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Author G. Edward Griffin explains that during the 1920s, the expansion of money supplies was not a steady advance but a series of convulsions, each cycle at a higher level than the previous one. He faults the process that didn’t allow the busts following the booms to play themselves out, and what he calls monetary scientists who were able to cancel out the downward adjustments. Griffin likened the process to prescribing increasing doses of narcotics to postpone the awareness of an advancing disease. Minerd points to two instances in the Federal Reserve’s history when the downside of economic activity was extremely painful – the Great Depression of the 1930s, and most recently, the financial crisis that is often referred to as the Great Recession. He gives the Federal Reserve credit for acting aggressively in stopping the decline of asset prices in the latter event by creating money. Griffin charges there is no argument that the system failed in its stated objectives, despite all of the changes in policy, personnel, and political parties. He states it’s not unreasonable to conclude that the painful answer is that the stated objectives were not the Federal Reserve’s true objectives.

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