To prevent a bursting of a housing bubble and collapse of bank assets, the Fed has mounted a dramatic re-inflation policy, injecting mountainous liquidity and cutting interest rates significantly.
Friedman and Schwartz contended that the Federal Reserve-not capitalism or Wall Street-was to blame for the dismal '30s.
Colin on August 25, 2009 at 11:39 PM Excellent news.
After the Civil War, the United States adopted a gold standard, but without a central bank, the amount of money in circulation was fixed according to the available supply of gold - a rigid structure that the economy was outgrowing.They'll just appoint some Fed governor without a pro-bubble track record or a Republican economist for "bipartisanship".I'll admit that the Stress Test was a much better idea than anything Bush ever came up with, but I'd argue that by December we had already turned a corner.Seriously, is there a difference between Summers or Bernanke?Underneath all the complex technicality of financial ballistics, Bernanke's gunpower was an old-fashion creation of massive amounts of money by expanding the Fed's balance sheet to 2 trillion from 900 billion a year ago.You seem to have correctly pinned who the economic culprit is, the FED, but your prescription doesn't even address them.So, avoid it totally!Ben, who skipped first grade, was obviously smart from the get-go.AI, Thanks for the insight.Roger Lowenstein is a contributing writer to the magazine and the author of "While America Aged to be published in May by the Penguin Press.Printing money (or as Friedman famously quipped, dropping bundles of bills from a helicopter) would spur the economy only temporarily.Asked if she sees hyperinflation on the horizon, she exclaimed, "Oh, yes!" But Schwartz also seems to have undergone a late-life conversion to Keynesian theory.Once again, Milton Friedman changed the profession's understanding, this time by deciding that, in the long run, the Phillips curve was wrong.Then he tries to shape what we should." The Federal Open Market Committee is an unwieldy and archaic casino night fundraiser michigan body in the best of times; it includes seven Fed governors in Washington (at the moment there are only five) and the presidents of the Fed's.
Hossein Askari is professor of international where is john lennon's epiphone casino business and international affairs at George Washington University.
6/27/09 5:10 AM Darth Fluffy said.
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