The “cross of gold”

“As the Fed Splintered the Cross of Gold, Farmers Held the Bag” de Brian Dimtrovic (Forbes)

One of the reasons the Fed was created in 1913 was to give ear to the concerns, such as they were, of the down-and-out farmers. Yet the doubling of the dollar float did nothing to alter the real economics of farming in a modernized economy. Instead, the effect of the Fed policy was to visit wild gyrations on the price level – and hence the values of assets – on the nation as a whole, which culminated in a Great Depression for everybody, farmer and non-farmer alike.

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