The Just Third Way: Own the Fed, Part VII: Buildup to Disaster
As Morgenthau later wrote, ‘If anybody knew how we really set the gold price through a combination of lucky numbers, etc., I think they would be frightened.’” (Amity Shlaes, The Forgotten Man: A New History of the Great Depression. … The Federal Reserve had rendered itself powerless to do anything substantive about the buildup to the Crash of 1929. The central bank had redefined itself as a different institution than the one established in 1913 specifically to avert …
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