The stock market crash - and after

Bibliographic data

Monograph

Identifikator:: 1815583320

URN:: urn:nbn:de:zbw-retromon-204544

Document type:: Monograph

Author:: Fisher, Irving http://d-nb.info/gnd/118533541

Title:: The stock market crash - and after

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1930

Scope:: XXVI, 286 S.; graph. Darst

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

Chapter

Document type:: Monograph

Structure type:: Chapter

Title:: Chapter XII. Relief in Seven Years of Stable Money

Collection:: Economics Books

190 The Stock Market Crash—dAnd After the effect of such purchases or sales on the general credit situation.” This power, rightly used, makes the Federal Reserve System the greatest public serv- ice institution in the world. When the system buys securities it thereby puts money into circulation. When it lowers the Fed- eral Reserve discount rate, it makes loans contracted by the member banks much easier to carry. The people have more money and credit. When the sys- tem spells, it thereby withdraws money or credit from circulation and when the rediscount rate is raised it makes loans to the member banks by the Federal Reserve Banks harder to get. Thus by this policy of expansion of credit or contraction of credit, re- spectively, as deflation or inflation of the commodity price level may be threatened, the Federal Reserve System exercises a strong regulative policy over the purchasing power of the dollar. This policy has prevailed during the past seven years to make the purchasing power of the dollar stable. Thus the Federal Reserve System wields a powerful control over loans, prices and prosperity. Adviser to Banks and Business Moreover, during the year preceding the stock market crash, the Federal Reserve Board, uneasy because of the unusual flow of credits into the stock market in the form of brokers’ loans, although I have criticized its failure to take sufficiently aggres- sive action, nevertheless, acted as an agency of warn- ing to the public and to the banks. In a radio

Access restriction

Copyright

fullscreen: The stock market crash - and after

Monograph

Chapter

Table of contents

Download

Monograph

Chapter

This page

Image fragment

Citation links

Citation recommendation