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Posts Tagged ‘Great Depression’

In this conference conducted by the Ayn Rand Center, Dr. Yaron Brook responds to a query regarding The Great Depression of the 1930s in the United States. The salient points of Dr. Brook’s talk relate to the establishment and the consequent actions of the Federal Reserve beginning in 1914 which ultimately culminated into the stock market crash of 1929 and the resulting depression. This talk is very timely now that the United States and Europe are entering a contracting phase in their economies in the wake of the crash of subprime mortgages and the bursting of the housing bubble and stock market crashes.

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I am not a Finance man, but the article below seems quite bad. Just fixing this seems to be a big problem, and other bankruptcies can occur anytime.

http://www.bloomberg.com/apps/news?pid=20601087&sid=ahwz_k5JvuB8&refer=worldwide

Sept. 29 (Bloomberg) — The Federal Reserve will pump an additional $630 billion into the global financial system, flooding banks with cash to alleviate the worst banking crisis since the Great Depression.

The Fed increased its existing currency swaps with foreign central banks by $330 billion to $620 billion to make more dollars available worldwide. The Term Auction Facility, the Fed’s emergency loan program, will expand by $300 billion to $450 billion. The European Central Bank, the Bank of England and the Bank of Japan are among the participating authorities.

The Fed’s expansion of liquidity, the biggest since credit markets seized up last year, came hours before the U.S. House of Representatives rejected a $700 billion bailout for the financial industry. The crisis is reverberating through the global economy, causing stocks to plunge and forcing European governments to rescue four banks over the past two days alone.

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