The Development of Agribusiness -- POLITICS

[Guest guest]

Here's another influence of government on the development of agribusiness

that hasn't yet been discussed in our previous debates:

" As soon as the Fed was established, in fact, Secretary of the Treasury

G. McAdoo trumpeted the policy which the Federal Reserve was to continue

pursuing throughout the 1920s and during the Great Depression:

'The primary purpose of the Federal Reserve Act was to alter and

strengthen our banking system that the enlarged credit resources demanded by the

needs of business and agricultural enterprises will come almost automatically

into existence and at rates of interest low enough to stimulate, protect and

prosper all kinds of legitimate business.'

Thus did America embark on its disastrous twentieth-century policy of

inflation and subsequent depression -- via a stimulation of legalized

counterfeiting

for special privilege conferred by government on favored business and farm

enterprises. "

--Rothbard, Murray N., _America's_Great_Depression_, p 120 (p 163 in the

..pdf)

Chris