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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: stan_hughes who wrote (83706)	7/17/2007 5:38:45 PM
From: shades	Read Replies (3) of 110194

Hoover had 1.1 billion printed - but the banks would not lend it, customers would not borrow it, and so he gave up on that idea - so now beat up on me. My original statement still stands - HOOVER printed to the high heavens - but he could not CONTROL where the money flowed - is this not correct?? We can PRINT to the high heavens today - that does not mean GOLD will go to 10K an ounce - no matter how many copies of fiat money france you read. bankdersysrisk.blogspot.com This extraordinary mistake caused commercial banks to stop their use of the discount window and to hoard cash in order to meet rising withdrawals stemming from the public’s declining confidence in banks. As Milton Friedman and Anna Schwartz put it, this put the famous multiple expansion of bank reserves into vicious reverse. By January 1932 bank deposits had declined another 15 percent. Large monthly declines in the money supply continued through June 1932.

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