Discussions of the economy, especially during times of crisis, are often framed in terms of lessons we supposedly learned during the Depression of the 1930s. If we are not to endure terrible times like those again, we are told, we must support whatever form of state intervention is currently being peddled.

Nullification is the Jeffersonian idea that the states of the American Union must judge the constitutionality of the acts of their agent, the federal government, since no impartial arbiter between them exists.

Understanding the true causes of the Depression, as well as the real economic record of the United States in the 1930s, is an essential ingredient in anyone's economic and historical education.

Thomas Woods Quotes