Lawrence,
Nothing like living a financial panic to understand it. By now, many people know that excess debt is the root cause. They know it because they can see the secirity of those who are liquid and feel the painof those in debt. Thus the most convincing graph I have ever seen is the plot of long term debt to gdp levels. It shows that by early fourties the debt to gdplevels had declined to normallevels. Liquidation through savings and bankruptcy had fially run it's course. Roosevelt does get credit for putting us back on the gold standard at 36 bucks. something Nixon never did. Lets give credit to ther hero where we can to get a wedge into the debate.