The first thing you need is obviously a replacement water heater element, and also a socket to fit. The most common size is 1 1/2â³, and a couple of screwdrivers and nut drivers depending on exactly what you need on your water heater to expose the element.
Essentially, the Great Depression, in their view, was caused by the fall of the money supply. The result was what Friedman calls the Great Contraction â a period of falling income, prices, and employment caused by the choking effects of a restricted money supply.
The government began to increase interest rates, in 1929, from 3.5% to 5%. Some believe this is what caused the recession to come about in August of 1929. The government failed to act to stabilize or increase the money supply during The Great Depression. In fact, the supply of money fell by 30% between 1929 and 1933.