Erc
Junior Chimp
Posts: 5,823
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« Reply #50 on: December 29, 2005, 03:08:27 AM » |
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Yes, the Fed was responsible for the Depression being as bad as it was. But it wasn't the institution of the Fed that caused it, it was the idiots in charge of it. If you want to take the tack that the Fed is flawed precisely because something like that can happen, I can't truly disagree with you on that. But otherwise I can't agree that the existence of the Fed is somehow to blame for the economic problems in the last century--I'd say they were far more of a boon and helped us have a great century overally.
As for the gold standard--it's too late to go into the economic details on that front...
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