Um estudo antigo...

When business in the United States underwent a mild contraction [...] the Federal Reserve created more paper reserves in the hope of forestalling any possible bank reserve shortage. The “Fed” succeeded; [...] but it nearly destroyed the economies of the world, in the process. The excess credit which the Fed pumped into the economy spilled over into the stock market—triggering a fantastic speculative boom. Belatedly, Federal Reserve officials attempted to sop up the excess reserves and finally succeeded in breaking the boom. But it was too late: . . . the speculative imbalances had become so overwhelming that the attempt precipitated a sharp retrenching and a consequent demoralizing of business confidence. As a result, the American economy collapsed.

Poderíamos pensar que estas palavras foram escritas para descrever a actual crise... bem pelo contrário foram escritas por Alan Greenspan para descrever a crise de 1929 num seu trabalho académico... 20 anos antes de ele próprio tomar posse como presidente da FED e mergulhar o mundo num novo caos económico através da sua politica de baixas taxas de juro.