Quote:
Originally Posted by Ezra Pound
While what you say is true (that there were other similar events) it does not address the fact that our fiat currency is controlled by a foreign parties with no loyalty to the United States or it's citizenry. This is how the Great Depression is different as it was an intentional action, it was not a cycle of the market as in earlier situations. The fed has admitted as such and even offered some half hearted apology. Such control just isn't right and such power should be back in the hands of at least the department of the treasury.
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No, the Fed hasn't admitted as such. The Fed didn't engineer the Great Depression but it didn't do much to alleviate it which caused it to get worse. If there was never a Federal Reserve, the Great Depression would have still occurred. You can't have such massive over-valuation of an asset class with the inevitable re-valuation without having a recession/depression.
Galbraith has a great book called "A History of Financial Euphoria" that documents other historical recessions/depressions that resulted from over-valued asset classes.