Economics 353 Lecture 19

Economics 353 Lecture 19 - Economics 353 Lecture 19...

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Unformatted text preview: Economics 353 Lecture 19 1914-1929: War, Peace, Recession The Fed You have never experienced a world in which the Federal Reserve System coexisted with the gold standard. After 1914, this was the case. The Fed did not have the job of stabilizing the economy. How did it act? World War I World War I began in Europe in 1914. The US did not initially join the fighting. The US was not clear on which side it was on. The US kept a policy of neutrality and supplied arms and aid to both sides of the conflict. World War I We often think of WWI as a war against Germany. Germany had the most powerful army on its side. Two empires were destroyed in the war, the Austro-Hungarian Empire and the Ottoman Empire. WWI Eventually, the two sides fought to a draw. The US entered on the side of England and France in April, 1917, after Woodrow Wilson was reelected. The war ended in Nov. 1918. The war ended just as the US became fully geared up for it. 1914 Bank Run Many European countries involved in the war, went off the gold standard in July, 1914, causing a run on gold in US banks....
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Economics 353 Lecture 19 - Economics 353 Lecture 19...

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