1. Benjamin M. Anderson, Economics and the Public Welfare: A Financial and Economic History of the United States, 1914–46 (Indianapolis, IN: Liberty Press 1979 [1949]), pp. 92–93 and 349–352.
2. C. A. Phillips, T. F. McManus, and R. W. Nelson, Banking and the Business Cycle (New York: The Macmillan Co., 1937), p. 127.
3. Jay Cochran III, “Of Contracts and the Katallaxy: Measuring the Extent of the Market, 1919–1939,” The Review of Austrian Economics vol. 17, no. 4 (2004), pp. 407–466. See in particular pp. 427–429 for the data on which this value is based.
4. I discuss in great detail many of the regulations used by the government—pre- and post-Fed creation—to exert influence over the monetary and banking system and the effects these controls had (and still have today) in Chapters 4 and 7 of Brian P. Simpson, Money, Banking, and the Business Cycle, Volume 2: Remedies and Alternative Theories (New York: Palgrave Macmillan, 2014).
5. My discussion on WWII, the Great Depression, and prosperity is based on George Reisman, Capitalism: A Treatise on Economics (Ottawa, IL: Jameson Books, 1996), pp. 262 and 592–594. Also see