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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: craig crawford who wrote (106674)6/5/2001 3:18:04 PM
From: Ilaine  Read Replies (1) of 436258
 
>>not true. the contraction in money supply was caused by the public run on banks, not by the fed.<<

How about you point me to a reliable source for this assertion?

The sources I am working with say otherwise, and document it. The public mistrust of banks and currency hoarding was certainly an element, but sort of midway down the line of the cascade of dominoes, I'd estimate sort of past the halfway mark. The banks started collapsing before the public started hoarding funds, due to loans which were not repaid, and collateral that lost its value, due to the Great Deflation which started in the mid-1920's.
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