By George F. Smith
February 4, 2026
The culprit responsible for the Crash and the Great Depression can be easily identified: government.
To protect fractional reserve banking and (later) provide a buyer for its debt, government in 1913 created the Fed, putting it in charge of the money supply. From about July, 1921 to July, 1929 the Fed inflated the money supply by 62%, with the result being the Crash in late October, 1929.