One hundred years ago this month, on December 23, 1913, the Congress passed the Federal Reserve Act, establishing a national central-banking system in the United States. The governing board of the Federal Reserve was organized on August 12, 1914, and the Federal Reserve banks opened for operation on November 16, 1914.
Tagged: Great Depression
A common fallacy is that the Great Depression was ended by the explosive spending of World War II. But World War II actually institutionalized the sharp decline in the standard of living caused by the Depression.
Ninety years ago, on November 15, 1923, the Great German Inflation came to an end when the monetary printing presses were finally shut down, and the economic havoc came to an end. Its lessons are worth remembering.
President Reagan famously said “Government is not the answer to the problem. Government IS the problem.” But keeping with his unwavering theme as the unrelenting opposite of Reagan in every[...]
In February, 2009, I wrote for the Wall Street Journal an article entitled Reaganomics versus Obamanomics. The article explained that the emerging Obamanomics was pursuing exactly the opposite of every policy of the[...]
“Do not blame Caesar, blame the people of Rome who have so enthusiastically acclaimed and adored him and rejoiced in their loss of freedom and danced in his path and[...]
The Democratric Party controlled mainstream media reported the November unemployment report as “better than expected.” But in reality it showed that America is stumbling along into a second Great Depression under “Obamanomics”[...]
Stop that cringing! I can already see the light at the end of the tunnel. And it’s not pretty for today’s neo-Marxist Democrat party. The man you see before you[...]
[Editor: Once in a while, we promote a post from The Heartland Institute's social community, The Freedom Pub, to the main "house" blog. This is one of those times. Kevin[...]
Louis Woodhill, writing at Forbes magazine, pulls out a statistic I remember seeing a few months ago and that bears repeating. Read for yourself to get an idea of how[...]