Fed chief says, 'We did it. ... very sorry, won't do it again'
Published: 03/19/2008 at 12:00 AM
Read more at http://www.wnd.com/2008/03/59405/#JUuxweYKR1e2jcf1.99
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.” What exactly
caused this economic tsunami that devastated the
U.S. and much of the world? In “A Monetary History
of the United States,” Nobel Prize-winning (Jew) economist
Milton Friedman along with coauthor Anna J. Schwartz
lay the mega-catastrophe of the Great Depression squarely
at the feet of the Federal Reserve.
Wade also chimes in..."not to mention WWII?"
