On Sun, Jun 2, 2013 at 10:54 PM, Russel Caldwell <[email protected]> wrote: > On Sun, Jun 2, 2013 at 12:32 PM, S. Dale Morrey <[email protected]>wrote: > >> >> The fed arose out of a series of financial crisis that the USA was >> undergoing at the time. It was authorized because of technocratic >> thinking, that is to say the people of the day believed that the best way >> to manage the money supply is to use people who manage money for others, to >> manage it for us. >> >> >> > So, out of this we got an institution that has presided over the two worst > recessions in this country's history. >
The Fed acted poorly and more or less failed to avert the Great Depression by *not* doing what it was supposed to do, perhaps out of fear of inflation. We know better now, and thus we have had a deep and extended recession lately, but nothing as catastrophic as the Great Depression. /* PLUG: http://plug.org, #utah on irc.freenode.net Unsubscribe: http://plug.org/mailman/options/plug Don't fear the penguin. */
