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WHEEL
As old as my gums and a little older than my teeth.
Articles Posted: 30; Links Seeded: 852
Member Since: 5/2006Last Seen: 11/29/2009
Member Since: 5/2006Last Seen: 11/29/2009
5 Votes
3 Comments
Bernanke: Federal Reserve caused Great Depression
News Type: Opinion — Seeded on Thu Mar 20, 2008 7:26 PM EDT
Article Source: worldnetdaily.comadvertisement
Despite the varied theories espoused by many establishment economists, it was none other than the Federal Reserve that caused the Great Depression and the horrific suffering, deprivation and dislocation America and the world experienced in its wake. At least, that's the clearly stated view of current Fed Chairman Ben Bernanke.
The worldwide economic downturn called the Great Depression, which persisted from 1929 until about 1939, was the longest and worst depression ever experienced by the industrialized Western world. While originating in the U.S., it ended up causing drastic declines in output, severe unemployment, and acute deflation in virtually every country on earth. According to the Encyclopedia Britannica, "the Great Depression ranks second only to the Civil War as the gravest crisis in American history."
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{"commentId":1602725,"authorDomain":"Wheel"}
Today, the entire Western financial world holds its breath every time the Fed chairman speaks, so influential are the central bank's decisions on markets, interest rates and the economy in general. Yet the Fed, supposedly created to smooth out business cycles and prevent disruptive economic downswings like the Great Depression, has actually done the opposite.
It's the bizarro economic model.
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#1 - Thu Mar 20, 2008 7:27 PM EDT{"commentId":1603758,"authorDomain":"alliatnme"}
They are doing it again!! God Bless America!!
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- 2 votes
#2 - Fri Mar 21, 2008 2:10 AM EDT{"commentId":1605091,"authorDomain":"Wheel"}
Let us hope that it doesn't become another great depression. We don't any FDR's waiting in the wings.
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