Professor Graham, while generally free-market oriented, later did get involved with the initial federal "stimulus" interventions under Hoover, which led to the bigger stimulus interventions under Roosevelt which led to the Great Depression (not unlike the much larger Bush/Obama stimulus interventions we are seeing today).
Certainly, there are lessons here for serious students of history. The consequences of pumping out many trillions of marks (or even just the few trillions of dollars now being created by the Federal Reserve) are simply catastrophic. And such policies lead, as Professors Mises and Rothbard taught us, to collapse, war, destruction, starvation, and death.
http://www.globalresearch.ca/index.php?context=va&aid=15034