I know of no severe depression, in any country or any…
“I know of no severe depression, in any country or any time, that was not accompanied by a sharp decline in the stock of money, and equally of no sharp decline in the stock of money that was not accompanied by a severe depression.”
About This Quote
This interpretation was drafted with AI assistance. It is one reading of the quote, not the author's own explanation.
Economic depressions are tightly linked to sharp drops in money supply.
In simple terms: Money supply decline causes depressions.
Stabilize money supply to avoid severe downturns.
Themes
Mood
Type
When to use this quote
- government budgeting
- central banking
- investment strategies
Key Concepts
Questions to Reflect On
- How can policy balance money supply and growth?
- What safeguards prevent monetary collapse?
Other factors also influence depressions beyond money supply.