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Pastimes : Book Nook
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To: Ilaine who wrote (15)3/22/2001 2:08:33 AM
From: JF Quinnelly  Read Replies (1) of 443
 
The Austrian School economists were perhaps the only ones to predict the Great Depression before it occurred, and did so by watching the long credit expansion throughout the 20s. There were deflationary forces operating that masked the effect of the credit expansion, by keeping prices flat. If the Fed was simply watching prices they got a false sense of the effect of their policies, as the deflationary forces masked the effect of their monetary inflation.
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