This video introduces Austrian Business cycle theory--which accurately predicted the Great Depression, the dot com bust, and the housing bubble burst. When everyone in 2006 was predicting a rebound, people like Peter Schiff and the speaker here were seeing a recession. It's presented by the NYT bestselling author of "Meltdown," Tom Woods Jr. He does a great job of keeping it simple and entertaining.
This video is half economic theory, and half history (starts w/history). It has a lot about the "depression" of 1920 [sic]. 1920 was actually far worse than the first year of the Great Depression (faster rate of unemployment, etc), but somehow the economy turned around in only 18 months (the Great Depression lasted for over a decade). This was not due to government intervention by the fed or spending, but by an intentional reduction in the size of government.
We're told the government must act through bailouts and whatnot to end the depression, but by doing so they are lengthening and deepening it, just like they did in the 1930's under Presidents Hoover and Roosevelt. We're also told that if we don't bail these banks out, the depression will last decades. This is wrong, and in fact the opposite is true. Enjoy!
Occupation: Daniel is Medical Resident from the southwest US. Prior to medicine, he worked in IT as a consultant, programmer, web designer/developer, and technician.
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