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March 30th, 2012 
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News Archive In Focus -2nd Great Depression (1,880 articles)
The official view, as articulated by the Federal Reserve, is that both the first Great Depression and the current GFC were caused by a lack of base money. Base money, or M0, is money that the central bank creates. It forms the reserves held by private banks, on the strength of which they issue loans to their clients. This practice is called fractional reserve banking: by issuing amounts of debt several times greater than their reserves, the private banks create money that didn’t exist before. Professor Steve Keen was one of the few economists to predict the financial crisis and he warns that the same factors that caused the crash show that what we’ve heard so far is merely the first rumble of the storm. Without a radical change of policy, another Great Depression is all but inevitable. To read our 2nd Great Depression news archive of 1,880 articlesCLICK HERE
Tags: 2nd Great Depression
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