The 1930s were nothing special when it comes to wild swings in prices (as the article show), speculation was not new (see canal mania, railroad mania, etc)
* https://en.wikipedia.org/wiki/Canal_Mania
* https://en.wikipedia.org/wiki/Railway_Mania
What is special is the post-WW2 era (where there was no deflationary bust, especially after a major war), and the decades that followed (when there was no gold standard to handcuff monetary policy, and when Keynesian economics allowed for fiscal flexibility).
> And it brings up a good point which no one answers satisfyingly: why shouldn't the average person just enjoy price savings produced by technology?
There's a difference between deflation through innovation, and deflation through economic turmoil (e.g., mass unemployment, collapse of aggregate demand).
One of my favourite examples of 'invisible deflation' that no one notices (often while they're complaining about inflation) is a 1991 Radio Shack ad:
* https://www.huffpost.com/entry/radio-shack-ad_b_4612973
* Via: https://awealthofcommonsense.com/2021/01/inflation-truthers/
I realize that the two manias were forms of speculation, and that getting overly excited about things seems to just be a thing humans tend to do.
* https://en.wikipedia.org/wiki/Technological_Revolutions_and_...
human nature is to avoid discipline when they're comfortable and set the stage for a bubble & contraction, exactly what happens with artificially low interest rates and speculations like the manias you brought up
Any common person realizes their ability to lead a dignified life is being squeezed out by monetary expansion gone amok, with those closest to the govt spigot getting the benefits and none of the costs (cantillon effect).
And it brings up a good point which no one answers satisfyingly: why shouldn't the average person just enjoy price savings produced by technology?