Following is an excerpt (pages 19-21) from Murray Rothbard’s book entitled “America’s Excellent Depression” written 46 years ago in 1963… “If government wishes to see a depression ended as swiftly as doable, and the economy returned to normal prosperity, what course ought to it adopt? The initial and clearest injunction is: do not interfere with the market’s adjustment approach. The more the government intervenes to delay the market’s adjustment, the longer and more grueling the depression will be, and the more difficult will be the road to complete recovery. Government hampering aggravates and perpetuates the depression. Yet, government depression policy has always (and would have even a lot more today) aggravated the really evils it has loudly tried to remedy. If, in reality, we list logically the a variety of methods that goverment could hamper market place adjustment, we will locate that we have precisely listed the favored “anti-depression” arsenal of goverment policy. Thus, here are the methods the adjustment can be hobbled. (1) Avoid or delay liquidation. Lend money to shaky organizations, call on banks to lend further, and so on. (2) Inflate further. Additional inflation blocks the essential fall in rates, thus delaying adjustment and prolonging depression. Additional credit expansion creates much more malinvestments, which, in their return, will have to be liquidated in some later depression. A government “effortless cash” policy prevents the market’s return to the required higher interest rates. (3) Maintain wage rates up …