November 14-20, 1921

Link: https://roaring20s.substack.com/p/november-14-1921

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Historical Fact: Some readers may have a pressing question: What happens to debt, including mortgages, under hyperinflation? In finance, there is a popular quote, “there is no free lunch.” By 1924, Weimar Germany will redenominate and reinstate debt into the brand new Rentenmark after bailing out Deutsche Bank and Commerzbank. It’s a messy process and beyond the scope of this publication you’re reading.

Author(s): Tate

Publication Date: 14 Nov 2021

Publication Site: Roaring 20s at substack

November 7-13, 1921

Link:https://roaring20s.substack.com/p/november-7-1921

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Companies ranging from Ford Motor Company to Union Pacific Railroad report substantially improved business activity for the month of October. The current recession may have ended in the summer. Aggregate bond purchases were the largest since one year ago as Americans finally start investing again. Opinion articles, however, advise against common stock and its gambling attributes.

Historical Fact: American and international investors will soon assume high GDP growth is a feature of the American economy, as God-given and laid down in the natural order as the seasons. At the end of 1921, however, it’s not yet clear elements are present for business revival.

Author(s): Tate

Publication Date: 7 Nov 2021

Publication Site: Roaring 20s on substack

September 26-October 2, 1921

Link:https://roaring20s.substack.com/p/september-26-1921

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On Thursday, a great article in the WSJ about a relatively new method called “Dow’s theory of indexing” walks readers through the stock market low from one month ago. The writers discuss how the most recent low on the Dow was 60, set in 1915. Because stocks met resistance last month despite awful sentiment, a bottom formed.

Author(s): Tate

Publication Date: 26 Sept 2021

Publication Site: Roaring 20s on substack