I became a son-in-law in the United States

Chapter 17 Crisis is Brewing

No one knew history better than Luther.

As a time traveler, no one knew better than Luther what was going to happen next.

In the early 20s, the United States was booming and incredibly prosperous.

However, no one would believe that in less than two years, the entire country would be like an out-of-control train, carrying hundreds of millions of ordinary people, rushing headlong into the abyss with unstoppable momentum.

This disaster was protracted, ending in a horrific world war that claimed countless lives and tore countless families apart.

However, how did this happen, or what was the cause of the 1929 economic crisis?

If you ask more subtly, history teachers will tell you it's human greed, especially this kind of bottomless greed, that has almost breached all systems and laws, giving those parasites the opportunity to hollow out the country and the entire society in just a few years.

No one is held accountable for this, and no one will be held responsible. This is like a natural disaster, just like what happened in 2008.

However, anyone with a modicum of rationality knows that this is not a natural disaster, but a man-made one.

Of course, that's what the history teacher said.

If you ask more precisely, or if you really want to find a specific reason...

After much thought, Luther came up with only three words as the answer—Coolidge.

At least some clues can be seen from this former president.

Indeed, this world-renowned economic crisis was actually deeply rooted in the various strange phenomena during Coolidge's term. It would be impossible to say that these phenomena were not fueled by the Coolidge government behind the scenes.

Old Joseph was stunned for a moment when he heard such a shocking viewpoint for the first time. He then picked up his glass again and smiled at his son-in-law, saying:

"Luther, you know that President Coolidge was a noble and remarkable man, a hero of the American people. Perhaps it's inappropriate for you to say that?"

In contemporary American society, Coolidge enjoys extremely high personal prestige, and if he wanted to be re-elected, he could do so with a mere nod.

However, old Joseph did not expect that his son-in-law would say such a thing about him. He was amazed and pleased, and became even more curious, since such a viewpoint was not heard in America.

But before he could ask, Luther explained first:

"The Coolidge government pursued a small-government approach, with the government acting only as a referee and intervening minimally in the market, leaving the rest to market self-regulation. This laissez-faire approach may have fostered short-term prosperity, but it also provided fertile ground for massive speculation. In this context, he even refused to curb the stock market frenzy, believing it to be market self-regulation. Now, more and more people are selling everything to enter the stock market, even children shining shoes on the street are talking about stocks—do you still think this is market self-regulation?"

"This..." Old Joseph was speechless for a moment, but after a pause, he said, "America has always been like this, what's the problem?"

"What problems will this lead to? It will lead to rapid credit expansion, rampant speculation, and huge bubbles in the stock and housing markets, as can be seen from the crazy stories of the past few years."

"Besides that, what else did he do? He cut taxes for the rich, forcibly implemented high tariffs, and refused to bail out farmers who were on the verge of bankruptcy. That's why I say that the Coolidge government not only failed to solve the problem, but actually became the problem itself."

"We outsiders may not see the core data or the government's most confidential reports, but Mr. Joseph, the number of bankruptcies on the streets is slowly increasing, parents who can't afford to raise their children are struggling to make ends meet, and the shacks in Brighton are full of poor bankrupts. These are things the president can't see, and things the White House's VIPs don't care about. They only care about tomorrow's stock market performance and where they'll go on weekend vacation."

Upon hearing Luther's words, old Joseph frowned and suddenly fell silent.

Luther's words were not unfounded; he himself worked in this field, and rumors had been circulating outside.

In fact, he himself knew that if it weren't for this round of speculation, he would not have been able to earn the wealth he has today.

The stock market is a place where there is neither a win-win situation nor a zero-sum game, but rather a negative-sum game.

In other words, old Joseph’s wealth was plundered from certain wretches, who were not only plundered clean by people like Joseph, but also had to pay a large sum of taxes.

They kept losing money until they lost everything and were burdened with debt, and only then was the matter considered over.

Therefore, the more rich people there are, the more poor people there will be; it's a zero-sum game.

This applies to individuals as well as to nations.

Sure enough, after Luther's words, old Joseph's eyes lit up, and he couldn't help but look at his son-in-law with new respect.

His discourse on Coolidge's economic policies, in particular, struck Joseph Old Man like a bolt of lightning, momentarily stunning the burly man in his fifties.

He slowly picked up the cup in his hand, took a sip, but didn't notice that the cup was already empty.

"Luther, are you saying that the current situation isn't as rosy as it seems, and somewhere unseen, a crisis is brewing...?"

When he uttered the word "crisis," even Joseph himself couldn't believe it.

Given the current flourishing state of the United States, no one would believe such a thing; saying it would be laughable.

But as someone with formal training, I know very well that what Luther said is true.

Yes!

In a society where even children selling shoes on the street are talking about stocks, that is a rather dangerous thing.

Coolidge was good in every way, but these problems also objectively exist and cannot be concealed.

If he doesn't seek re-election, it's fine; this bomb might explode in the hands of the next unlucky incumbent. But if he succeeds in re-election, he might not be able to keep it under control any longer.

To be honest, Joseph believed that this was the real reason Coolidge withdrew from the race, rather than because of his son's untimely death.

After all, they are all involved in politics. If he really cared about his reputation and was determined to stay away from this filthy arena of fame and fortune, he should have just stayed out of it in the first place.

In fact, Coolidge not only actively participated in the program, but also later became vice president, which shows that he was not as indifferent to worldly desires as outsiders thought.

Luther nodded: "Yes, in fact, the crisis is already on its way and is not far from us."

"This is the first time I've heard such a strange viewpoint. Your way of looking at things is indeed different from ours, as a European. But I have to admit, your words are quite impressive. Well then, I'll think about it carefully. If necessary, I'll let you take over some of the family business. We're family, Luther."

Old Joseph nodded, his expression calm and serious. He was already quite satisfied that his son-in-law could speak to him in this tone.

Afterwards, the two chatted about other trivial matters, such as Luther's hometown, which Luther answered one by one, thus bringing the dinner to a close.

When they came out, Jia unusually took the initiative to speak, her words filled with curiosity.

"Mr. Luther, do you Europeans all understand America so well?"

P.S.: Thank you Linrudian and 20220328015602361 for the monthly tickets, thank you so much!