Robert Murphy
The Pond
17 editions
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published
1964
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The British Cinema Book
10 editions
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published
1997
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Decoy
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The Peregrine Falcon
12 editions
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published
1963
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Diplomat Among Warriors
9 editions
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published
1964
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Sixties British Cinema
6 editions
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published
1992
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British Cinema of the 90s
6 editions
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published
2000
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The Golden Eagle
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published
1965
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Realism and Tinsel: Cinema and Society in Britain 1939-48
10 editions
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published
1989
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The Stream
6 editions
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published
1971
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“Why Did the Stock Market Crash? The most persuasive explanation for the 1929 stock market crash blames the Federal Reserve. Throughout the 1920s, but particularly in 1927, the Fed pumped artificial credit into the loan market, pushing down interest rates from their free-market level. Lower interest rates exaggerated the feeling of prosperity, and misled businesses and investors. In a laissez-faire market where money and banking are not disturbed by the government, the interest rate is a price that tells borrowers how much capital citizens have saved and made available to fund projects. But when the Fed adopts an “easy-money” policy by pushing down interest rates, this signal is distorted and the interest rate no longer does its job of channeling the available capital into the most deserving projects. Instead, an unsustainable boom develops, with firms hiring workers and starting production processes that will have to be discontinued once the Fed slows down its injections of new money. Many economists point to the Fed hikes in interest rates during 1928 and 1929 as the cause of the stock market crash. In a sense this is true, but the deeper point is that the crash was made inevitable by the bubble in the stock market fueled by the artificially cheap credit preceding the hikes. In other words, when the Fed stopped pumping in gobs of new money that pushed up the stock market, investors came to their senses and asset prices plunged back towards their pre-bubble level.”
― Politically Incorrect Guide to the Great Depression and the New Deal
― Politically Incorrect Guide to the Great Depression and the New Deal
“Before you came to live with us, our lives were as always, and we were happy. We worked, we ate, and then we slept. When you came we were glad, for you brought us many fine gifts. And every night, instead of going to sleep, we sat with you, drank coffee, and smoked your tobacco, and listened to your radio. But now you go, and we are sorry, for all of these things go with you. We now know pleasures to which we are unaccustomed, and we shall be unhappy.”
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