The Fed Is the Great Saviour, Only if We Remember Two Things

Conventional wisdom says that consistently falling prices will cause the earth to break free of its axis and go tumbling toward the sun. But with the gold standard restored in 18 79, after being abandoned during the civil war, the 18 eighties were a period of great prosperity. Real wages rose by 20 % in that decade. Now, the argument that the us Economy was susceptible to panics if it didn't have the ise custodianship of a central bank can be dismantled another way. In the nineteenth century, nearly all american states had a regulation called unit banking. So you couldn't have branch banking, which we have now. You couldn't have interest state or interstate branch banking