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What actually caused the greatest downturn in the history of capitalism?​ In my presentation, I argue as Irving Fisher did in 1933 that it wasn’t “panic,” “technology shocks,” or just “the Fed,” but a collapse in credit-based demand at a time of very low inflation, after private debt had already become dangerously high.​ Using historical data, I show how US credit shifted from roughly +8–10% of GDP in the 1920s to about −30% in the early 1930s, while inflation went from roughly zero to −10% per year.​ That combination of over‑indebtedness and deflation—the debt disease and price‑level disease—meant that the more debtors paid down their loans, the heavier their real debt burden became.​ I also explain why mainstream (neoclassical) economists ignored Fisher’s debt‑deflation theory, left banks and private debt out of their models, and focused instead on equilibrium stories and “loanable funds” where bank lending has no macroeconomic impact.​ That intellectual blind spot is exactly why they failed to anticipate the Global Financial Crisis, even as private debt more than tripled relative to GDP between the end of World War II and 2007.​ Lastly, I contrast the fantasy banking model with a realistic one using my Ravel software and show how turning credit negative shrinks the money supply and drags GDP down—precisely what happened in the early 1930s and again after 2008.​ I also highlight the crucial role of government spending: from the New Deal to World War II to the post‑2008 deficits that quietly stopped another Great Depression.​ Watch here: https://t.co/oryrT6zsjs #Economics #Finance #GreatDepression #PrivateDebt #Macroeconomics #Banking