Hard Times - The Great Depression.

[@PBoyle]

Enjoy up to 50% off Ekster's Black Friday! Go to partner.ekster.com/pboyle and use code BOYLE at checkout to unlock further savings!

[@deandrefuentes]

If you're not a Foundational Black American, you don't deserve anything in fact all you non Foundational Black Americans owe us a tax on everything you earned, bought, or sold to pay for reparations

[@sam3317]

real rappers like a bulge in their pocket, Patty boy.

[@davidkess3750]

Tremendous data. Going to give the History Channel a run for their $$$..

[@talesofunity]

Thanks for a great econonics lesson. I wonder if 18:31 - 21:20 could be recut into a KZbin short to explain these points of tarrifs, currency exchange abroad, and foriegn capacity to repay American loans. I thank you for all the hard work brother, I've learned a lot from your videos over the past couple months as I considered becoming an FA.

[@malarkey2961]

​@@talesofunity Great suggestion.

[@fix0the0spade]

I kept waiting for the sarcasm, there's something deeply unsettling about watching Patrick deliver a video with total sincerity.

[@butwhytharum]

It's why I myself have subscribed... That and the rap album reviews

[@mariusj8542]

It’s almost like a depression. I’ll see my self out.

[@georgehart8179]

Let's boycott Patrick until his sarcasm re-emerges.

[@ThyrsusConsulting]

This is Patrick being sarcastic

[@axltothemaxl5368]

I personally love this new forray into finance education, though as someone who keeps his ears to the streets so to speak, I'll always be here for the rap element

[@David-nx2vm]

My mom was a depression-era kid. Frugality was a cornerstone of her life. Until she died in 1992, she folded and saved scraps of aluminum foil, mended clothing, and could produce a full meal from seemingly nothing. She never talked about the Great Depression or complained about her childhood. She was amazing.

[@stereomachine]

Sounds like it! Resilient people who are grateful for what they have.

[@penrose5383]

[@helenachase5627]

My mom too ! Mine always said "we are so rich" ! We most certainly were not !

[@roberthumphreys7977]

My Dad did well and was quite successful but never lost his fear of another round of hard times. He never felt secure. I am still uncertain if some level of insecurity is a bad thing since people of the Depression did save and deplored the mountains of debt that characterize the finances of many Americans today.

[@WillN2Go1]

Good video. I grew up surrounded by people who'd lived through the Great Depression. They all loved Roosevelt. Eight years ago covering another teacher, the assignment for his AP students was the Great Depression. I asked the teacher if he remembered any stories about it. He didn't think he even met anyone who'd been alive then. My grandmother used to tell me stories. The house next door was repossessed, the family evicted. Within a week it was torn down for firewood. This was in Detroit. She also said, "One third of the people couldn't find work." This seemed really scary for years until one day I realized, that meant 2/3rds were still working.. A bit naive perhaps, but it helped to lift the multi generational PTSD caused by it. I realized I had many skills and drive, so no matter what I would've survived. It increased my drive. She was very frugal. And everyone told stories of what they did during the Depression, family picnics, making ground up boiled potato peenies. But also striking for the UAW in 1935 and 6. Her dream for me was that I get an engineering degree and become an auto factory foreman. Probably part of her Great Depression PTSD. The way I interpreted the message was to make sure I never let any job, or any boss, determine my future. In Los Angeles I met many people who told me that during the Depression, the evangelist Aimee Semple McPhearson had saved their family. Several were single parent families. Mom and child. No child support.

[@tinad8561]

“He consulted a number of economists-which is always a mistake-“ Spittin’ truth as always.

[@daszieher]

A mistake only surpassed by consulting a number of socialists. They should have best asked businesses, large and small (especially the latter).

[@TheGahta]

Yes, always consult only one That way all involved are clear on who to blame afterwards 😅

[@KissatenYoba]

@@daszieher that's what Nazis did - has led to slave/prison labor economy and big businesses legally dissolving smaller businesses to make former business owners to work as laborers in bigger businesses Meanwhile, Soviet Union was the only major country in the world that experienced real economic growth in 1920-30s

[@kapparaaliach]

@@daszieher Bravo, I've never beholded a genius of this level before! If only you could become our world leader with these valuable insights

[@daszieher]

@@kapparaaliach yes, right? I'm as impressed as I am surprised. 😃

[@admdubya2107]

I lived with my grandpa for a while. He would spend unreasonable amounts of time scraping out every last bit of peanut butter or jam from the jar making a sandwich. Then he’d clean and save the jar. I threw one away once, only to find it retrieved and cleaned. He’d drink the syrup from the fruit cup. Perilous habit of using only three squares of TP, no more no less. I was confused by so many of these behaviors and then my brother pointed out he was born the year before the Depression started. It’s funny to me how this stuff seems so long ago to modern people. His family had a literal three day wagon trip to town for things they couldn’t produce. The kids took turns choosing which flour sack pattern they’d get, because great grandma made their clothes with it. This was all not quite 100 years ago yet.

[@thomaslthomas1506]

Same raised by grandpa. But it was scraping out eggs.

[@virtualgambit577]

Yup, my grandma grew up in the depression and was a lifelong hoarder. She refused to throw anything away because she “might need it later”, even trash:(

[@admdubya2107]

@@virtualgambit577 you know what they say, one man’s trash is another grandma’s lifesaving emergency fuel for fire.

[@jimm6386]

I'm the result of growing up with parents who were deeply affected by the Great Depression. My father was an Italian immigrant whose mother (my grandmother) had an incredible vegetable garden and canned at least 65% of it for the winter. My grandfather and father would go hunting for rabbit and squirrel for meat in the winters - nothing was wasted. My mother could also create a meal out of seemingly nothing although she had a more luxurious life for a while in the 1930's than my father but eventually the Great Depression caught up with her and her parents. To this day, I squeeze almost used soap bars onto each other to use for hand washing. I save old newspapers for use in the kitchen (like collecting potato peelings rather than use the garbage disposal - which can get clogged easily if it's over whelmed by too many scraps). I save bacon fat, I repair as much and as many of my appliances as I can rather than call a repairman, I re-wire lamps, I sew sheets, clothing and mattress pads. This list goes on and on - it's a way to be frugal and be able to accumulate wealth at the same time. I buy used clothing at second hand shops. Who the heck cares about designer anything? Since when has any designer ever paid even one month of your mortgage? I keep my car until it falls apart. I own my condo, I own my car (no mortgages or bank owned loans) and I have no credit card debt. None. Remember the word 'Mortgage' comes from Old French meaning 'Death Promise' - in other words, you promise to pay until you're dead. The less of my disposable income I spend on frivolous items or replacement items, the more I can invest in the Russell 2000. If I see someone with lots of tattoos and or a flotilla of 'body/jewelry adornments', I know immediately they haven't a clue as to how to invest any of their savings. Besides, who wants to look like they've been dragged through a tackle box and then spit out of a four-color printing press?

[@YouGotOptions2]

My mother was a sharecropper in Arkansas UNTIL she was 9years old. Til this day her, and non of great aunts and uncles, my grandma don't eat hominy. She said the reason they don't eat it is because for a whole year that is all they had to eat AFTER they fed it to the horses and the pigs that where on the owner's farm.

[@Handlegamer12360]

This rap channel is tranistioning well into a finance channel and I am here for it❤

[@daudimasinde6280]

@@benjamindover4337 Thank you for your valued input.

[@the_gask6070]

@benjamindover4337 you are adorable.

[@jaybraithwaite6839]

Modern monetary Finance Trap-fusion core is my new favorite genre I guess.

[@onetwothreefour-s1n]

😂😆

[@onetwothreefour-s1n]

​@@jaybraithwaite6839😂😆

[@stathisath]

It's mind boggling that no economist talks about the complete absence of rap music in the 20s and how this musical vacuum contributed, if not directly precipitated, the crisis

[@sarahrosen4985]

Finally, someone else understands. ❤️❤️❤️

[@Quagma-b2i]

Nobody talks about that. All we can do is scratch our heads 🤷‍♂️

[@stevematthews4489]

"Patrick Boyle is the worst economist there is, except for all the others" - Winston Churchill

[@6140LIBRA]

😆

[@davidkess3750]

😂😂😂

[@chriswest6988]

But he still has too many arms for Truman's taste.

[@emmanuelbeaucage4461]

😅

[@lookoutforchris]

Interesting to note that Churchill’s personal debt and near bankruptcy were charitably solved by one of the few Wall Street tycoons that predicted and avoided the crash: Bernard Baruch. A colorful fellow, from a family that served in the confederacy and were KKK members. But once relocated to NYC, Oy veh! They were a small hat wearing minority it turns out, and quite good with money. Baruch owned Churchill in some ways, and he went on to manage war time production and other high level things in the US war effort in the 1940s. Go read about him, pull on that string, and you’ll start to see why that second war was egged on by Britain when it could have been ended peacefully with minimal consequences. The seeds of germanys outrage of course were planted in the story told by this video here. What a web they weave, isn’t it? 😂

[@francescomurano8038]

Great educational video. Thank you so much Patrick.

[@andyirons7162]

Well done mate.supporting content creators

[@mikebaker2436]

Patrick last video: "...things aren't bad now. The Great Depression was bad. You don't even know how bad it was." Everyone: "We get what you-" Patrick: "Hang on. I wasn't finished."

[@connorferguson2269]

Doesn't make me sny less pessimistic, why? Because things aren't turning around, just look at the treasury gates. Patric lives in a tower, so he can't feel the heat from the growing pire crawling across the countryside. Depressions only get declared after 5 years of decline and were at about year 2 so far. Things aren't improving, and jp just gave up on interest rates. Pat is I. Denial about how bad things will get.

[@raymondkassay3610]

​@@connorferguson2269 id say your right but early, it seems were in a huge melt up (roaring 20's) gdp going up like the 1920's. Consumer debt needs to increase more to peak, were a few more yrs from that. Margin borrowing needs to increase 60% more like it did in 1929 and 2008 and peak to cripple the stock market. But JP has to lower the fed fund rates back to atleast 3% or lower by Q3 2025 because corporate bonds have to be refinanced (corporate debt) the difference now is everything with happen alot faster And not take 9-10 yrs. If JP does start raising rates higher because inflation starts ramping up in 2025, well that's uncharted territory for the 80% of corporate refinancing. I'd be nervous of another 1929/2008.

[@courtneyricks500]

The history leason that should have been taught.

[@theblacklapinou]

@@connorferguson2269how bad things will get is speculative, how bad THE GREAT DEPRESSION was is history, and we should learn about the past. People shouldn't make false equivalence just to make a point. It's undermining facts.

[@chrisgriffin5184]

Patrick your work is really appreciated. I watch all that you produce and learn with every video. Never stop sir.

[@zim-zf7mq]

His hip hop coverage is groundbreaking

[@stereomachine]

Same. I've watched basically all of his videos, some multiple times. So fascinating.

[@UnceasingDeath]

12:04 I love this photo of Patrick with Winston Churchill. 😂

[@deviantNeon]

And that he casually shows it with no explanation haha. Patrick using AI in his videos? Has he done this before without us noticing?

[@NickyBlue99]

​@@deviantNeon No, he was really there!

[@Orexll]

Ikr loved that too

[@loriloretta7639]

Me too, Patrick is so handsome and I love that hint of an accent too!

[@clivesutcliffe487]

I laughed so much I missed what he was saying and had to replay it!

[@Magic_beans_]

2:45 Tangentially related, but WWI is also when the US became primarily monolingual. Prior to the war Americans learned foreign languages at about the same rate as Europeans, and German-language newspapers were common throughout the country and especially in the Midwest. When war broke out, foreign languages became suspicious, German most of all. Public life was to be conducted in English only, and in some places laws even prohibited teaching German. Those laws didn’t last long, but they were enough to break the chain of transmission, the tradition of kids learning from their grandparents. Following the war there was a cultural shift where the US grew more insular. Part of that shift was defensive: we didn’t want to get dragged into war again. I assume Europe felt the same way considering how far they went to appease the next guy. I also think for us there was an experience akin to realizing one’s parents have flaws. If Europe could do _that_ for five years, who are they to tell us what it means to be civilized?

[@unstuckalex7463]

Connects upon connections. After watching Patrick’s video I feel more informed and less attached to my opinions. After reading your comment I am more broadly enriched.

[@tonycrabtree3416]

England won the colonies and the Rebels defeated the English. US was mostly english speaking long before WW1. 😂😂😂 Our constitution is literally in English…

[@matthewdehring2898]

@@tonycrabtree3416 The initial colonies were primarily English, but successive waves of immigration brought people from all over Europe and the rest of the world. This is why the US was called the great melting pot. And where you had high concentrations of any ethnic group they held onto their language and customs for longer. The church I grew up in held services in German until the late 1920's. But the thing that really unified the us language was radio. You now had nation wide broadcasts that everyone herd and this crystalized the language to an extent. This is why the US has much fewer accents than most of the world comparatively.

[@egghead55425]

My Norwegian ancestors all had spoken only Norwegian for more than 30 years and lived in a Norwegian town in Wisconsin. When WW1 started, they all learned English because they didn't want to be mistaken for Germans.

[@DB-ku7vu]

@@tonycrabtree3416man you were so close to learning something and then just said “nah”. The author of the Declaration of Independence also spoke French, Italian, and Latin.

[@lmc2664]

Hmmm…I wonder what prompted PB to talk about the Great Depression

[@Kannot2023]

Tarifs?

[@shacktime]

Rhymes with 🍊

[@lmc2664]

@ that’s what I’m thinking. I work as a professional global trade compliance for a global e-commerce company. I share Patrick’s concerns

[@BirdRaiserE]

​@@Kannot2023I think he's talking about the public reaction to the last episode......

[@robertwarner-ev7wp]

It can’t be the American economy, that’s doing great! See his last video.

[@AngelMartinez-og2lk]

Thanks!

[@MaticT]

Ford retooling the factories for 6 months causing a mini depression is so wild

[@adrianchetwynd1334]

I don't think that's true. Ford built a new factory during the money shortage and had to close it due to lack of demand.

[@sulimanthemagnificent4893]

Fun fact, Ford (and many other companies) also built factories for the Soviets… odd that, ain’t it?

[@adrianchetwynd1334]

@@sulimanthemagnificent4893 Why is it odd that Ford helped the Soviets bearing in mind that the soviets were allies with Britain and the US

[@ChristopherSadlowski]

​@@adrianchetwynd1334 they're just pointing out the irony of all that falling apart real quick when "ThE cOmMuNiStS" became a talking point.

[@TehIdiotOne]

@@adrianchetwynd1334 The soviets weren't allies with the British and US at the time, that was only after WW2 started. In fact, the British and US sent troops to help the "whites"(i.e the monarchists and liberals) beat the Soviets, during the Russian civil war.

[@MBarray]

It's hard to put into words, but the book Breakout dark depression completely changed my life and it's not new age bs

[@kimberiysmarketstrategy]

Good to know, but why?

[@TheNextEpisodes]

@@kimberiysmarketstrategy Seems like it's just a bot pushing some ebook about depression. Probably didnt get the contect of economic vs. psychological depression. Although of course there is overlap

[@TheReferrer72]

Love how Pat dropped this video when lots of people were commenting that times now are bad!

[@baratoplata7050]

As someone in the "developing" world, it's crazy to see how bad the US think it has it, despite all their wealth. And I know that there is bad inequality, but you have people with huge gas guzzling trucks earning over $100,000 a year doing mid level jobs that complain endlessly about gas prices, that are some of the cheapest in the developed world. The data points towards the average US citizen being completely detached from their economic reality, it was something like 70% reported doing personally well last year but around 75% thought the economy as a whole was in the worst place it's been in decades. The rest of the world would have loved to have had the inflation and wage/job increases the US had, but none of us think as badly of our economies.

[@Abby_Liu]

​@@baratoplata7050while that's true, and I'm not American, their medium income is $40k which is abysmal. The Australian gov has raised the threshold of paying back university loan (which is interest free and inflation adjusted) to $67k AUD for the next financial year which, when adjusted with exchange rates, is about that. That means the Aus government considers that anyone making less than 67k before tax, cannot afford the $100/month payment. Considering the average American is making less than what the Australian gov considers 'minimum wage' (for a full time permanent office worker), it says a lot about the US economy at the moment. Of course, you're right that people elsewhere are doing much worse.

[@baratoplata7050]

@@Abby_Liu Australia is the exception, not the norm. You guys share some of the worlds richest natural resource deposits amongst relatively few people on a huge expanse of land with great age demographics due to importing so many skilled workers from across the anglosphere. In the US, due to their higher inequality, those that do go to college and get loans have much, much higher earning potential than those elsewhere across the developed world, so although their system is harsher the opportunities are much higher. And the data RE: Increasing detachment from reality is strong, there's never been such partisan views on how the economy is doing, Republicans have swung 25% in whether they think the economy is doing well *right now* since Trump was voted in.

[@yaneznayoui1597]

An entire generation can't afford children and housing simultaneously. It doesn't matter how bad it could be, it's already unsustainable. Also America is very wealthy but that wealth is owned by a very small population. Most people from foreign countries are shocked to see what the real America looks like which is largely living in run down communities and poverty.

[@TheReferrer72]

@@yaneznayoui1597 This is absurdly false. What people can't afford is to maintain their lifestyles and have children. So we have the a weird situation where does at the top have lots of children and those whom are very poor can have lots of children. Governments can fix this problem by building affordable family housing.

[@ThePostApocalypticInventor]

I'm a huge fan of your channel and especially of the more historically themed episodes, like this one and the videos about Jesse Livermore and Charles Ponzi. While I also find your dry humor absolutely hilarious (like many have said in the comments), I really like your way of telling these stories of human hardship and tragedy. There's just something really 'heartfelt' and sincere about the way you talk about these topics.

[@idrisoladimejisadiq9968]

I've not been able to bring myself to not watch every video you release since the year i subscribed. This is great work you're doing Pat!

[@jaschakutzky3169]

I’m so pumped for part 2, where he makes the leap from the 1930‘s to the invention of Gangsta-Rap !!!

[@BecauseSymbols]

You did yourself a favour by making this so long and informative, I played this vid 3 times already just to get all the info, so that’s already tripled the view count if you think about it

[@PazLeBon]

if you think about it it clearly doesnt lmao

[@BecauseSymbols]

I thought everyone watched Patrick for his dry sarcasm but I see you’re really just here for straight facts

[@slmille4]

So that’s why it’s a bad idea to raise tariffs during a downturn. I’m sure we won’t make that mistake again 😒

[@darkgalaxy5548]

Tariffs were inevitable in the great depression. Any country which didn't have tariffs was on the losing end of trade.

[@martondora506]

@@darkgalaxy5548 Based on the video tariffs, the gold standard and the collapse of huge part of the ecosystem (dust bowl) caused the depression, and tariffs weren't inevitable (they weren't even introduced because of it, as they passed the law before the start of the depression). So do you have any argument to support you claims?

[@slmille4]

@@darkgalaxy5548 false! The global contraction in trade harmed everyone, including protectionist nations. Countries that avoided heavy tariffs suffered less from trade disruptions.

[@ax14pz107]

​@@darkgalaxy5548that doesn't make any sense. How does restricting wealth generation cause wealth generation?

[@abdiganiaden]

@@slmille4 You must be from an export reliant country. Get ready for tariffs!

[@randomtinypotatocried]

Been stocking up on my medication out of fear of another depression seeing a lot of the past repeating. It's not fun anymore of being a history geek

[@ZoopsMind]

Well, there's always the Bronze Age. Very few parallels to modern economics there. Ea-Nasir delivered sub-optimal copper, not sub-prime mortgages. (Yes, I'm grasping at straws.)

[@morkallearns781]

@@ZoopsMind Who are the sea peoples in our case?

[@eamonnfanton2165]

well make sure they are all antidepressants😄

[@ZoopsMind]

@@morkallearns781 Blimey, there's a minefield in this day and age. In order to forestall the inevitable, I'll just say it's the Kyrgyz, because they're landlocked and therefore it doesn't make any sense. We can then all move on with our lives.

[@pll3827]

@@Rubicola174 I admire your optimism, but after the last few years of war, pandemic, civil strife, I'm trending towards a higher probability of things getting worse.

[@rebeccahale4673]

My grandfather was the chief accountant at a big medical center, so my mom's family was OK during the depression until they put him into a job as a sweeper (!!!--at least he had a job). He used to pass out some food to people who knocked at the door of their (obviously prosperous) home in a big midwestern city.

[@thelateweeb2799]

We are so cooked when Patrick makes a video on the Great Depression

[@williamyoung9401]

It's like staring into the future, isn't it?

[@the0ne809]

tariffs

[@CouchMonkey79]

Yeah ask Wilson how mass tariffs worked last time. ​@the0ne809

[@triplebog]

I think the whole point of the video was to counter the doomsayers that are acting like we are in the depression 2.0

[@jamesfraser2342]

@@triplebogConsidering his tone, the lack of sarcastic ribbing etc, its subject matter - I think it’s meant to be a grave warning that these tariffs could cause another

[@Zt3v3]

I've always been fascinated with the great depression, I'd ask my grandmother about it every Thanksgiving. This video has new insight, at least for me. The lead up details are so often left out of the story.

[@HughMacLeod42]

I am imagining your poor grandmother thinking “i finally got over all that suffering and this kid... " 😂

[@sarahrosen4985]

Did she really talk about it or was she evasive and just gave short, shruggy answers? All of my grandparents and their siblings grew up during the Depression but never talked about it. The only person to tell us honestly how poor people were was an English teacher who taught us (forced us for months) to diagram sentences. He said sticks and dirt were all they had so they made a game of diagramming sentences as children.

[@applesunderthesun3240]

This is one of the best documentaries I have watched

[@DonaldMcAllister]

Excellent presentation; great overview of America's greatest tragedy, and a fair warning of what the future may hold for us all if we don't mend our ways.

[@jubb1984]

More like, what is coming ahead, prepare for it.

[@emeral311]

Agreed ​@@jubb1984

[@georhodiumgeo9827]

I work in the oilfield and I'm wondering if this is the first Republican administration in my adult lifetime the domestic oilfield survives. As of right now it ain't looking great. I have coworkers excited for gas to hit $1.50 a gallon. I have to tell them this would put us out of business and they have no idea why I would say that. I just can't anymore...

[@petersanders2815]

@@georhodiumgeo9827yes drill baby drill is a great slogan for a politician. Reality is a different matter.

[@EvilMonkey7818]

@@georhodiumgeo9827 $2.25 -2.50 a gallon would make me happy, and we could do that with more refineries, while drilling the same amount domestically. But Democrat leadership has chopped that venture off at the knees since the late 1970s. The idea that peak oil is just around the corner and that they're going to force less use of oil goes back to the 1970s. It's a cycle that repeats. In the 1970s it was to stop the oncoming Ice Age, a few years later the 'boiling planet' nonsense through cherry picked and falsified data started.

[@mr7wi]

Brilliant work Patrick. Well done. Well worth the listen.

[@asdisskagen6487]

Patrick flashing a picture with Churchill made me spit out my coffee! 😂😂😂

[@Jan-m5c2r]

Hopefully back into your cup 🙂

[@modfus]

Excellent. Absolutely outstanding Patrick. You have a great gift for explaining very complex topics with clarity while not being boring or unnecessarily technical.

[@Blarg]

Thank you Patrick for your Magnum Opus

[@Zach-ls1if]

This is a masterpiece

[@_sh1123]

Thank you, Professor!

[@AnnMarieKing]

Patrick, thanks for explaining how tariffs work ... sorely needed information right now.

[@neilcage]

That photo ! Really enjoyed learning about this. Had to watch it twice to get a handle on it all. Thanks for making the vid

[@evangravitz4029]

The Grapes of Wrath is a great book.

[@ThomasMullaly-do9lz]

My mother named me Tom because of the book. Then again my mother was pretty poor but knew how to read.

[@aprilcalhoun8984]

Everyone left in Oklahoma hated it though.

[@ThomasMullaly-do9lz]

@aprilcalhoun8984 Nobody in Newfoundland has really read A Whale for the Killing but they don't like the book.

[@alscott212]

When Patrick got to the part about city workers starving and suffering during the depression (because most of them had moved to the city from the farms), and couldn't like other earlier periods, feed themselves with their farm produce. It sent a chill down my spine, at the thought, that something like this could or is already happening in China's big cities. 😨

[@guychocensky3585]

​​It was much worse in the cities than in the country. And in 1929 a whole lot less people lived in cities compared to today.

[@doujinflip]

A lot less urbanites then were business owners, entirely reliant on big industries for pay. The democratization of self-proprietorship opportunities through the internet and digital banking likely won't make the next one so totally devastating.

[@wanderingpatzer]

This isn’t true?

[@honkhonk8009]

@@doujinflip Yea but that advantage is totally null and void considering the fact that human life is now cheaper than a ChatGPT subscription, thanks to India/China existing. That "democratization" effect you mentioned, also made it many times easier to send all those jobs to India/China. And now they produce Office jobs like accountants and Engineers. Jobs that have been mass outsourced to India/China within the past 3 years. Globalization made it worse. We let two of the most overpopulated countries in human history, take a bigger piece of the pie than they likely deserve. If these two countries simply kept their population density the same as normal countries, we would likely not be experiencing this modern day feudalism.

[@urbaniv]

Great video. Thank you!

[@PBoyle]

Thank You!

[@stever5359]

My parents grew up on farms in the Texas panhandle during the dust bowl. Frugality and debt avoidance was ingrained in their being for the remainder of their lives. I’m glad to see this thoughtful analysis of the Great Depression and how its roots were largely agricultural, not just Wall Street speculation. Thanks Patrick, well done.

[@kelleychilton2524]

Yes, my grandparents who lived through The Great Depression were extremely frugal and only borrowed money to buy their farm, never had a car loan nor financed farm equipment or livestock or operating expenses. They were very suspicious of Wall Street and the stock market. Even warned me during the 1970s and 80s to avoid stock investing.

[@DwightStJohn-t7y]

Fortunately during this time that 22% percentage of people were still on the land and got to EAT. All my grandparents homesteaded, and my parents generation at least ATE, but you didn't grow what you couldn't sell/trade/or use yourself. We hand milked for the co-op p/u all the way up into the mid-sixties! We were poor, but never FELT poor. Mom and her twin would walk the five miles into their small town to sell a couple of eggs. She's 95 now, and still rockin.

[@Senorzilchnzero]

This is a huge comment. When depressions hits, especially if it's famine, it could be game over for alot of people. We're addicted to uber eats and expensive fast foods. We don't know how to cook anymore. We'll learn soon how to make boot soup once more

[@gbear1005]

Thank her for me for her true service

[@jimmcneal5292]

Compared to soviet russia US got it easy. In 1930-1933 from 5.7 to 8.7 MILLION people died from starvation in soviet union. Just shows that even mismamaged capitalism is incomparably better than communism

[@LoisoPondohva]

​@@Senorzilchnzero except 99% of boots sold today are mostly or completely made of plastic.

[@clen7206]

Mr Boyle these masterful lessons are what hooked me to your channel. The sarcasm and that fat bass line are great bonus features. Thank you

[@TheRealJoni]

Grapes of Wrath is such a harrowing depiction of this period, I highly recommend it. There's a great audio book for it too.

[@tadhgcronin175]

I like Steinbeck a lot but have been holding off on this until next year. I'm just not ready for the pain.

[@christinedee532]

Is it set to a sickening beat though?

[@chriswatt37]

Thanks Patrick. You're a great story teller. It certainly feels like we're on a similar path right now.

[@alexanderfreeman3406]

I’m sorry but if that’s what you took away from this video you weren’t paying attention. The economic environment of today and the 1920s are completely different, primarily the fact that American today is running a deficit economy rather than a surplus one. The economy isn’t slowing down, but we are nowhere near the Great Depression. To say otherwise is an insult to people who actually lived through it.

[@calvingrondahl1011]

Thankyou Patrick for your Great Depression insights. My parents in North Dakota were deeply affected by this experience. WW2 production turned things around for them.

[@redpilledsimp_5010]

Awesome lecture professor. Thank you.

[@AngelMartinez-og2lk]

Some of the best content I've ever seen on KZbin. Simply excellent.

[@sulimanthemagnificent4893]

It’d be interesting to do a longer piece on 1920-21, “the forgotten depression”. I wonder what lessons we can learn from it, seeing as the contraction was greater then what followed, yet the damage was recovered from so quickly.

[@georgettelevesque277]

Thank you for this video Mr. Boyle. I always wondered what my parents and their parents had gone through during these hard times. It helps to understand their mindset when I was growing up. My Dad and his Dad made ends meet by peddling and by exchanging goods. They used to ride a horse and cart for three days to get to a village bordering the St-Laurent in Quebec to buy fish and traded it for anything they could get all along their way back home. Hard times……

[@shoeless1137]

Thank you Patrick

[@HealthMasterys]

Incredible transitions, especially at 8:55! ✨💡 Love the energy you bring. Keep it up! 🎉💪

[@thefuecisla]

Dear Patrick (by now you are). I will get the transcript of this video to read it slowly. Thank you very very much for the history lesson. I also apreciate you not being sarcastic this time that you are talking about our past/ future hard times.

[@greg2467]

Excellent, should be required viewing in all schools worldwide. My family has a background in large agriculture base and has felt both the good and bad times. You have done an incredible amount of research in the cause and effects of policy. I salute you for your sincerity in your presentation. Will share with everyone. Thank you Sir.👍🏻👍🏻👍🏻

[@russellhamner4898]

I love this channel! I'm super inquisitive and love doing deep dives on economic / socioeconomic topics like PB does, plus I love the snark (although this particular video is strictly business). Also, I can trick people even stupider than I am into thinking that I R SMRAT by just quoting lines from PB videos. Anyway, if Patrick actually reads any of these comments, he should know that I think that he's awesome. I'm straight but I have a total man crush on the dude!

[@helloiamchuck]

At 38:54, Patrick talks about the failure of The Bank of United States, but mistakenly adds the article "the" to its name, calling it The Bank of the United States: it was really just called "Bank of United States". The failure of the Bank of United States was a major disaster because it caused the other New York banks to stop lending to each other, basically destroying the credit markets. Without credit, especially short-term credit like commercial paper, businesses weren't able to keep up their cash flows, and the whole system seized up. IIIRC, this is Ben Bernanke's major thesis as to why the Great Depression was so severe, and the reason he advocated flooding the markets with liquidity during the 2008 Great Recession.

[@simulatethat6099]

Trust is the grease that keeps markets turning. If trust disappears, so liquidity goes with it and markets fail.

[@D-Vinko]

@@simulatethat6099 So, say a bunch of foreign investment is suddenly yanked through haphazard tariff application, would that effect trust in the US Market?

[@stevengreidinger8295]

Wow! What a fantastically researched lecture! My miconceptions have been entirely debunked, and I lie here, limp and satisfied, with a marvelous afterglow of new knowledge.

[@ddude875]

immaculate misconceptions despunked indeed!

[@factspeaker2543]

He left you limp with his knowledge?

[@yannickstaedler440]

As usual this is excellent work. I now find myself missing the detailed statistics and background data when watching other content.

[@robc8892]

History does repeat but it does rhyme, and a lot of this sounds familiar 🫤

[@AuntieMamies]

We're not in a depression. We're in the last stage of capitalism. It will lead to fascism

[@dinokknd]

50 minutes of Patrick. Dayum. I like.

[@Hunter_Bidens_Crackpipe_]

Nah

[@mik-pi4di]

Im going to be honest here we used to clear the month with money to save. Then we have enough to live comfortably. Then we used to make it each month... And over the past few months we have been negative. The money hasn't changed.

[@talesofunity]

18:31 - 21:20ish is a highlight so far, a point of nuance that is yet so fundamental.

[@dennismorris7573]

Thanks, Patrick - simply excellent.

[@CanusDirusx]

My grandparents, Nebraska farmers, seemed quite traumatized by the Great Depression, even 60 years later.

[@eotikurac]

hello from eastern europe. i finished college in 2007. the 2008 crisis was way worse here compared to the US. i was unable to find a paying job until 2016. i don't think i need to go 60 years back and travel to nebraska to know what it was like. we had 6-7 years of moderate prosperity and now it looks like everything stopped again in mid 2023. construction has halted, there are no new investments and it looks exactly like 2008-09 again. i hate the US.

[@CanusDirusx]

@ back then in Nebraska, most boys had to quit primary school around the 8th grade to work. Most girls were allowed to finish high school. College would have only been an option for urban elites but let’s hope there isn’t a world war like happened back then.

[@eotikurac]

@@CanusDirusx are you trying to tell me i'm privileged because i went to college? i wanted to work when i was 13. instead, i was forced to go to high school and then college. got absolutely nothing from it. 15 years of my life absolutely wasted in school. all my energy and talent dulled. school is just for girls - and just as pointless as they are.

[@williamyoung9401]

Starvation does that to people. My grandfather always said to his kids and grandkids, "You'd be surprised what you'd do for money when you go to bed hungry." He never elaborated, but we know he was (at least) a runner for the Mafia...

[@ukaszkrolik137]

I hear overproduction. I hear high consumer debt. I hear high household debt. Lastly I hear tariffs and I start to suspect the video intent is not only for educational purposes on modern history.

[@honkhonk8009]

Sounds similar to 2024 America. Overproduction to the nth degree. And when it comes time to finally shed the fat, the meager jobs left were all outsourced to India/China. I knew this shit was coming from a mile away lmfao.

[@bluestarcesium]

Some of my friends from out west talked about how when they were kids they were raised on a farm: an they used to use a sled pulled by horses to go to the lake to cut ice for their underground refrigerator. They had cut a deep trench and the sides had a shelf where the one foot thick three foot by four foot blocks of ice would sit on each side of the trench. The ice was covered by burlap, and there was a deep hole in the back where water drained into it. All their produce carrots, potatoes, parsnips, etc., were stored in there, and their meats. It was a five mile trip to the lake to cut ice. They didn’t have phones or TV, but on cloudy nights they could receive radio transmissions. Many people move to the rural areas for cheap land for grazing cattle and raising sheep. Most of their clothes were hand made, and most of their food was grown by them. Blacksmiths would come around to sharpen all the tools and help with metal working needing done on wagons or tools. Blacksmiths would often take produce, meat, wool or other products in trade. My father told about people selling apples for a nickel in big cities, and he had picked many a bushel of apples for a dime to make apple cider or vinegar which could be sold in cities with the left over apples being fed to the animals. My father told me about how amazed he was that people were able to sell an apple for a nickel in the New York City. Every street corner had people selling some kind of fruit or vegetable.

[@michaelsteven1090]

Your historical videos are very, very good..looking forward to more..

[@MrBlaxjax]

I have watched this video three times in the past few weeks and I think it’s terrific. I haven’t read bernanke’s book on this subject. In fact according to my library app there isn’t a single copy available in the public libraries of London and much of the south east of England. It is available through Amazon but the reader comments there indicate that it’s a tough read as it’s basically a PhD thesis. So I’m going to pass on that. So thanks for translating some opaque and relatively obscure source material into something accessible, interesting and sobering.

[@clintdavis4886]

Very informative, my grandfather had money in a bank and when he went to retrieve it. They wouldn’t give it to him because they had lost it with investments. A lot of his friends lost their deposits also, he was so bitter, when he died my dad said they found money stashed because he never wanted a bank to hold his money again!

[@yb6449]

Thanks so much for this content. I’m listening and Re listening. So timely. So very timely.

[@John_Smith__]

Thanks Patrick for a very important summary of Financial History. An important Video this one.

[@steveclancy6474]

Enjoyable - lets see the reactions in Q1 25

[@marcelotemer]

Thank-you, great content!

[@jeanbastien9424]

What good timing

[@davianoinglesias5030]

This is the shortest 50 minute video I have ever watched. The narration, flow of ideas and vivid description of the events is mind-blowing 🤯Anyone can understand what you are saying even when its about complex economic concepts. I love your content and I always share it with friends and colleagues. I'd appreciate if you did some content on Africa especially the post-colonial period and influence of the cold war on African economies.

[@thesleuthinvestor2251]

This is a magnificent survey of a complicated but crucial part of economic history. Patrick does it in a way that makes it both clear and understandable. So those who want to dispute his version of the great depression-- and there will be more than a few-- can pick the spots they have an issue with, making debate both fruitful and reasonable. Kudos.

[@SeanOKeefe-z7r]

been hoping for you to discuss something like this

[@Gilamang]

Outstanding! A few thoughtful overview of the Great Depression.

[@Jan-m5c2r]

Very insightful lecture, Patrick - I thank you!

[@john-e-be]

Thank you, Mr. Boyle for the historical context. I wrote a note to myself earlier this year, noticing that we’re approaching the century mark of October 29, 1929 and reflecting on some takeaways from such works as “The Fourth Turning”, lessons learned since then, and whether there’ll be any related commentary from knowledge sources. And you delivered.

[@PauloZunguze]

Don't really see how any of this relates to rap but ok

[@poulwinther]

Remember that rap is just a derivative of the Louis Armstrong invention of the roaring 20's known as scat. It's all coming together.

[@Fatspurios]

@PauloZunguze somethings might not repeat, but by hell they do rhyme........

[@Jan-m5c2r]

@@poulwinther Ba-ba-du-ze. Oh, yeaaaah 🙂

[@dfsafsadfsadf]

Razzlekhan. Cheaters never win.

[@kaybolol]

I thought this was a Dave Blunts review

[@mjookie]

Thorough, crystal clear lessons and oh so perfectly timed. ❤❤

[@p.d.stanhope7088]

Excellent work, Patrick.

[@instructorkai]

MOAR RAP MEMES PLZ K THX!

[@MROJPC]

I love that you followed up your last video making a realistic analysis of the state of the economy with one focusing on the depression. As I recently told my stepson, opportunities are open for those willing and able to take advantage - we have not been through hard times yet, but once you have been through them, you will be glad you prepared to take advantage when others did not.

[@guydreamr]

Regarding the gold standard, it wasn't for nothing that William Jennings Bryans said shortly before the Depression, "mankind is being crucified on a cross of gold." That aged like fine wine.

[@crazyinq8617]

Of Course he did. It was because he was interested in using silver as a form of payment. In the historical anthology written in 1926, titled, "Our Times" by Mark Sullivan, he stated Senator Bryan had numerous interests in using silver as a form of currency/money. To include, Bryan would always use figures of speech like "Crown of Thorns", & "Cross of Gold" in many of his speeches to a majority "Christian-esque" listeners.

[@guydreamr]

@@crazyinq8617 Thank you for citing an independent source, heaven knows that's quite the rarity in YT comments and indicates you're quite well read. In response, I have a couple of my own. First, typing "did William Jennings Bryan want to switch from a gold to a silver standard" in Bing charlie oscar mike supports your statement regarding the standard. Bryans did indeed advocate for dollars to be backed by silver , but that was in addition to gold, not as a replacement. Basically, he argued for a bimetallic standard, not an abandonment of the gold standard entirely. That's from "The Cross of Gold Address," Teaching American History. Second, regarding whether Bryan "had numerous interests in using silver," your statement is not altogether clear. If you mean Bryan having numerous *political* interests for advocating for silver, you're right again, more about that in a sec. But if you meant that Bryan had numerous *business* interests in silver and thus wanted to use that to back currency for financial gain, you're statement is incorrect. "Did William Jennings Bryan have business interests in silver such as mines, coins, etc" also in Bing returned the following: "There is no evidence to suggest that William Jennings Bryan had direct business interests in silver, such as owning mines or producing coins. His advocacy for the free coinage of silver was primarily driven by his political beliefs and his desire to support farmers and working-class people by inflating the currency to make it easier to pay off debts." That's from "Cross of Gold Speech," Wikipedia. Thus we have his rationale both for wanting to introduce silver alongside gold, and his political interests in doing so. As to any business interest, I was unable to uncover any evidence. Please let me know if you have any questions, thanks again.

[@guydreamr]

@@crazyinq8617 Thank you for citing an independent source, heaven knows that's quite the rarity in YT comments and indicates you're quite well read. In response, I have a couple of my own. First, "did William Jennings Bryan want to switch from a gold to a silver standard" in Bing charlie oscar mike supports your statement regarding the standard. Bryans did indeed advocate for dollars to be backed by silver , but that was in addition to gold, not as a replacement. Basically, he argued for a bimetallic standard, not an abandonment of the gold standard entirely. That's from "The Cross of Gold Address," Teaching American History. Second, regarding whether Bryan "had numerous interests in using silver," your statement is not altogether clear. If you mean Bryan having numerous *political* interests for advocating for silver, you're right again, more about that in a sec. But if you meant that Bryan had numerous *business* interests in silver and thus wanted to use that to back currency for financial gain, you're statement is incorrect. "Did William Jennings Bryan have business interests in silver such as mines, coins, etc" also in Bing returned the following: "There is no evidence to suggest that William Jennings Bryan had direct business interests in silver, such as owning mines or producing coins. His advocacy for the free coinage of silver was primarily driven by his political beliefs and his desire to support farmers and working-class people by inflating the currency to make it easier to pay off debts." That's from "Cross of Gold Speech," W (the famous encyclopedia). Thus we have his rationale both for wanting to introduce silver alongside gold, and his political interests in doing so. As to any business interest, I was unable to uncover any evidence. Please let me know if you have any questions, thanks again.

[@guydreamr]

@@crazyinq8617 Thank you for citing an independent source, heaven knows that's quite the rarity in YT comments and indicates you're quite well read. In response, I have a couple of my own. First, "did William Jennings Bryan want to switch from a gold to a silver standard" in Bravo India November Golf dot charlie oscar mike supports your statement regarding the standard. Bryans did indeed advocate for dollars to be backed by silver , but that was in addition to gold, not as a replacement. Basically, he argued for a bimetallic standard, not an abandonment of the gold standard entirely. That's from "The Cross of Gold Address," Teaching American History. Second, regarding whether Bryan "had numerous interests in using silver," your statement is not altogether clear. If you mean Bryan having numerous *political* interests for advocating for silver, you're right again, more about that in a sec. But if you meant that Bryan had numerous *business* interests in silver and thus wanted to use that to back currency for financial gain, you're statement is incorrect. "Did William Jennings Bryan have business interests in silver such as mines, coins, etc" also in Bravo India November Golf returned the following: "There is no evidence to suggest that William Jennings Bryan had direct business interests in silver, such as owning mines or producing coins. His advocacy for the free coinage of silver was primarily driven by his political beliefs and his desire to support farmers and working-class people by inflating the currency to make it easier to pay off debts." That's from "Cross of Gold Speech," W (the well-known secondary source). Thus we have his rationale both for wanting to introduce silver alongside gold, and his political interests in doing so. As to any business interest, I was unable to uncover any evidence. Please let me know if you have any questions, thanks again.

[@guydreamr]

@@crazyinq8617 Thank you for providing an independent source, heaven knows that's quite the rarity in YT comments and indicates you're quite well read. In response, I have a couple of my own. First, "did William Jennings Bryan want to switch from a gold to a silver standard" in Bravo India November Golf charlie oscar mike supports your statement regarding the standard. Bryans did indeed advocate for dollars to be backed by silver , but that was in addition to gold, not as a replacement. Basically, he argued for a bimetallic standard, not an abandonment of the gold standard entirely. That's from "The Cross of Gold Address," Teaching American History. Second, regarding whether Bryan "had numerous interests in using silver," your statement is not altogether clear. If you mean Bryan having numerous *political* interests for advocating for silver, you're right again, more about that in a sec. But if you meant that Bryan had numerous *business* interests in silver and thus wanted to use that to back currency for financial gain, you're statement is incorrect. "Did William Jennings Bryan have business interests in silver such as mines, coins, etc" also in Bravo India November Golf returned the following: "There is no evidence to suggest that William Jennings Bryan had direct business interests in silver, such as owning mines or producing coins. His advocacy for the free coinage of silver was primarily driven by his political beliefs and his desire to support farmers and working-class people by inflating the currency to make it easier to pay off debts." That's from "Cross of Gold Speech," W (the well-known secondary source). Thus we have his rationale both for wanting to introduce silver alongside gold, and his political interests in doing so. As to any business interest, I was unable to uncover any evidence. Please let me know if you have any questions, thanks again.

[@CatPDX]

This was excellent-thank you Patrick!

[@markbrandon7756]

Great Channel Prof PB !

[@attainconsult]

excellent video, far better informed about the great depression, my parents and grandparents lived through it but a lot of stories probably not told due to stories about WWII

[@rexxpowercolt]

Thanks Patrick you're awesome

[@samedwards6683]

Thanks so much for creating and sharing this informative video. Great job. Keep it up.

[@AsbestosMuffins]

10:46 ya I guess we forgot that farmers not only grew grain for people but also for the engines of society, livestock and draft animals which basically disappeared entirely by the end of the 1920s

[@DwightStJohn-t7y]

use was way, way down but new arrivals all the way into the sixties used draft horses!! the last draft mare on our homestead "retired" by 1965 but still got wood in the winter: no vehicle could go into the woodlot in winter!!

[@amylam7905]

Your videos are always awesome, Patrick! This one of the best yet, so insightful on the Great Depression that seemingly is not well understood. It's eerie how globally events are lining up in a very similar way...does history really just repeat itself!?...

[@seanlander9321]

Of particular note during The Depression were the debts from WWI. Britain and France stopped repayments to America in 1931, with Britain making some partial interest free payments until ending them entirely in 1934. What the British parliament decided to do to Australia though was treachery. After discounting, offsetting, forgiving or delaying every war debt owed to it, parliament voted to single Australia out for no relief, the vote recorded by Hansard decided that ‘the Australians needed to be taught a lesson’. At half Australia’s GDP the loan was crippling, and made worse by the Depression.

[@captainreza1]

Another “timely” discussion. Thank you!

[@leadingauctions8440]

Where can we find the quotes from Josephine Herbst about the universal liveliness, radio time with family, and the fact that talking is free?

[@jacks815]

Good video. I appreciate you explaining how these cuts may not be so easy. Also, halfway through the video I noticed your banana art. I knew you were well off Patrick, but I didn't know you were THAT well off.

[@fhangorn]

woow 53 minutes Thanks Patrick

[@Kunfucious577]

This was such a good video on the Great Depression. I’ve always learned the super simplified version, even in school.

[@robertclark3258]

. Excellent, as usual! Thank you. Now, how about a comparison of the pre-Depression economies with today's economies?