Scrivener-of-Doom
Scrivener-of-Doom t1_iw62xm6 wrote
Reply to comment by IBeTrippin in TIL JP Morgan bailed out banks in 1907 but a severe recession occured anyway. Nelson Aldrich, a powerful senator with close ties to Morgan, led a mission to Europe in 1908 to study the workings of the central banks in England, France and Germany. The Federal Reserve was created a short time later by mankls3
That's an extreme case of semantics.
Scrivener-of-Doom t1_iw5gdpl wrote
Reply to TIL JP Morgan bailed out banks in 1907 but a severe recession occured anyway. Nelson Aldrich, a powerful senator with close ties to Morgan, led a mission to Europe in 1908 to study the workings of the central banks in England, France and Germany. The Federal Reserve was created a short time later by mankls3
For a nation famous for its utter inability to deliver healthcare, it's astonishing that the USA is even worse at delivering a stable banking system.
Scrivener-of-Doom t1_iw6ryj1 wrote
Reply to comment by ShalmaneserIII in TIL JP Morgan bailed out banks in 1907 but a severe recession occured anyway. Nelson Aldrich, a powerful senator with close ties to Morgan, led a mission to Europe in 1908 to study the workings of the central banks in England, France and Germany. The Federal Reserve was created a short time later by mankls3
Yeah, banking can be reasonably stable if the fundamental principles are followed.
Of course, Americans refuse to do this so, every 10-20 years, American banksters collapse the global economy.
We're on track for the next one in 5, 4, 3, 2, 1....