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Politics : Foreign Affairs Discussion Group
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To: maceng2 who wrote (42998)9/10/2002 6:54:11 AM
From: LindyBill  Read Replies (2) of 281500
 
Was this episode of the Federal's Reserve history in the best interest of the USA?


The History of Money is one of my favorite subjects, Pearly. We went to the Federal Reserve System for several reasons. It was an attempt to stabilize Banking on the part of the Bankers, and an attempt by the Government to get control of the money supply.

CB has spent a good bit of time on what happened in the '30s, and can give you more detail on that than I can. As you know, one of the reasons that the Brits hated Churchill was because he went along with putting Britain back on the gold standard in the '20s, thereby decreasing the money supply and causing misery for the lower classes.

To over generalize, the Fed here went from too loose a money supply to too tight a money supply, and caused the depression to be deeper than it would have been otherwise. In fairness to the people involved, nobody then really understood money, and it is still a subject of heated debate today.
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