Ben Bernanke has said many times that Marriner Eccles, the head of the Federal Reserve in 1936/37 made a mistake by tightening credit (raising reserve requirements). Bernanke blames Eccles’s actions for the 50% stock market collapse in 1937 and the …
While watching some Steve Keen interviews, I was struck by something. I have known for a long time that mainstream economists pay no attention what so ever to private sector debt levels. I never really dug into why. But Keen specifically touched on …
