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that's probably a false dichotomy, though. a lot of us think that the complex system also delivers the worse outcomes. the great depression didn't happen until
by floydnoel 3y ago
that's probably a false dichotomy, though. a lot of us think that the complex system also delivers the worse outcomes. the great depression didn't happen until after the fed existed, after all.
- disgruntledphd2 3y agoHow about?: https://en.wikipedia.org/wiki/Panic_of_1873 https://en.wikipedia.org/wiki/Panic_of_1873 https://en.wikipedia.org/wiki/Panic_of_1884 https://en.wikipedia.org/wiki/Panic_of_1884 https://en.wikipedia.org/wiki/Baring_crisis https://en.wikipedia.org/wiki/Baring_crisis Don't get me wrong, the Great Depression was 100% made worse by the economic thinkers (including the Fed) of the time, but the creation of a central bank was driven by prior problems.
- floydnoel 3y agoof course those were all used as examples to support the creation of the Fed. so our next question should be, have the business cycles been cured? no, they certainly haven't. so I'm not sure what your point was.
- disgruntledphd2 3y agoYou said > that's probably a false dichotomy, though. a lot of us think that the complex system also delivers the worse outcomes. the great depression didn't happen until after the fed existed, after all. I pointed out that a bunch of financial crises happened before the Fed existed. I took your point to be that the Fed made things worse. > so our next question should be, have the business cycles been cured? no, they certainly haven't. I'm not sure how that could happen at all, without incredible amounts of totalitarianism. Is that what you expect a central bank to do?