The Debt-Deflation Theory of Great Depressions

The Debt-Deflation Theory of Great Depressions

“Panics do not destroy capital; they merely reveal the extent to which it has been destroyed by its betrayal into hopelessly unproductive works.” (John Mills (1902). “Credit Cycles and the Origin of Commercial Panics.” New York and London: D. Appleton & Co.)
I have been both a central banker and a market regulator. I now find myself questioning whether my early career, largely devoted to liberalising and deregulating banking and financial markets, was misguided. In short, I wonder whethe

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