103 years ago, in 1914, the Federal Reserve opened-up for business as the carnage in northern France was getting under way.
And it brought to a close the prior magnificent half-century era of liberal internationalism and honest gold-backed money.
The Great War was nothing short of a calamity, especially for the 20 million combatants and civilians who perished for no reason discernible in any fair reading of history, or even unfair one.
Yet the far greater calamity is that Europe’s senseless fratricide of 1914-1918 gave birth to all the great evils of the 20th century – the Great Depression, totalitarian genocides, Keynesian economics, permanent warfare states, rampaging central banks and the follies of America’s global imperialism.
This post was published at Zero Hedge on Nov 13, 2017.