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>The current system moderated the boom bust cycle. Citation? From what I've read the great depression was a worse bust than anything that occurred during the 1
by logicchains 10y ago
>The current system moderated the boom bust cycle.
Citation? From what I've read the great depression was a worse bust than anything that occurred during the 19th century, numerically speaking.
- yxhuvud 10y agoBut you were on the gold standard then!
- WalterBright 10y agoSort of. I suspect much of the banking collapse in the 30's was due to the value of the dollar dropping in half since WW1, yet the exchange rate with gold stayed the same. Like all fixed conversion rates, there's an inevitable huge correction. That manifested itself in the bank runs of the 30s, which only stopped when FDR suspended gold exchange.