Forget the Great Depression, says Jim Grant, Bernanke would be wise to study the devastating...
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.
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