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I learned recently that Canada had zero bank failures between 1930 and 1933. USA had over 9000 during the same period.
Canada did not have a central bank before 1935.
The country with no central bank had zero bank failures, coincidence or causation?
Yep. Probably the most prosperous time of US was 1870-1913. I mean this was era that put USA on the map...of course that era we didn't have a central bank.
Golden age in America according to Milton Friedman
No income tax
Government spending was small
Open immigration because welfare didn’t exist
Immigrants actually wanted to assimilate and learn English
1897 commemorated the diamond 💎 jubilee for queen Victoria in England
USA also surpassed Great Britain as the largest economy
The greatest gains in life expectancy happened during this period
Peace and prosperity
The Spanish American war in 1898 was a trivial diversion
Edit: I forgot to add it was also the most charitable and philanthropic period. Schools and universities and hospitals were built and established. Red Cross was established. Rockefeller and Carnegie and Ford were great entrepreneurs and philanthropists
haha....hadn't heard about that....
So true.
Not trying to make an excuse for them, but I'm starting to wonder if we are beyond the point of being able to cut printing. Not like "we don't have the political will", but like "the structure of the monetary system will collapse unless we keep printing".