Comment: Coolidge on the surface may look good, but...

If you read Murray Rothbard's book "America's Great Depression", the hidden policies of the Coolidge administration are revealed. Coolidge, his secretary of the treasury Andrew Mellon, and his secretary of commerce Herbert Hoover were all proponents of monetary inflation by the Federal Reserve. Coolidge was a proponent of the ideas that regulation of the money supply creates price stability, that it was necessary to print money and lend it to foreign nations so they could purchase our agricultural exports, and that it was necessary to inflate at a greater rate than England in order to prevent England from loosing gold to the U.S. As Coolidge famously said in a pre-election speech in 1924, "It has been the policy of this administration to reduce discount rates," and he promised to continue to keep them low, thus spurring more inflation. Harding, Coolidge, Mellon, and Hoover should not be praised for "laissez faire" policies; they should be ridiculed for their obsession with central banking.