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George Selgin says the Fed’s 1929-33 failure was not active monetary contraction, but an inadequate response to a collapsing money multiplier. Rising bank reser

BWB News TV • 2026-08-06 06:11 UTC • By Billy Odell Tucker-Robinson
George Selgin says the Fed’s 1929-33 failure was not active monetary contraction, but an inadequate response to a collapsing money multiplier. Rising bank reser
George Selgin says the Fed’s 1929-33 failure was not active monetary contraction, but an inadequate response to a collapsing money multiplier. Rising bank reserve ratios and public cash withdrawals amplified the decline in money stock.
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