But central planning does not work

I gtg

And we can see that

Following a run-up in credit expansion that occurred in the early 1870s, a visible widening in both relative prices and production compared to the late 1860s emerged that fostered multiple malinvestments in the higher orders. The expansion was largely caused by the Civil War monetary legislation that created the National Banking System. Both state and national banks were able to pyramid credit on the same set of lawful money reserves through the use of interest paying interbank deposits. The money supply continued to expand during the bust years, which showed symptoms of an Austrian contraction with the decline in output and prices concentrated in industries that overexpanded during the boom. Largely the result of bank runs, the money supply contracted for the remainder of the supposed depression years. This decline was shown to have actually hastened the recovery and during this period there was a noticeable rebound in growth. @Leo (BillNyeLand)

The recession of 1873

The FED didn’t exist but this type of stuff did

Now the panic of 1908: The Panic of 1907 was the result of an inflation stimulated by Secretary of the Treasury Leslie Shaw in the previous two years.

Accompanied by banking regulation , which seems VERY similar to a recent recession

And it was 100 years before the similar recession which is weirder

In England for example in 1847, the panic was caused by the Bank of England causing excessive monetary inflation due to the supply increase

Which is what causes recessions

Ah sorry, I confused it with 1893

grant

gang

did you know I’m related to historically the worst president in history 😎😎

Was the cause of contraction after expansionism

Franklin Pierce?

LMAO

yuuup

**Obunga?**

Eggcelent

yes

Pierce gang roll out

Jimmmer Carty

That’s neat

It’s a shame though

I’ve read that his situation was pretty bad

We were right on the brink of the civil war

And he knew it

He was the only president whose party refused to consider him for reelection in the primaries, I think?

Yea

He was so fucked

He got elected at the most politically charged time

And if he said one thing wrong he fucked everything

very gamer style

Ha typical

Petition to make this a reaction image

Lol I love how in trumps recent videos he’s wearing a fucking rain coat and a golf hat

Absolute chad

@Leo (BillNyeLand) you’re libtard

Fears about the American gold standard were intensified in March 1891, when the Treasury suddenly imposed a stiff fee on the export of gold bars taken from its vaults so that most gold exported from then on was American gold coin rather than bars. A shock went through the financial community, in the U.S. and abroad, when the United States Senate passed a free-silver coinage bill in July 1892; the fact that the bill went no further was not enough to restore confidence in the gold standard. Banks began to insert clauses in loans and mortgages requiring payment in gold coin; clearly the dollar was no longer trusted. Gold exports intensified in 1892, the Treasury’s gold reserve declined, and a run ensued on the U.S. Treasury. In February 1893, the Treasury persuaded New York banks, which had drawn down $6 million on gold from the Treasury by presenting Treasury notes for redemption, to return the gold and reacquire the paper. This act of desperation was scarcely calculated to restore confidence in the paper dollar. The Treasury was paying the price for specie resumption without bothering to contract the paper notes in circulation. The gold standard was therefore inherently shaky, resting only on public confidence, and that was giving way under the silver agitation and under desperate acts by the Treasury.