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| | http://www.qando.net/ - More Anarchy! |
 | | In modern times, we have used both the Keynesian and Monetarist approaches at the Fed, and neither has proven to be a panacea. |
 | | Still, worrying about the situation during a period when there were hardly any railroads, unit banking was required by many states, interstate branch banking was banned, and many banks were required to "back" their notes with state goverment bonds that regularly defaulted, points more to a myth than a reality. |
 | | It is true, that the greatest disaster, the Great Depression, occured during a time when option clauses were banned (as they mostly have been,) suspension was rejected, and the Federal Reserve failed to act as lender of last resort. |
| www.qando.net /details.aspx?Entry=1555 (7361 words) |
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