LYCOS RETRIEVER 
America's Great Depression: Federal Reserve
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On Federal Reserve policy, Murray Rothbard's book, America's Great Depression. It covers Hoover's failure. Rothbard's book supplied Paul Johnson with his interpretive framework for discussing the origins of the depression in Modern Times (1983).
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Rothbard blames the interventionist policies of the Herbert Hoover administration for magnifying the duration, breadth, and intensity of the Great Depression. Rothbard explains the Austrian theory of the business cycle, which holds that government manipulation of the money supply sets the stage for the familiar "boom-bust" phases of the modern market. He then details the inflationary policies of the Federal Reserve from 1921 to 1929 as evidence that the depression was essentially caused not by speculation, but by government interference in the market.
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It should show that the Great Depression was caused by Federal Reserve monetary inflation, 1924-29. It should show that the FED inflated after 1930, but to no effect. It should treat the depression in terms of mises' monetary theory of the business cycle.
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Navigator: Austrian economists, such as Murray Rothbard, often place the blame for the Great Depression on an increase of the money supply by the Federal Reserve from 1921-29. Was that the case?
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Some economists today speak of a consensus that holds the Federal Reserve, the gold standard, or both, largely responsible for the Great Depression. Others suggest that a combination of several theoretical approaches is needed to understand this calamity.
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Now then, in the 1920s the Federal Reserve, in the US, increased the money supply and bank credit, which in the 30s resulted in The Great Depression. The same story goes with Japan during the 1980s, which during the 90s, resulted in a depression, go to; http://en.wikipedia.org/wiki/Japanese_asset_price_bubble
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