Rothbard and 1920 Crash

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    I was reading Chapter 15, Page 533 of the Patriots history of the United States and Schweikart claims
    “Many recent histories have developed a mythology about the roaring twenties and the great crash of 1929 … have been echoed by conservative historians including Paul Johnson, and libertarian economists like Murray Rothbard.”

    Now, this myth is that because the Fed did not curtail bank lending to securities until it was too late and expanded the money supply allowing the stock prices to soar in a “wild orgy of speculation” Then, Hoover is mention and he is “bamboozled” by the developments and too “uninventive to correct the problems” Schweikart claims that Rothbard and Liberal historians believe that hoover simply left the economy to deteriorate.

    I realized how he directly mentioned Rothbard in this, so i looked at the footnotes and too my surprise he did not have a source for his claim to Rothbard. Now I ask, did Rothbard actually believe this?


    Schweikart is generally unreliable, in my experience. Rothbard believed the opposite. Rothbard thought Coolidge was too interventionist. He spends most of his book detailing Hoover’s interventions.

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