Interesting Article
Good read. What does not make sense to me is the part
where they say our gold standard helped cause the Great Depression. Journalistic license?
The United States and most of the rest of the world operated on a full gold standard until the Great Depression. Economists generally agree that the policy helped cause the depression and earlier severe downturns by limiting the amount of money the government could create, constraining its ability to stimulate the economy.
My knowledge of that period of history is limited but
a brief documentary I found on Netflix mentioned
lax regulation, insider trading, and a large public
citizenry all using margin as leverage were part of the collapse.
Was it because, the Fed couldn't put liquidity in a collapsing market being tied to gold? Doesn't seem like a cause. Seems more like why they couldn't avoid the collapse.
Must go read more history. :)
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