/~forda/chome.html


"The 1920’s was an inflationary period. Murray Rothbard estimates that the money stock grew by 63% (Rothbard “America’s Great Depression” [1963] 1983 : p.90) and Milton Friedman estimates the growth to be 45% from 1921 to 1929 (Friedman “A Monetary History of The United States” [1963] 1993: p.274). (I put these numbers in to correct a previous post). Yet, during this time there was stability in consumer and whole sale price."