Forget the Great Depression, says Jim Grant, Bernanke would be wise to study the devastating downturn of 1920-21 in which GDP fell 23.9% top to bottom. The response? The Fed allowed rates to rise, the government balanced the budget, and ... "something wonderful happened: Markets cleared, and a vibrant recovery began." Grant's opus against the Bank of Bernanke here.
Forget the Great Depression, says Jim Grant, Bernanke would be wise to study the devastating...
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