Quarterly Journal of Austrian Economics
Author:
Greg Kaza
Online Publish Date:
Volume 10, No. 4 (2007) At the beginning of World War I, the US Treasury secretary closed the New York Stock Exchange to stop the sale of dollar-denominated securities. Then, as chairman of the Federal Reserve Board he embraced the “Too Big to Fail” doctrine orchestrating a bailout of New York banks by flooding the nation with paper currency.