Jul 21, 2017 · 1 min read
Often claimed, never proven. When did this ever happen? There have been just as many bank runs, depressions, and recessions in the 100 years since the institution of the Federal Reserve as there were in the 100 years prior. The big difference is that now, these “business cycles” are national, systemic, cross-market, and last far longer than prior to the Fed. The worst depression in American history happened less than two decades after the imposition of the Fed. So… when exactly did this “smoothing” occur?
