This past week I have been reading Griffin’s “The Creature from Jekyll Island: A second look at the Federal Reserve”. The conspiracesque theories (although they are backed up somewhat) seem a bit over the top, but this I was extremely perplexed about.
Taken from p 482 about the Acceptance bills during the Great Depression
Just how large and free-flowing was that river of acceptance money? In 1929, it was 1.7 trillion-dollars wide. Through the 1920s, it was over half of all the new money created by the Federal Reserve- greater than all the other purchases on the open market plus all the loans to all the banks standing in line at the discount window.
Errm..in Rothbard’s Great Depression, wasn’t the money supply at max 60 billionish dollars in 1929? Where in god’s name is a trillion dollars coming from? Is he wrong, is it a typo, or am I just missing something.