The Wall Street crash didn't cause the Great Depression in Europe in 1929 or now
Mr Barroso, Europe’s Crisis Has Nothing To Do With America -- Ambrose Evans-Pritchard, The Telegraph
All through the 1930s, the European elites continued to blame the Great Depression on Wall Street excess and the crash of 1929 (a minor, if colourful, event).
They continued to do so long after Roosevelt had broken free of fixed-exchange ruin and launched a blistering recovery with monetary stimulus a l’outrance (perhaps helped slightly by the New Deal).
They clung to this belief into the final years of the cataclysm, resolutely grinding their democracies into the dust by enforcing debt-deflation and contraction.
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My Comment: Sober and depressing reading .... and one that is (in my opinion) 90% right.