Date: Mon, 2 May 94 10:35:54 -0700 From: hughes@ah.com (Eric Hughes) The Great Depression was pretty clearly caused by deflation in the money supply. To quote Milton Friedman:
"All told, from July 1929 to March 1933, the money stock in the United States fell by one-third [...]" Capitalism and Freedom, p. 50
On this subject (really from the original post about money), I have several times tried to convince people that the Federal Reserve Bank is a private deal. I don't know where I got this impression, but no one will believe me. Are there some conspicuous facts that I could quote in support of this position? Or, perhaps, an easily obtained and authoritative document which explains just what the heck the Fed really is? I know the head is apppointed by the US gov, but my impression was that the rest of it was just a consortium of bankers to whom the national debt is owed. thanks, tw