LovableHuggable
Member
Graham Leach Billey is what did it in. That allowed the big banks to lever to the hilt instead of max 12:1 that was instated during Great Depression. It also allowed for them to get huge like Citi and become too big to fail. The FED itself was levered up to 54:1 last time I looked. The M1 or multiplier is under 1 too. So for every new dollar of debt put in less comes out. FIAT machine in reverse!
Edit: We got ourselves a deflationary collapse.
Edit: We got ourselves a deflationary collapse.