Excellent paper on the 'Great Depression'.
It discusses the close relationship between our money supply and economic activity.
You'll read how the Federal Reserve caused an asset bubble in the 1920's due to low interest rates and expansion of our money supply - then caused a stock market collapse - leading to the 'Great Depression' - by contracting our money supply and increasing interest rates.
The exact same scenario is playing out now.
jg - August 23, 2010