The Politically Incorrect Guide to the
Great Depression and the New Deal
(The Politically Incorrect Guides) by
Robert Murphy
Must Read For Anyone Interested In The Politcal Past And Current Economy
In this timely new P.I. Guide, Murphy reveals the stark truth: free market
failure didnt cause the Great Depression and the New Deal didnt cure it.
Shattering myths and politically correct lies, he tells why World War II didn
t help the economy or get us out of the Great Depression; why it took FDR
to make the Depression Great; and why Herbert Hoover was more like
Obama and less like Bush than the liberal media would have you believe.
Free-market believers and capitalists everywhere should have this on their
bookshelf and in their briefcases.

Personal Review: The Politically Incorrect Guide to the Great
Depression and the New Deal (The Politically Incorrect Guides)
by Robert Murphy
Great book. Perfectly summarizes the reasons for the Great Depression.
Debunks the idea that recessions or depressions are inherent in free
market economic systems, instead laying the blame squarely on Central
Banking. Shows why the Great Depression started as a bad recession and
how it became Great, thanks to the interventionist policies of Hoover and
Roosevelt.
Robert Murphy makes use of sound economic analysis from an Austrian
perspective (meaning the Austrian School of economics) to show and
demonstrate how the depression was not caused by laissez faire policies
but by the money supply manipulations of the Federal reserve, which was
legislated into existence to purportedly reduce the number of recessions or
runs of the banks that created the previous recessions. In fact the Federal
Reserve merely helped to hasten the big recession that started in 1929.
What happened in 1929 is not that different to what happened in
1919-1921 (when the US suffered the OTHER Great Depression nobody
hears about today). But instead of having the government reduce spending
and lower taxes, to help people recover faster, the Hoover administration
tried to bail out farmers, laborers and manufacturers by propping up food
prices, wages and imposing a tariff that started a trade war between the
US and everybody else.
Dr. Murphy debunks many other myths highly touted by historians, leftists
and even many so-called conservatives:
+ That Herbert Hoover let the problem grow by a "do-nothing" approach,
regardless of the clamors made by many. In fact, Hoover was a
Progressive that believed it was the role of the government to command
and control the economy, and like many today, did not let a good crisis go
to waste, to impose many of the plans that later became part of the New
Deal.
+ That Roosevelt's New Deal programs were created to kick start the
economy after the failed policies of Hoover. In fact the New Deal had its
origin in programs already implemented by the Hoover administration. The
only difference was in their name and scope.
+ That the spending of WWII got us out of the Depression (a myth that
contradicts the much touted effectiveness of the New Deal.)
+ That the depression became great because of a tightwad Federal
Reserve (Milton Friedman's contention). In fact, the Fed increased the
money supply right after the stock market crash to keep credit flowing.

Dr Murphy shows how the New Deal was more about protecting special
interest groups than about helping every day Americans; how FDR created
a quasi-Fascist state, by getting Big Businesses and labor unions into bed
with the Government; how the World War did NOT pull the US out of the
Great Depression, making the privations for many much WORSE than
during the previous years before the war; how the economy recovered
astoundingly fast after the war, when the US Government stopped or
reduced many of its expenditures, canceled many of its New Deal
programs and cut some taxes - something the Keynesian economists said
could not happen: A recovery after a reduction in government spending.
Apart from debunking many myths regarding that era and the origins of the
crisis, it also gives a good education in sound economics, making the book
not only a good reference to debate New Deal advocates, but also to
expand one's knowledge of economics. As a companion to this book, I also
recommend you seek Thomas Wood's "Meltdown."
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