The stock market crash - and after

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Monograph

Identifikator:: 1027347800

URN:: urn:nbn:de:zbw-retromon-157802

Document type:: Monograph

Author:: Gredeskul, Nikolaj A. http://d-nb.info/gnd/12762628X

Title:: Befreite Arbeit

Place of publication:: Berlin

Publisher:: Seehof

Year of publication:: 1920

Scope:: 38 S

Digitisation:: 2021

Collection:: Economics Books

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Remedies and Preventives of Panic 2§1 the advice, influence and even discipline of the Cen- tral Reserve Banks than at present. So instead of proceeding, as some have hastily suggested, with drastic legislation to put brokers’ loans even further outside the pale. and attempting to solve the prob- lem by law and strong-arm methods, it would be far better to let the bankers and brokers solve the ques- tion out of court, so to speak, by such conferences as President Hoover has organized in the past. Ad New Method of Financing Security Purchases A yet more comprehensive proposal would pro- vide a substitute for brokers’ loans. This may be considered by those who have faith that the panic of 1929 may occasion a thoroughgoing change in the stock market. These argue that the panic of 1907 was caused by a shortage of money due to our inadequate banking system, and has therefore come to be known as a money panic. In order that such a panic might not come again the Federal Reserve System was started, and it has proved its worth during subsequent crises. Also, the panic of 1920 and 1921 was due largely to inflated inventories and speculation by manufacturers and merchants in raw materials and finished goods — primarily because of inflation of credits. This led to the “ear-marking” of surplus gold that would otherwise work for inflation, and to hand-to-mouth buying and rigid inventory control—methods that

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