What caused our recession/depression is the Fed itself. By manipulating the money supply they create cycles that lead to false booms based on money steroids, and we go bust when the money drug is withdrawn. The result is a huge supply of things people don’t want (this time, houses and commercial real estate) and the burden of debt. This is the forever history of the boom-bust cycle. This is something the Austrians figured out a long time ago (Mises, Theory of Money and Credit, 1912).
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