Learning to Allow Jesus Christ to Live His Life Through Me so that I can Enjoy, in this life, those things that are meaningless in the next.
Sunday, October 05, 2008
Imperial Amnesia
Imperial Amnesia is a term used by John Judis (2004) to describe the American remembrance of past military adventures in foreign lands. Using the occupation of the Philippines following our victory against Spain in 1899 Judis (2004) outlines how the Unites States has rewritten the past to justify were we are today in our foreign policy. Comparing Judis’ article with Stoessinger’s Vietnam War essay, “A Greek Tragedy in Five Acts” I have used our special role American plays in transforming the world, the lack of understanding the concept of knowing your enemies before going to war and how politicians rewrite history for their own purposes.
“Americans have always believed they have a special role to play in transforming the world (Judis 2004).” As the Cold War was beginning to heat up and fearing the Soviet Union would take advantage of the anticolonial movements within Europe’s colonies the United States “sought to establish its own neo-imperial reign (Judis 2004)” in Asia. “Instead of permanently annexing the countries they conquered, after a period of suzerainty, [United States] would retain control by vetoing unfriendly governments and dominating the country’s economy (Judis 2004)”
In 1954 the French had been defeated by the Vietminh at Dien Bien Phu agreed to the Geneva Accords dividing Indochina into Vietnam, Laos and Cambodia and setting a time table for free elections in 1956. In 1954 the South East Asian Treaty Organization was created by the Unites States making South Vietnam an American protectorate, thus recognizing South Vietnam as a separate state. The United States believing Ho Chi Minh would win free elections supported the establishment of a vassal state; the Republic of Vietnam under the leadership of President Diem. In November 1963, Kennedy allow a coup to overthrow Diem, killing Diem and placing in power someone more the America’s liking. When Nixon took office he and Henry Kissinger developed the concept of “Vietnamization” of the war. It would involve the withdrawal of American forces from Vietnam to be replaced by South Vietnamese forces with a “friendly government firmly in Saigon (Stoessinger 2008).”
American foreign policy has a long history of not understanding our enemy. Judis (2008) discusses the Neoconservative agenda and their miscalculation of the nationalist sediments within the different groups. American thought we would be welcomed with flowers but instead we energized those nationalist feelings. This same attitude prevailed as we began empire building with our war in the Philippines and Judis (2004) also shows this lack of understanding in Iraq about the motivation of the enemy. Sun Tzu in the Art of War said, “Know thy enemies” which generally was absent during the entire Vietnam conflict. After the end of WWII the French were fighting a colonial war in Indochina against Ho Chi Minh the US was at first opposed to the French because Truman saw it as a return of French power to the area. By 1948 China became an “active theater of the Cold War” (Stoessinger 2008) the United States began to see the French as “defenders of the west” (Stoessinger 2008). Ho Chi Minh who had been describe by an OSS officer as an “awfully sweet guy whose quality was his gentleness” (Stoessinger 2008) was now seen as part of the international Communist threat. Throughout the conflict American politicians would never come to grips that the main motivation of Ho Chi Minh was nationalism with communism taking second place. Ho Chi Minh’s goal was to drive out the imperial powers and achieve national independence.
During Kennedy’s administration a study was done by two European experts, Asian experts were considered security risks since the days of Joseph McCarthy (Stoessinger 2008).Rostow-Taylor concluded that the growing conflict in Vietnam wassimilar to the conventional war we had fought in Korea instead of a political struggle with the Vietminh, using guerilla warfare tactics. The one idea that is seen throughout Stoessinger (2008) is that the United States never looked at the Vietnam question from the viewpoint of the Vietnamese.
John Judis (2004) states, “Politicians often rewrite history to their own purposes.” As the Cold War with the Soviets began to shape American foreign policy our language toward Ho changed. The United States’ “perceptual grid of Cold War categories was… superimposed on the older conflict in Indochina (Stoessinger 2008).” As the United States escalated the war so did the Vietnamese in response. The Chinese would only give enough aide to bring a balance to the war. In early 1965 the United States began reprisal bombings against the North. When asked by Emmett John Hughes, “what he would do if the North Vietnamese retaliated by matching American air escalation with their own ground Escalation.” McGovern Bundy (Johnson aide) replied, “We can’t assume what we don’t believe.” (Stoessinger 2008)
President Kennedy made a prophetic comment, “In the last analysis, it is their war; it is they who must win it or lose it (Stoessinger 2008).” In the end South Vietnam made the decision. As today we see in Afghanistan and Iraq it belongs to those people whether their nations will win or lose. John Judis suggests that in order to transform the world we need to adopt Wilson’s vision of global democracy multilaterally. But isn’t that just replacing one from of imperialism with another form. Who will determine who the nations are we would punish. At present China does not to care about democracy so do we make them an enemy? As is being shown in Afghanistan multilateralism will only work when there is little price to pay among the partners. As NATO members have begun to suffer causalities the desire for transforming Afghanistan has lessened.Wilson’s vision involved to “dismantle the structure of imperialism” (Judis 2004) based upon the European powers abdicating imperialism. In today’s world the only nation using imperial tactics is the United States. In ways Europe has replaced the United States by not looking overseas for monsters to destroy.
References
Stoessinger, John G. 2008. Why Nations Go to War. Belmont, CA. Thomson Higher Education
Judis, John B. 2004. Imperial Amnesia. Foreign Policy July/August 2004
Saturday, August 30, 2008
Iraq
I read an interesting article today comparing the Iraq War with the US occupation of the Philippines after the Spanish War. The article appeared in Foreign Policy in 2004 called Imperial Amnesia by John Judis. It showed the parallels not with Vietnam but how we destroyed the Filipino population bringing them to their knees by killing 200,000. We used 120,000 troops and over 4.000 died. Americans suffer from very short term memory while the world has long memories. The hatred that existed in Iraq before the US invasion was opened with the invasion.
Americans wake up to history. Turn off the TV's and learn something for once. The United States has always been a horrible at nation building but we never seem to remember this from generation to generation. We failed in Vietnam and we will fail in Iraq and Afghanistan. Call the troops home and start looking at our commitments overseas. Remember John Quincy Adams remark about we don't go overseas looking for monsters to destroy. Learn to live as a Republic again instead of an Empire.
I have questions about my Excel Energy bill. What are these charges?
Here is the breakdown: Energy Charge Summer Environment Imprvmt Rider Fuel Cost Charge Resource Adjustment
I hate environmentalist as a top priority and it is only going to get worse in this country as we elect either another fascist or a communist. The end is near for the American Empire, may it die quickly.
Tuesday, August 26, 2008
Swine Not
I just finished a fun novel by Jimmy Buffet called "Swine Not." In the usual fashion of Jimmy this novel is fun loving and an enjoyable read. The book has narrative from two characters, Barley a young twin boy from Vertigo Tennessee and the pig named Rumpy. The pig and family end up in New York City when Mom accepts a job as a pastry chef at a fancy restaurant. Enjoy this book and read this book. It is light hearted fun.
Monday, August 18, 2008
Georgia
I heard Condi Rice talk tough against Russia today. Are we willing to go to war against Russia over a nation like Georgia? I concluded sometime ago that the leadership in the United States is insane. Now understand I don't just mean the President and his Republican hacks but also the Democrats along with their band of twits. I could also toss in the batch of religious leaders who are the purveyors of a twisted gospel. There was once a time when Americans cheered when our leaders told us we would not get involved in foreign entanglements. I long for that day to return.
Friday, August 15, 2008
Power of Envy
Envy is “a feeling of discontent or covetousness with regard to another's advantages, success, possessions, etc.”[1] Envy has been the major driving force behind why some tribes have prospered while others have remained primitive. When a group refuses to allow people to advance beyond the rest of the tribe envy exists. Envy says that if I can’t have it then neither can you. The envious person would rather see something destroyed so no one can have rather than anyone having it. I like what an article in the Wall Street Journal brings out “Do Americans Have Wealth Envy?” I think with the rise of Obama we are reverting back to those days of business versus labor aspect of society. The us against them mentality that existed for many years in this country.
My question is how do you balance the needs of the worker with the needs of business without making workers indentured servants to these companies. Prior to the Great Depression common laborers were treated poorly by business. Charles Darwin reigned supreme in business. Today without government involvement would they continue survival of the fittest still reign. History has shown man is capable to commit great evil against their fellow man. Why would anything be different since Carnegie treated his workers like dung.
I have been listening to an audio version of Ben Franklin’s Autobiography and have realized something. Over the years “success” books have come out being the “newest” thing in self improvement. I have tended to see them as rip-offs of Napoleon Hill’s material. After listening to Franklin I have concluded it is a vicious cycle in plagiarism. There is nothing new under the sun. The Success Movement started with Benjamin Franklin and continues to this day. I sad part is the modern church is also a product of Franklin’s Religion of Virtue. If you live good enough you will be accepted by God. I hear so many TV preachers talk about self improvement – if you confess the word just right or do this or do that and you will have blessings from God. The blessing of God are based upon His grace. I like Franklin’s ideas but I don’t use them to attempt to earn God’s favor.
We need to begin focusing upon the relationship aspect of the Gospel. I belonged to a club for 17 years were every week it was about how to get stuff from God. If the minister in charge ever talked about relationships it was just plain bad. He to this day doesn’t understand relationships and his whole message is based upon Napoleon Hill and Kenneth Hagin though he calls it the Gospel. I have enjoyed the Hagin’s teaching over the years but today I understand that isn’t the whole Gospel. When I listen to the “Faith” teachers on TV it is insanity. These people have made a quite a living off the gospel. Whatever happened to teaching about saving money as Malachi instructs. I will fill your barns, investments, with plenty and your presses, work, will burst forth with new wine. I suppose in away Franklin taught the importance of saving for the future. On a national level the question is, how can a nation build for the future without savings to buy the capital goods?
Saturday, August 09, 2008
Why did the BJP Party Lose?
What were the reasons that the 380 million Indians voted out the Bharatiya Janata Party and elected the Congress Party led by Italian born Sonia Gandhi? During the campaign the BPJ focused on a pro-Hindu religious message along with the strong growth of the economy. According to the Guardian, my personal paper of record, the BJP highlighted the “8% growth, increased development and a surge in high tech industries” (AP). The problem that exists outside the developed areas, Bangalore, is poverty. As Lalita Law tells Friedman “alcoholism if rife and female infanticide and crime are rising” (Friedman, p.539).
The strategy of the Gandhi led Congress party was to focus on the 300 million extreme poor within India who are not benefiting from the economic growth. The Congress party focused on lack of basic infrastructure, electricity and water access for the rural poor. According to political columnist and member of the upper house Kuldip Nayar, “This is a verdict against globalization. Now the next government will have to think how to employ more hands, than machines” (AP)
If you listen to Nayar the vote was against globalization but really it was because the globalization is occurring at a slower pace than desired. The idea of Hindu nationalism used by the BJP was defeated for a more secular form of government. Thus both sides were correct though I saw nothing about environmental issues being part of the issues unless you look at basic infrastructure. One side note, 48 people were killed in election violence down from the 1999 election.
Following the genocide from starvation caused by Mao's Great Leap Forward Mao decided he was losing a grip on power inside China. In 1966 using the student population Mao began the Cultural Revolution. Mao's stated goal was to reignited the revolution. Actually, Mao's goal was to rid himself of what he termed the "privileged class" This class consisted of engineers, scientists and anyone else Mao considered a rival. Sounds more like an attack on the middle class that had developed and where enjoying their status.
There are three phases of the CR the needs to be discussed.
The Activist Phase from 1966-68. It was during this time period that Mao purged his enemies. During this time two sides developed. The first was led by Lin Biao and support by the PLA and the other side was led by Deng Xiaoping and the party machine. Mao sided with the PLA and used the students (Red Guard) to destroy outdated symbols and values. These phases would continue until a border clash with the Soviet Union in March 1969.
The second phase with the 9th National Party Congress. With the Maoist in control the rebuilding of the party machine and economic stabilization became priorities. Pragmatism replaced idealism as the central theme. In 1971 Lin Bao attempted a coup that failed and died in a plane crash fleeing China. This led to a purging of all Lin Bao supporters.
The final phase started with Deng Xiaoping becoming vice premier in 1973 until Mao's death in 1976. It was been estimated that between 2-7 million people died during the CR, most during the Activist Phase. (Poon)
I understand that there is presently political discussion inside China about the effects of the CR. Some have used it as a rejection of revolution and Maoism while others are showing more nostalgic toward it.
Is democracy a requirement for a Capitalism to flourish? I think a good example of an authoritarian government that created a successful Capitalist system would be Chile. Chile elected a socialist Allende who was overthrown by a CIA led coup by General Pinochet. Over the next 17 years Pinochet allowed a free market economy using the teachings of Milton Friedman. Even after Pinochet returned power to democratic rule the government has not reversed many of his reforms.
Another example comes to mind would be Great Britain who after World War II adopted a socialist form of government. It became know as the “British Disease” (Boyson). British productivity by the 1970’s had fallen behind the rest of Western Europe by 30-40% while inflation for the period of 1972-77 was 120% (Boyson). It was only after the reforms of Margaret Thatcher that the economy began to recover.
Democracy is a messy business with people having the ability to vote themselves programs and authoritarian regimes have created market economies. I think the question becomes can a nation like China sustain a market economy over the long haul? I can think of no regime that has been both authoritarian and capitalist over the long run. I guess one question I would like answered is how can a nation whose political system requires centralized planning, China is communist, allow the long term growth of a free market system without giving up its political power?
When did the Conservative Movement die? I have thought about this recently watching the election. In 1994 the Conservative movement was at their heights and within 10 years the collapsed had occurred. The only thing I can say is happiness is the death of false politics. Conservativism had died many years before when it allowed men like Ann Coulter, Sean Hannity and Rush Limbaugh take control and destroy the movement. It moved from an idea generating machine to a hate mongering machine. Ideas are not Hannity's strong point. Every time I see Hannity I realize what Jesus had to deal with with the Pharisees.
Wednesday, July 23, 2008
Liberal Media Bias
Once again I am hearing those on the Right complain about the Media favoring Obama. I have heard since I was a kid that the MSM was liberal. Who cares. I heard today the NYTimes profits are down 82% and the Evening News the viewers are dying faster every day. I understand talk shows need fonder to talk about. But come on. Get over it people. Get a life. You have unlimited media access with the internet. Seriously why would anyone watch either Chris Matthews or Sean Hannity. Both are blowhards who love to hear themselves talk. Take a little time and read the online newspapers from around the world. See what is happening in Africa or Asia. Maybe even South America. I know this will be tough for people who live inside the United States because the world revolves around you but try.
Sunday, July 20, 2008
College Educated Workers
Thomas Friedman states that college educated workers grew through the 1980’s. What has happened since 1993 according to the National Science Foundation has been a 40% increase of college graduates, reaching over 40 million in 2003 up from 29 million. Of those 40 million about 12% have their degrees in science or engineering. Listening to the media I thought the world was coming to an end and America was getting dumber. During this time period the population of the United States population has grown from 257.7 million to over 300 million (NPG). According to The Olympian “in February 2005, USA Today reported that 64 percent of high school graduates go to college, but the number of Americans with bachelor degrees is only 29 percent.” (Yamamoto) I understand this because I like many MetroState students have returned to school to finish my degree.
According to the National Bureau of Economic Research since 1980 the supply of college graduates have been growing at a rate of 2% while the demand as been averaging “3.27 to 3.66 percent per year.” This has allowed the wage premium that college grads have enjoyed over high school grads. High schools grads also face increase competition from immigrants. The average American wage has increase from $21,027.98 in 1990 to $38,651.41 in 2006. A debate is raging over whether real income has been keeping pace with inflation as the real inflation has come under scrutiny. Official inflation does not include food and fuel. In researching this item I came across this item on Business Week online, “Real College Grad Wages Plummet 5.5%” for the second quarter of 2008, wages adjusted for inflation (Mandel).
Thomas Friedman comments in his book (The World is Flat, p.143) that the savings from cheap Chinese imports has “helped the Federal Reserve to hold down interest rates longer” thus allowing Americans to buy homes or refinance, using their homes as ATM machines to buy more toys. As I write this CNN Money online has a headline about the possible collapse of Fannie Mae and Freddie Mac called, “The $5 Trillion Mess”(Benner, title) What the Federal Reserve has done is to artificially lower interest rates below free market rates by manipulation of the currency. This helped to create the housing (credit) bubble that has been in the news. .
Friedman also says that Morgan Stanley estimates Americans have saved $600 billion by buying cheap imports. The analytical group Bridgewater Associates now estimates bank losses worldwide from the credit crisis to total $1.6 trillion. The United States have been running a trade deficit with China that currently is over $1.4 trillion. “In effect, every person in the (rich) United States has over the past 10 years or so borrowed about $4,000 from someone in the (poor) People’s Republic of China” (Fallow).
Because of the cheap interest rates Total U.S. Consumer Debt has grown from $1.69 trillion in the first quarter of 2000 to the most current numbers of $2.56 trillion in May 2008. Mortgage debt outstanding at the beginning of 2000 stood at about $6.9 trillion and today it stands at $14.7 trillion. Federal Debt has climbed to $9.2 trillion from$6.8 trillion. (Federal Reserve) China currently holds over $1 trillion of this debt. There has been talk of bailing out Fannie Mae and Freddie Mac of late. China presently holds $376 billion dollars in these company’s bonds that are subject to US government bailout (Shedlock), so much for the American taxpayer saving from cheap Chinese imports.
Mauldin, John. (July 11, 2008). $1.6 Trillion and Counting, Thoughts from the Frontline. Electronic Mailing List
Thursday, July 10, 2008
Reason I Left
Once upon a time there was this group of people who would meet. This group was lead by a self-professed “anointed” leader. The leader taught this class every week and talked about spiritual things. The beginning of the group was filled with many people but over time the group became smaller and smaller. Why? You see the leader would decide that people needed to be cleansed from the group so he would drive these people out. Being one of immaturity the “leader” would throw a temper tantrum and give the person the “cold shoulder.” For those not familiar with the cold shoulder it is ignoring a person to punish that person. Over the years the leader would treat people in this manner.
There joined to this group a young man who lacked knowledge of spiritual things and for many years this young man continued in this group. At times the man would disagree with the leader but mostly kept it to himself because he desired the friendship of the leader. On those rare occasion when the man talked about the disagreements with the leader the cold shoulder method of punishment was handed down. So this taught the man to keep things to himself even when he thought the leader was just plain wrong.
Well one day it happened, the man (after many years of bondage) was talking to the leader who was bloviating about something he had heard. The man went home and got to thinking about what the leader had said. The man foolishly decided to send his thoughts to the leader. The thoughts had helped the man in the past so he foolishly thought the leader would want to discuss these thoughts with him.
The man, who had learned much about freedom in Christ and is learning the love of Father, once again experienced the temper tantrum of anger, from the stand, and the cold shoulder of this leader. Why would this leader or any leader do this? Insecurity. Immaturity. The man had mistakenly written the note with the hope of starting a conversation with the leader. Foolish man he had not learned yet that self appointed religious leaders don’t care what you think even if you golf with him. The leader is only in love with himself and his self appointed “anointing.”
The man decided it was time to leave the group. What was different this time with the man? In times past the man would have kept quite until it blew over. Suffering under the leader's self appointed “anointing” and the cold shoulder of punishment. The change was the man had discovered that God loves him and desires an intimate relationship with him and that Father does not give “leadership” permission to treat his children in any way but love.
Let it be said the man does not hate this leader but still loves him and in many ways feels sorry for this leader for the leader judges people based upon them accepting his self appointed "anointing" and self created religious system.
Murray Rothbard at his best:
The basic root of the controversy over slavery to secession, in my opinion, was the aggressive, expansionist aims of the Southern "slavocracy." Very few Northerners proposed to abolish slavery in the Southern states by aggressive war; the objection – and certainly a proper one – was to the attempt of the Southern slavocracy to extend the slave system to the Western territories. The apologia that the Southerners feared that eventually they might be outnumbered and that federal abolition might ensue is no excuse; it is the age-old alibi for "preventive war." Not only did the expansionist aim of the slavocracy to protect slavery by federal fiat in the territories as "property" aim to foist the immoral system of slavery on Western territories; it even violated the principles of states' rights to which the South was supposedly devoted – and which would logically have led to a "popular sovereignty" doctrine.
When I talk about “desire” I mean the people of the United States has become a nation of spenders. We love to consume. Our savings rate is around zero with it going negative at times. How does a nation build the means of production to compete in the world marketplace when it no longer saves? We have a negative balance of payments equal to about 6% of GDP and federal deficits running in the hundreds of billions of dollars. And to fund all this we have become a nation depended on the kindness of strangers, i.e. the Chinese, Japanese, oil producing states, etc. I grew up during the Cold War so the thought that Communists are funding our hedonism just seems strange to me. But China is a nation of savers. “A penny saved may be a penny earned, but in China a penny saved is usually invested in an infrastructure project or an increase in manufacturing capacity. China’s gross domestic savings rate, after averaging 40% or so of GDP for most of the 1990’s, has grown over the past couple of years to close to 50% of GDP (Prestowitz).”
The International Monetary Fund (IMF) was created in 1944 as part of the Bretton Woods agreement. The Purpose of Bretton Woods was to “design a postwar international monetary system” (Hoover). The US dollar was made the worlds currency. The job of the IMF was to stabilize the exchange rate when each country would tie its currency against the gold backed dollar. In 1971 Nixon took the dollar off the gold standard because of nations like France who kept demanding to exchange dollars for gold. From 1971 forward the US dollar and many of the world’s currencies have been allowed to float freely.
The way the IMF works is it allows governments to borrow US dollars in exchange for local currency. Congressman Ron Paul has been an opponent of the IMF even requesting the US stop funding the group. As Paul has said, “the IMF forces American taxpayers to subsidize large, multinational corporations and underwrite economic destruction around the globe” (Paul). The IMF has a long history of funding governments creating economic disasters. A recent example was the Argentine economic crisis in 2001. The IMF lent Argentina over $8 billion of US taxpayer backed loans.
The history of the IMF is one of creating problems. The problem with the IMF in my opinion is the government to government loans that are made. Giving money to corrupt leaders and then expecting them to act rational does not exist. As Congressman Paul states, “The only constituency for the IMF is the huge multinational banks and corporation” (Paul).
The better way is what groups like Kiva Loans (kiva.org) and Bill Gates Foundation that will loan money to individuals within these poor nations to build a business or buy additional farming equipment. Kiva loans is an organization that allows anyone to participate in helping people become productive.
How has accounting changed over the last 25 years? When I started studying accounting in 1980 there was no accounting software available. I remember using columned green paper doing accounting problems and doing multiple transactions to cover it all. I would use T-accounts when figuring accounting issues. When spreadsheet software first came out (I think it was called Lotus 1-2-3) I remember asking a teacher if he thought it would change accounting. His answer was he didn’t think it would change anything. When Lotus 1-2-3- came out it was fantastic. It allowed the creation of financial statements so easily instead of using typing up on an 8x11 piece of paper, with correction fluid nearby. I would have to use charts created by the printing department for meetings instead of creating my own in PowerPoint presentation and I can import from other sources in doing it.
I remember when I went to work for a company that used an in-house accounting package. It allowed me to enter a transaction for both sales and accounts receivable in the same. Today the accounting packages available are so amazing. I use Microsoft Dynamics GP at work. GP is an Enterprise Resource Planning software package that allows me to track accounting, projects, human resources, etc. I can do payables, receivables, and general ledger. I can track fixed assets like never before. I don’t need to track these items within a spreadsheet anymore. I enter a payables transactions and it hits the general ledger, payables, vendor account all at one time. I can create projects that allow the tracking of costs and revenue from a particular customer. Today, because of software I can do more than twice what I once was able to do.
Wednesday, July 02, 2008
Crash of 1929
The stock market crash of 1929 may be the most famous bubble in America. I hold to the belief that the Federal Reserve’s monetary policy was to blame for the crash and the resulting Great Depression. During the 1920’s the Federal Reserve inflated the monetary supply to grow the economy. The result was lower interest rates than the free market would have allowed causing the economy to overheat. Then in August 1929 the Fed changed policy and raised the discount rate. This also occurred under Fed Chairman Alan Greenspan (Tech and housing bubbles). Speculators entered the market driving the price of stocks higher. It is estimated that approximately 600,000 speculators traded on margins.
The result was not good. On Monday Oct 9, 1929 the reporting could not keep pace with news of the fall. That Saturday margin calls started to go out. By Oct 19, Black Tuesday, shares were dropping vertically in price. The extent of Americans involvement in the stock market even surprised me. I always thought the initial collapse only affected a few but nearly 30 million families were participants in the stock market out of only 120 million people. Investment trusts were being created daily and using high leverage to speculate in the market. When the market started its fall margin calls were made to people unable to pay. By July 8, 1932 the market had fallen from a high of 452 to 58. General Motors had fallen from 73 down to 8. At that time GM was considered one of the best run companies in America.
What followed was an economic collapse as industrial production dropped over 50% and unemployment hit 26.7% in 1934. (Johnson)
Pongracis, Jr., Ivan. The Great Depression According to Milton Friedman
