basic history wrote:
jamin wrote:
Gee, what happened around 1913?
The introduction of the Federal Reserve System.
As a way to stop the boom bust cycles that the economy was experiencing on a regular basis. Whether it succeeded or not is another debate - it actually did reduce the pain of the last two bubbles bursting - but the previous reliance on J. P. Morgan to bail out the country was not going to work as the economy grew.