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Great Myths of the Great Depression

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Treasury Secretary Henry Morgenthau : “We have tried spending money. We are spending more than we have ever spent before and it does not work…. We have never made good on our promises…. I say after eight years of this Administration we have just as much unemployment as when we started … and an enormous debt to boot!”

“A reinflation of the nation’s money supply counteracted the high costs of the New Deal, but brought with it a problem that plagues us to this day: a dollar that buys less and less in goods and services year after year.”

Mackinac Great Depression



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