Economic Crises


We can learn a lot about the devastating influence of market intervention by studying some of the economic crises of the past.


I have spent a considerable amount of time developing explanations for the financial crises during the period of 2007 through 2009.

The first explores the financial crisis of 2008. I developed the contents of this presentation is part of the message to the Financial Crisis Inquiry Commission formed in 2009. As you would expect this commission overlooked the fundamental causes this particular financial crisis.

The New Depression examines the similarities in economic conditions between 2007 and the Great Depression. I think you will find, as I did, the similarities a bit striking.

I have created a section on real estate crises simply because real estate played a primary role in the crisis of 2008.


The Roots of a Financial Crisis

The Fraud Enforcement and Recovery Act of 2009 created the Financial Crisis Inquiry Commission (FCIC) to find the causes of the financial crisis of 2008. They have started the process, however, by looking in all the wrong places. I wrote this paper to guide them (or any reader) to understanding the real source of the problem.

The New Depression

This graphic presentation examines the similarities between the economic "crisis" of 2008 (actually beginning in 2007) and the Great Depression.

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Real Estate

Because of the many distortions introduced into the real estate market by the banking system, government spending and regulation, real estate plays a role of unwarranted importance in the economy of the United States.

Although financial crisis of 2008 has its roots in the U. S. Banking system, many see it as a problem in the real estate market. Refer to The Roots of a Financial Crisis.