In this debate I started on usenet, one of the response I read was this:
Britain came out of the Great Depression much earlier than the US by
going off the gold standard. We expect hard money to exacerbate
deflation.
Is this true? How would you respond?
The Federal Reseve 100% caused the Great Depression.
In the 1920s, the Federal Reserve printed more gold-redeemable FRNs than there was gold in the Treasury. This caused an inflationary boom.
In 1929, they jacked up interest rates and caused a crash.
In the 1930s, there was massive inflation to bail out the banksters. The banks had huge profits while the rest of the economy was stuck in a recession/depression. This has absolutely no correlation with the massive bank profits that occurred recently.
This is as vague as an assertion can be. Respond by reading up on the specifics.
Irenicus is correct in asserting that it is a vague thesis; but, I would also note, with an equally vague statement, that the UK never had a Great Deal either.