During the Great Depression where did all the money go?
There is a common perception that money evaporates during a Great Depression, but the reality is there were people with hard cash and they bought stock certificates for pennies on the hundred-weight. The middle class engaged in barter trade. Former President Ronald Reagan used to reminisce how neighborly things were in the Great Depression. The Great Depression was good for the Great Communicator. That, and you realize that if the Federal Reserve went house to house and handed out all the cash money to each man / woman / child, that hand-out would only amount to $4,000 per billfold. The rest of the wealth is what we call “paper” profits. That is what all the recent news accounts are concerned about — how much paper profits and the classes of people that receive. Which is only fair. The interesting part will come into play when US tax revenues “outsource” to non-citizens. But, that is way off in the future. Capitalism and Patriotism have no mutual cult nor grand association.
