Use the quotation in the box below and your knowledge of U.S. history to answer the following question. “Little by little the American federation is transforming itself into a union, marked by the growth in importance of the role of the federal capital. In the beginning the U.S. had only a small federal bureaucracy.
On October 8, the U.S. Federal Reserve Bank admitted that its cheap money policy had failed to end the Depression. It raised the rediscount rate from 1 1/2% to 2 1/2%, and again on October 15, to 3 1/2%, in its efforts to stem the gold and capital exodus.
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Congress, the President, and the Federal Reserve is a study of the politics of monetary policy making at the Federal Reserve—widely considered the most important and most powerful federal bureaucracy. Ostensibly, the Federal Reserve is independent of the political branches of government; however,...
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Keep in mind though the context. Bernanke was admitting that the Fed did not do ENOUGH!. While Friedman was a great free market advocate on most things, he was also a monetarist who believed that when people in 1929-30 pulled their money out of banks, the Fed should have expanded the money supply much more aggressively in order to offset the reduced capital stock and to mitigate the stock ...
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The Federal Reserve could have changed its monetary policy while leaving commercial banks with the power to freely establish their own exchange rates without government interference. Based on this history, it is clear that the gold standard did not create the Great Depression—but the Federal Reserve did.
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Confronted with plunging prices, wages, and employment, the government balanced the budget and, through the Federal Reserve, raised interest rates. No “stimulus” was administered, and a powerful, job-filled recovery was under way by late 1921.