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Politics : Ask Michael Burke
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To: Freedom Fighter who wrote (60450)5/25/1999 12:43:00 AM
From: JF Quinnelly  Read Replies (1) of 132070
 
You're research lends credence to Davidson's argument in The Great Reckoning that a deflation is going to run it's course no matter what the monetary authorities do to try to stop it.

Friedman and Schwartz argue in A Monetary History.. that the Fed failed to act in the face of massive bank failures, allowing the money supply to collapse as banks went belly up. Apparently the New York Fed Bank wanted to drastically increase its open market purchases as early as 1929, but the Board as a whole wouldn't go along and the policy was stopped not long after it was begun. The chapter is too long and detailed for me to post much of it, but you would likely find it interesting. I wonder if what was seen as large bond purchases by the NY Times in that period might be far less than what Friedman thinks was needed?
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