The naive belief that history is linear, that moral progress accompanies technical progress, is a form of collective self-delusion. It cripples our capacity for radical action and lulls us into a false sense of security. 68 more words
In 1963 Milton Friedman and Anna Jacobson Schwartz published “A Monetary History of the United States 1867-1960" which should be mandatory reading for any serious work in macro economics especially relating to monetary policy. In Chapter 7 and running for 120 pages is a description of the period 1929-1933 which he calls The Great Contraction. After reading this Chapter of this book of 859 pages there can be no doubt in any rational mind that the FED “caused” the economic collapse that we call The Great Depression. There is little doubt that the FED also caused the 2008 collapse in the financial markets when the Housing bubble that they created burst. They are now working on a sovereign debt bubble that will be even worse than any that have occurred in the past. The FED needs to be eliminated.