Deja Vu All Over Again… Again – Ep 857
The Peter Schiff Show Podcast
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The Federal Reserve and the Depression
The depression that we had during the 1930s was the first time we actually employed all of the weapons in the Keynesian arsenal. We created a depression because if you go back to 1920, which was before this fiscal policy was adopted and look at the major economic downturn that began in 1920. The Federal Reserve expanded the money supply rather significantly to help pay for the First World War. And so when they had to start withdrawing some of that cash and put on the brakes, we got a big collapse in 1920.
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