Undeniable Facts

From 1929 to 1933, real output fell by about 30%.

From 1929 to 1933, unemployment rose from about 3% to about 25%.

From 1929 to 1933, the dollar deflated on average 10% per year.

From 1929 to 1933, the money supply fell by about 30%.

To put this in perspective we can look at another deflationary episode in American history.

From 1973 to 1975, real output fell by about 3.4%.

From 1973 to 1975, unemployment rose from around 4% to 9%.