Gold, the Real Bills Doctrine, and the Fed
Humphrey, Thomas M. / Timberlake, Richard H.
The gold standard is often blamed for causing "the Great Contraction" - the unprecedented collapse of the U.S. money stock that began after the 1929 stock market crash and led to the Great Depression.In Gold, the Real Bills Doctrine, and the Fed: Sources of Monetary Disorder, 1922-1938, preeminent monetary historians Thomas M. Humphrey and Richard H. Timberlake thoroughly refute that claim. Instead, they identify the culprit as a now relativel...
