The Great Depression - Professor Chesterton

[HardWarUK]

Capitalism nowaday is make your customers poor so they cannot buy anything...... An Oxymoron if I ever saw it - and we all know that oxymoron obviously means "giving oxygen to morons"!

[PlutoniumProductions]

also lol at 3:25 "these jobs destroy wealth". "[paying people to work on infrastructure] is in effect paying people not to find [nonexistent] jobs." lmao

[PlutoniumProductions]

hmm yes the solution to a deflation spiral is to deflate the economy and to deflate the dollar. stronger money is better money. fdr killed piglets!! what no i'm not 12 wait come back

[falconplayer11able]

@MrDANNYUNDERWOODky Chill out. I'm in total agree with you and know a good amount about this issue. I was just giving the author of the video a suggestion.

[xxVampirePenguinxx]

THE GOVERNMENT THE GOVERNMENT THE GOVERNMENT THE GOVERNMENT THE GOVERNMENT

[CzechAvailabilitie]

Oy...

I do think FDR wasn't the best though. He should have had every single banker and businessman lined up and shot and redistributed their loot.

[LemonsOrCarrots]

Oh boondoggling, how pointless and expensive you were.

[notalbertpotato]

Yeah this video is a complete joke. You have no idea what you're talking about; there's thousands of books on the causes of the Depression but you're only interested in Libertarian talking points.

[gloriousmajesty]

Excellent video! The art was incredible.

[TheZajac123]

God Damn Government! I knew it was them! Even when it was the banks I knew it was them!

[TheChrisLS]

@TheZajac123 The banks were cooperating with the government through the Federal Reserve. They were the ones who wanted the inflation in the first place that started the whole mess, and much of the intervention was aimed at shoring them up. So yes, the banks caused it - because of government actions they encouraged.

[GenericAntifa]

THE NEW DEAL DIDN'T WORK!

Oh my GAWD.

There is SO MUCH wrong with this video!

[GenericAntifa]

You are absolutely insane! I am literally LAUGHING as I write this, this shit is so fucking hilarious man!

Is this just some elaborate troll, I don't even know!

"The Roosevelt Recession had something to do with unions!" THE ROOSEVELT RECESSION HAD SOMETHING TO DO WITH UNIONS? Oh christ, what a laugh riot, man! I hope you don't teach in fucking schools!

[TheChrisLS]

@GenericAntifa Hmmm... My history textbook, a typical, mainstream high school text, points towards the Wagner Act and the power it gave to unions as a significant factor in the 1937 loss of jobs, since it raised labor costs, thus making it harder to produce goods at a profit. I particularly like the picture of the sit-down strikers, reading their papers on couches near their machines instead of working. That wasn't all of it, but to say it wasn't a factor would be incorrect.

[SpaceJake]

@whitenite007 forgive me for missing the annotation, but its still terrible that he originally made that mistake... I see it as a hard mistake to make if you know your U.S. history.

[chestertoncobb]

@SpaceJake it doesn't matter how Roosevelt got out of office, the important thing is that Roosevelt's administration was no longer in power, which is true.

[SpaceJake]

@whitenite007 Well, I gave one already, the fact that FDR never lost an election, like the video claimed. The second piece of fantasy is the claim made in the video that government regulation decreased during WWII. That's... not true at all. And the third, which is a more humanist concern, is the fact that almost nothing is mentioned about the suffering of the people at the time, and all focus goes to the market. Which is sadly typical when it comes to libertarians. It honestly scares me a bit.

[chestertoncobb]

@SpaceJake About WWII and regulation, the essay explains: "Along with the holocaust of World War II came a revival of TRADE with America’s allies. The war’s destruction of people and resources did not help the U.S. economy, but this renewed trade did. ...the Truman administration that followed Roosevelt was decidedly less eager to berate and bludgeon private investors and as a result, those investors re-entered the economy and fueled a powerful postwar boom."

[evilmiera]

@chestertoncobb Might want to consider the fact that several countries now needed things that the US, not having had its factories bombed, could provide. Not to mention the army no longer requiring a bunch of resources, technological innovation from the war entering the public view, massive goodwill translating into increased trade from winning the war. Several countries, some of whom were neutral, had economic booms after the war despite having even greater regulations in place.

[SpaceJake]

This entire video is full of fantasy land bullshit and FDR never lost an election.

[whitenite007]

@SpaceJake If you would, give three examples of what you consider "fantasy land bullshit".

[whitenite007]

@SpaceJake Oh, and note the annotation where he corrected himself on FDR losing the election.

[fmostermann]

Great job, kid!!

[GrSoul0]

This was so well done until "Roosevelt loses the election" I do not understand how you can present this so well and do your research but not know your history of what happened to him.

[chestertoncobb]

@GrSoul0 I greatly apologize. I was focusing on the causes of the depression, not what ended it.

[GrSoul0]

@chestertoncobb oh no problem it seems like you did your research and presented well otherwise.

[loomerlol]

Now, which election did FDR lose again?

[CzechAvailabilitie]

The idea there was a "Equality under the law" in early 20th century America is a joke.

Laws are made for the rich, by the rich.

[CzechAvailabilitie]

Get a a better fucking microphone or at least shield it somehow.

Also you sound a bit like you might be deaf and never actually heard a person talk, might want a doctor to check that out.

[gorphforce]

This is a heartbreaking demonstration of how people read the past through modern ideological lenses. There is no interest in understanding the goals or outcome of historical events here, just bending them so they fit neatly into a modern neo-liberal box. Government intervention is evil, the market is infallible; no regard for industrial panics, bubble economies or the realities of the free market. And citations?! Willfully ignorant at best, destructive at worst. Also nauseated by animation.

[gorphforce]

@gorphforce And worse, you suggest that WWII somehow demonstrated a decrease in regulation of the US economy? Government spending ballooned, government enforced monopolies were everywhere and the wartime economy was probably the closest thing we've ever had to communism. This looks like a high school freshman's book report in an econ class.

[pyroseed13]

Very nice video and your analysis is mostly correct. I would suggest adding years in the video. However, I would resists calling the 1920-1921 recession a depression. That recession didn't consist of a collapse of our entire financial system, and economic growth historically has been strong after wars (WWI, WWII, Korea). I just think it's an unfair comparison.

[Malthus0]

@pyroseed13 ''I would resists calling the 1920-1921 recession a depression'' There is really no distinction between the terms, they mean the same thing, except between the 1930's and now 'depression' has fallen out of offical use. In common parlance people talk as if depression is like a super recession. However there is no reason for that except that people have come to associate the word 'depression' with the great one of the 1930's.

[asianmoshpit]

amazing job, professor chesterton :)

[MrBr3w]

It would have been nice to add the dates then these events took place.

[Firestryke2]

Great vid/art. its unfortunate people are soo economically illiterate...

[PatriceDanielle]

Wow... I can't say I knew anything about Roosevelt

[gorphforce]

@PatriceDanielle Don't worry, you still don't if this video is your source.

[andrewhmin92]

Fantastic job!

[beckyluuwho]

This was so well done, Chet! It was really easy to follow and I learned stuff I didn't know! :) - Bekah L

[StuckInHope]

Clever presentation of important history! Sick.

[chocolateandlaughs]

Incredible artwork! Such a great (untold) story of history

[wardrobeofexcuses]

The art is amazing. Nice work :)

[falconplayer11able]

How did the government remove 1/3 of the money in the economy? It would be helpful to explain this in the video.

[professorchesterton]

@falconplayer11able (2/2) “The central bank took further deflationary action by aggressively selling government securities for months after the stock market crashed. For the next three years, the money supply shrank by 30 percent. As prices then tumbled throughout the economy, the Fed’s higher interest rate policy boosted real (inflation-adjusted) rates dramatically.”

[professorchesterton]

@falconplayer11able The essay explains: (1/2) “The central bank presided over a dramatic contraction of the money supply that began late in the decade. … By 1928, the Federal Reserve was raising interest rates and choking off the money supply. For example, its discount rate (the rate the Fed charges member banks for loans) was increased four times, from 3.5 percent to 6 percent, between January 1928 and August 1929.”

[MrDANNYUNDERWOODky]

@falconplayer11able the government didnt, the federal reserve did. this video is crap. the fed had 30 billion to lend nazi germany, but no money to put into the US money supply. just as shell shock, was replaced by combat fatigue, replaced by post traumatic stress disorder, the business cycle, was the fleecingof the flock, and originally called rowing the economy, back in the days of gold coin, the goldsmiths, (bankers) could make money plentiful, therefore growht would occur, then they kick

[MrDANNYUNDERWOODky]

@falconplayer11able the legs out call in loans and crash the system thus making it possible for them to buy up businesses for pennies on the dollar, then once they consolidate thier power and wealth, they make their gold money plentiful again, thus spurring growth, and the cycle begins anew. depressions are man made, they dont "just happen" as the "business cycle" implies. What he didnt say was Rockeffeler, jp morgan, the warburgs, "just happened" to get out of the stock market and put their

[MrDANNYUNDERWOODky]

@falconplayer11able money into gold right before the "crash", gee,what a stroke of luck that was! And just like now, with the tech bubble in the 90's the housing bubble, and now the student loan bubble, the wealthy banksters create bubbles, then burst them, therefore stealing the hard work of others when they buy up whats left for pennies on the dollar. banlers are the richest men in the world, why? They create nothing, the contribute nothing to society, they perform no vital service, they live

[MrDANNYUNDERWOODky]

@falconplayer11able like the parasites they are, off the hard work and production of the 99%. If you want the whole and complete story of the central banksters fraudulent existence on this planet, type in "The Money Masters' by Bill Still, it is a concise 2000 yr history of money. If you do watch it, please let me know what you thought of it. I have been trying to spread the word as much as possible. How is money created? is the MOST important question one can ask. If you do not know the

[MrDANNYUNDERWOODky]

@falconplayer11able answer to that question, do not be discouraged, you are in good company with about 85% of the American public who also does not know. It is forbidden for monetary policy or creation of money to be taught in schools. We are on the verge of a complete monetary collapse, in the US and europe. because of so called debt. but who do we owe all this money to? the same private banks we just borrowed from to bail out, shockingly, yes. the monetary system is a fraud,its called the debt

[MrDANNYUNDERWOODky]

@falconplayer11able money wage slave system. and we have been suffering under its yoke since 1913. And even longer in europe. Just know this, all money is created out of debt, to pay off the national debt, would be to extinguish our money supply. and if banks create all the money from debt, and they only lend principle, Where does the money to pay the interest come from? More debt, and more loans, that is the scam of the never ending debt money system fraud.

[sogunmediatube]

this is fantastic. the art is great and i love the pacing.

[Galbotorix78]

This is great!