The Fortuitous Fed
The war could not have been financed under the old gold standard.
Source: Mises Institute
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DW NOTE
The Fed was created to backstop Wall Street's war loans — Rothbard documented the five-year Morgan-Rockefeller campaign that ended in December 1913. Benjamin Strong then inflated to prop up sterling through the 1920s, engineering the conditions for 1929. A century later, the Fed holds rates at 3.65% while the Treasury runs a $1.4 trillion deficit and oil inventories drain at 3.8 million barrels a day. Same institution, same cheerleaders, worse odds.