In the years after WW I and before the stock market crash of 1929, the Fed was used to help bring England out of a depression. The approach taken was to transfer American wealth to England by establishing artificially low interest rates and inflating the money supply, weakening the dollar relative to the pound. That caused investors, businesses and individuals to move resources, including gold deposits, from the low-interest-paying US to the higher-interest-paying UK.
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Artificially low interest rates encouraged stock market speculation. However, as a result of the movement of wealth out of the country, industry wasn't as strong as people thought, so it eventually collapsed, and the Great Depression began.
Notice any similarities to what's going on today? Artificially low interest rates? Yep. Inflating the money supply? Yep. Weakened dollar? Yep. Stock market speculation? Yep. The net effect is a transfer of wealth out of the US, only on a much larger scale than before.
I'm not saying the current actions will lead to another Great Depression, but they will certainly be damaging to the economy and the country.
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