{"product_id":"gold-the-real-bills-doctrine-and-the-fed-sources-of-monetary-disorder-1922-1938-9781948647557","title":"Gold, the Real Bills Doctrine, and the Fed: Sources of Monetary Disorder, 1922-1938","description":"\u003cp\u003eThe gold standard is often blamed for causing \"the Great Contraction\" - the unprecedented collapse of the U.S. money stock that began after the 1929 stock market crash and led to the Great Depression.\u003c\/p\u003e\u003cp\u003eIn \u003cem\u003eGold, the Real Bills Doctrine, and the Fed: Sources of Monetary Disorder, 1922-1938, \u003c\/em\u003epreeminent monetary historians Thomas M. Humphrey and Richard H. Timberlake thoroughly refute that claim. Instead, they identify the culprit as a now relatively unknown, but once highly influential, theory: the Real Bills Doctrine. The Fed's failure to stem the Great Contraction was due, not to any shortage of gold, but to Fed official's devotion to a doctrine that made them unwilling to make full use of the United States' ample gold reserves.\u003c\/p\u003e\u003cp\u003eAnyone interested in understanding the causes of Great Depression, and particularly the part prevailing economic theories played in it, should regard \u003cem\u003eGold, the Real Bills Doctrine, and the Fed: Sources of Monetary Disorder, 1922-1938\u003c\/em\u003e as an absolutely essential work.\u003c\/p\u003e\u003cbr\u003e","brand":"Cato Institute","offers":[{"title":"Default Title","offer_id":50857366520082,"sku":"9781948647557","price":17.99,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0831\/4771\/8930\/files\/img_234b8e5d-c102-4cab-b5ea-021567911802.jpg?v=1737529109","url":"https:\/\/surprise-castle.myshopify.com\/products\/gold-the-real-bills-doctrine-and-the-fed-sources-of-monetary-disorder-1922-1938-9781948647557","provider":"Surprise Castle","version":"1.0","type":"link"}