August 29, 2021

Depression was the Fed's Fault

"It is ironic that the Great Depression was produced by government but was blamed on the private enterprise system. The Federal Reserve System explained in its 1933 annual report how much worse things would have been if the Federal Reserve had not behaved so well, yet the Federal Reserve was the chief culprit in making the depression as deep as it was. So the government produced the depression, the private enterprise system got blamed for it, and there was a tremendous change in attitudes.”

- Milton Friedman, Why Government Is the Problem.

Tim adds:

So true. The Fed had systematically pumped up the nation's economy in the 20's by increasing the money supply. They were giving the country inflation, just as the Populists had demanded. But then they pulled the rug out, contracting the money supply sharply. That led to the Great Depression. And instead of just leaving the economy to heal they kept fiddling with interest rates, and that stopped investment. It wa mostly their fault.

Posted by: Timothy Birdnow at 11:23 AM | Comments (3) | Add Comment
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To get an EC, a lot of limit principles should be fulfilled. Consequently, ECs are routinely considered as a 'Singaporean benefit'. Competitors purchasing an EC, need to graph a family local area, with a family pay not beating $16,000. One of the parc greenwich floor plans buyers ought to be a Singapore occupant under the Public, Fiancé/Fiancée and Orphans Scheme. In any case, on the off chance that they are applying under the Joint Singles Scheme, all competitors ought to be Singapore occupants.

Posted by: parcgreenwichsite at August 30, 2021 05:16 AM (EMOLi)

2 Friedman was a colossal genius in the field of economics. It's our tragedy that his teachings are being ignored today.

Posted by: Dana Mathewson at August 30, 2021 10:13 PM (6H7jI)

3 Agreed Dana. Friedman should be followed - but people STILL follow Keynes, who has been roundly disproven over time.Keynsianism offers things that those in power want - higher taxes, more regulations, and a backdoor to socialism.

Posted by: Timothy Birdnow at August 31, 2021 06:27 AM (8laC8)

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