Word: 1920s
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...action - despite unveiling two domestic spending packages totaling $97 billion. Berlin insists that every country's case is unique; its own preference is for guarantees and investments rather than outright bailouts, while being careful to dampen price surges (the country is still haunted by memories of hyperinflation in the 1920s). (See pictures of the dangers of printing money in Germany...
...hard to see how China could fail with its plans to keep its GDP growing rapidly with such an impressive arsenal. It looks almost as good as the one that the U.S. had in the 1920s and Japan did in the 1980s...
...made farms more efficient, creating large crop surpluses, low grain prices, and slim agricultural profits. Farmers suffered the fallout, convincing Roosevelt’s future advisers that capitalism had failed and only government could prevent further hardship. A decade later, these professors-turned-bureaucrats saw the bogeyman of the 1920s as the cause behind the Great Depression: an unregulated market...
...Once in power, Roosevelt and his aides tried to end the depression by replaying the 1920s. Assistant Agriculture Secretary Tugwell promised farmers pre-WWI prices, paying their competitors to grow fewer crops, thereby lowering surpluses. But these policies raised food prices at the very moment they needed to drop. For instance, the government orchestrated the death of six million piglets to support pork prices—at a time when the urban poor could not afford bacon...
...These Ivy Leaguers fiddled with the economy for years, but it didn’t budge; double-digit unemployment continued until World War II. Applying the lessons of the 1920s to the 1930s, the policy wonks failed to consider other solutions. Today, Obama’s policymakers are applying the lessons of the 1990s to the 2000s. And they expect success...