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There are many who have a somewhat....pejorative... view of the Federal Reserve, some of which includes the following.
1. "From 1836 until 1913, when the Federal Reserve Act was snuck through Congress, the United States did not have a central bank. It is no coincidence that this period of time marked the greatest real economic growth in the history of our nation.
Can you back this claim up?
Thanks.
"It is not a coincidence that the greatest period of economic growth in U.S. history was between the Civil War and 1913. The following information comes from Wikipedia...
The Gilded Age saw the greatest period of economic growth in American history. After the short-lived panic of 1873, the economy recovered with the advent of hard money policies and industrialization. From 1869 to 1879, the US economy grew at a rate of 6.8% for real GDP and 4.5% for real GDP per capita, despite the panic of 1873. The economy repeated this period of growth in the 1880s, in which the wealth of the nation grew at an annual rate of 3.8%, while the GDP was also doubled."
During The Best Period Of Economic Growth In U.S. History There Was No Income Tax And No Federal Reserve
I checked your Wikipedia link. It doesn't say that.
Take a look at the graphs and tables above.
From this book
Contours of the World Economy 1-2030 AD Essays in Macro-Economic History 9780199227204 Economics Books Amazon.com
page 382 in Statistical Appendix A
US real GDP per capita
1870 - $2,445
1913 - $5,301
Do the math and that's a compounded annual growth rate of 1.8%.
This time period was marked by what is now known as The Long Depression. Before the Great Depression, the Long Depression was called The Great Depression.
Long Depression - Wikipedia the free encyclopedia
"I checked your Wikipedia link. It doesn't say that."
No, you didn't.
I quoted the entire passage.....that's why it begins with quotation marks.
There are two quotation marks, and I simply gave you what you requested.
I may be wrong but what it appears you did was to take a blog post from something called "Economic Collapse" which then linked it to Wiki. So I went to Wiki and the link you posted, and I couldn't find it. Maybe I'm just bad at finding things, but when you search the web page for "4.5%," "6.8%" or "Gilded," your quote doesn't come up. Perhaps the passage was removed after the blog post was made.
Economic history of the United States - Wikipedia the free encyclopedia
Nonetheless, the claim that the time period 1870-1913 was the most prosperous in our history is contradicted by the graphs and tables above.
..
In either case....
You have convinced me to launch another attack on the Federal Reserve.
.
..
In either case....
You have convinced me to launch another attack on the Federal Reserve.
.
its not necessary, the Fed can operate like we're on a gold standard if it wants to and a gold standard can operate like a liberal Fed if we want it to.
The correct idea, regardless of central banking, is to keep inflation and deflation at 0 % and be the lender of last resort in a crisis.
8. "They are not 'Federal'...they are a group of powerful bankers who orchestrated a phony crisis in the early 1900s to convince the American people that the country needed a strong central bank to help regulate the economy and bring Wall Street fat cats to heel. It's one of most successful con jobs in history.
lol
That's batshit crazy.
The panic was ultimately quelled when the federal government provided over $30 million in aid to the situation, and when J.P. Morgan and others orchestrated deals to bring confidence and liquidity back to the financial markets.
One of the most important outcomes of the Bank Panic of 1907 was the eventual development of the Federal Reserve System. Many felt that the successful implementation of a central bank system could prevent future problems by providing an extra source of liquid assets for financial institutions to tap into.
8. "They are not 'Federal'...they are a group of powerful bankers who orchestrated a phony crisis in the early 1900s to convince the American people that the country needed a strong central bank to help regulate the economy and bring Wall Street fat cats to heel. It's one of most successful con jobs in history.
lol
That's batshit crazy.The panic was ultimately quelled when the federal government provided over $30 million in aid to the situation, and when J.P. Morgan and others orchestrated deals to bring confidence and liquidity back to the financial markets.
One of the most important outcomes of the Bank Panic of 1907 was the eventual development of the Federal Reserve System. Many felt that the successful implementation of a central bank system could prevent future problems by providing an extra source of liquid assets for financial institutions to tap into.
Investopedia US, 2014
8. "They are not 'Federal'...they are a group of powerful bankers who orchestrated a phony crisis in the early 1900s to convince the American people that the country needed a strong central bank to help regulate the economy and bring Wall Street fat cats to heel. It's one of most successful con jobs in history.
lol
That's batshit crazy.The panic was ultimately quelled when the federal government provided over $30 million in aid to the situation, and when J.P. Morgan and others orchestrated deals to bring confidence and liquidity back to the financial markets.
One of the most important outcomes of the Bank Panic of 1907 was the eventual development of the Federal Reserve System. Many felt that the successful implementation of a central bank system could prevent future problems by providing an extra source of liquid assets for financial institutions to tap into.
Investopedia US, 2014
yes of course, the idea that Bernanke and Yellin are part of some conspiracy is mistaken.
still, is a very very odd institution in that it is run by intelligent people, not politicians or the common people. I don't know how they decided that the Fed was too important to be managed by stupid people while little else is thought of that way.
8. "They are not 'Federal'...they are a group of powerful bankers who orchestrated a phony crisis in the early 1900s to convince the American people that the country needed a strong central bank to help regulate the economy and bring Wall Street fat cats to heel. It's one of most successful con jobs in history.
lol
That's batshit crazy.The panic was ultimately quelled when the federal government provided over $30 million in aid to the situation, and when J.P. Morgan and others orchestrated deals to bring confidence and liquidity back to the financial markets.
One of the most important outcomes of the Bank Panic of 1907 was the eventual development of the Federal Reserve System. Many felt that the successful implementation of a central bank system could prevent future problems by providing an extra source of liquid assets for financial institutions to tap into.
Investopedia US, 2014
yes of course, the idea that Bernanke and Yellin are part of some conspiracy is mistaken.
8. "They are not 'Federal'...they are a group of powerful bankers who orchestrated a phony crisis in the early 1900s to convince the American people that the country needed a strong central bank to help regulate the economy and bring Wall Street fat cats to heel. It's one of most successful con jobs in history.
lol
That's batshit crazy.The panic was ultimately quelled when the federal government provided over $30 million in aid to the situation, and when J.P. Morgan and others orchestrated deals to bring confidence and liquidity back to the financial markets.
One of the most important outcomes of the Bank Panic of 1907 was the eventual development of the Federal Reserve System. Many felt that the successful implementation of a central bank system could prevent future problems by providing an extra source of liquid assets for financial institutions to tap into.
Investopedia US, 2014
yes of course, the idea that Bernanke and Yellin are part of some conspiracy is mistaken.
The origins of the Federal Reserve was exactly that.
8. "They are not 'Federal'...they are a group of powerful bankers who orchestrated a phony crisis in the early 1900s to convince the American people that the country needed a strong central bank to help regulate the economy and bring Wall Street fat cats to heel. It's one of most successful con jobs in history.
lol
That's batshit crazy.The panic was ultimately quelled when the federal government provided over $30 million in aid to the situation, and when J.P. Morgan and others orchestrated deals to bring confidence and liquidity back to the financial markets.
One of the most important outcomes of the Bank Panic of 1907 was the eventual development of the Federal Reserve System. Many felt that the successful implementation of a central bank system could prevent future problems by providing an extra source of liquid assets for financial institutions to tap into.
Investopedia US, 2014
8. "They are not 'Federal'...they are a group of powerful bankers who orchestrated a phony crisis in the early 1900s to convince the American people that the country needed a strong central bank to help regulate the economy and bring Wall Street fat cats to heel. It's one of most successful con jobs in history.
lol
That's batshit crazy.The panic was ultimately quelled when the federal government provided over $30 million in aid to the situation, and when J.P. Morgan and others orchestrated deals to bring confidence and liquidity back to the financial markets.
One of the most important outcomes of the Bank Panic of 1907 was the eventual development of the Federal Reserve System. Many felt that the successful implementation of a central bank system could prevent future problems by providing an extra source of liquid assets for financial institutions to tap into.
Investopedia US, 2014
Yes. And what does that have to do with the silly claim in bold?
JP Morgan bailing out the financial system was an impetus to creating the Federal Reserve System. The government - and many in the financial industry at the time - thought that the system was too unstable for it to rely on the whim and good nature of a few private bankers.
Near thirty percent unemployment, .
