ManusJustus said:
There use to not be a Fed, but after the economy kept periodically collapsing everyone decided that it would be better to have suistanable growth so masses of people wouldn't have to live in squalor every 10 or 20 years. America's economy has become much stronger after the creation of the Fed in the early 20th century. Read up on what the Fed does before you choose to disagree with them out of principle and pride rather than purpose. |
The Fed was created in 1913.
We had a recession in 1920 that wasn't any different then any other recession... then another in 1929. That was different from other recessions in that it was named "The Great Depression."
If you were to ask the current head of the Federal Reserve why the Great Depression lasted so long... he would tell you, The Federal Reserve... by deciding to contract the monetary supply.
Things have gotten "better" after that, but I wouldn't credit the Fed... so much as globalziation.
After WW2 there were a lot less depressions... and basically zero serious wars. I mean, how many Economic Downturns in the US were either due to wars or protectionism?
