Word: 1930s
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Dates: during 1960-1969
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...There is a precedent for Turkey as a cooling-off place for Communist outcasts: Stalin permitted Leon Trotsky to take refuge in Istanbul in the early 1930s...
Lafitte returned to the U.S. in the 1930s. He first came to the attention of the authorities in the early 1940s, when he failed to register for the draft and was sent to Ellis Island to await deportation to France. While there, he saw a chance to ingratiate himself with the law by becoming an informer. He won the confidence of some racketeers who were being held on the island and offered to carry a message to their fellow gangsters in New York. Instead, he carried it to the Government...
Friedman blames unknowing monetary policy in large measure for the magnitude of the Depression of the 1930s. Partly because so many banks failed between 1929 and 1933, the U.S. supply of money shrank by 33%?and that compounded a worldwide economic collapse. The Federal Reserve, which took a narrow view of its responsibilities, felt itself almost powerless to reverse the tide of events. Not really understanding what should be done, it did practically nothing to offset the contraction of the money supply...
...policy had only a limited impact on economic trends. That led him to underrate the money supply as an economic regulator. Friedman maintains that Keynesian economists made the same error for decades afterward?and indeed, that many still do today. In reality, Friedman argues, the Federal Reserve in the 1930s had ample power to prevent the monetary contraction. "Had the facts been as Keynes assumed them to be," Friedman has written, "I could not hold the views I do about the role of money. Had Keynes recognized that the facts were what they were, he would have had to modify...
...money. The real drive behind food stamps is not to help the poor; it's to dispose of farm surpluses." Friedman calls the farm-subsidy program, which piles up huge surpluses in grain elevators, "a free-lunch program for mice and rats." PUBLIC HOUSING. "It was instituted in the 1930s to improve the housing of the poor, give the poor a sense of pride, and reduce juvenile delinquency. The effect, in each case, has been exactly the opposite. Public housing is a total failure. The major beneficiaries are the people who sell their property for housing projects. Some...