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It was my understanding that (and especially absent a central bank) the US economy became prone to frequent and periodic economic panics, uncontrolled periods o
by c3534l 10y ago
It was my understanding that (and especially absent a central bank) the US economy became prone to frequent and periodic economic panics, uncontrolled periods of inflation and deflation, and general financial instability.
- iopq 10y agoAs opposed to now, when we have frequent bubbles and bursts and more inflation? It's hard to say what's better.
- bildung 10y agoBoth bubbles and bursts were more frequent and of higher amplitude in the 19th century: https://commons.wikimedia.org/wiki/File:US_Historical_Inflation_Ancient.svg https://commons.wikimedia.org/wiki/File:US_Historical_Inflat...