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> What if it turns out that severe crashes to the tune of 1-2 a century are a rule?

During the 1800s, it was more like 5-10 severe crashes a century. Add in the crash of 1907, as well.

What changed? The Federal Reserve, created in 1913.

Considering that all developed economies are deep in the liquidity trap and therefore unresponsive to marginal changes in monetary policy, looks like we will be in for some tough times.

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