It’s October 1931
“We are now more than two years into the Great Recession, which began in December 2007. In the Great Depression, this was the point where the Fed decided to raise interest rates to keep the dollar from depreciating (after Britain left the gold standard.) Mr. Bullard of the St. Louis Fed wants to see “at least one month of positive jobs growth” before raising rates. Maybe it will come out tomorrow, but stocks fell sharply today on worries that the recovery is sputtering out…” Read more.
It’s October 1931
Scott Sumner
TheMoneyIllusion, February 4, 2010.
