How The U.S. Treasury Avoided Chronic Deflation By Relinquishing Monetary Control To Wall Street

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How The U.S. Treasury Avoided Chronic Deflation By Relinquishing Monetary Control To Wall Street

How The U.S. Treasury Avoided Chronic Deflation By Relinquishing Monetary Control To Wall Street

Michael Hudson

University of Missouri at Kansas City – Department of Economics ; Bard College – The Levy Economics Institute

October 21, 2015

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Abstract:

The Eurozone today is going into the same deflationary situation that the U.S. did under Jackson’s destruction of the Second Bank, and the post-Civil War budget surpluses that deflated the economy. But whereas the Fed’s creation was designed to inflate