ozzy43

World War III: U.S. vs. China?

Well reasoned article, as always, but starts with a fallacy:

"It took the onset of World War II to lift the world out of the Great Depression that began in 1929."

This notion has been conclusively disproven by the brilliant Robert Higgs - you can read about it here:

www.independent.org/ne...

"ABSTRACT: Relying on standard measures of macroeconomic performance, historians and economists believe that “war prosperity” prevailed in the United States during World War II. This belief is ill-founded, because it does not recognize that the United States had a command economy during the war. From 1942 to 1946 some macroeconomic performance measures are statistically inaccurate; others are conceptually inappropriate. A better grounded interpretation is that during the war the economy was a huge arsenal in which the well-being of consumers deteriorated. After the war genuine prosperity returned for the first time since 1929."

And in case anyone still believes the nonsense about the 'benefits' of FDR's New Deal, Higgs has helpfully debunked this myth, as well:

www.independent.org/ne...