“The Fed was largely responsible for converting what might have been a garden-variety recession…”

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“The Fed was largely responsible for converting what might have been a garden-variety recession, although perhaps a fairly severe one, into a major catastrophe. Instead of using its powers to offset the depression, it presided over a decline in the quantity of money by one-third from 1929 to 1933 … Far from the depression being a failure of the free-enterprise system, it was a tragic failure of government.”

— Milton Friedman

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About Iowa Life

Experiencing life in Iowa.
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