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Fed response to rising reserve ratios was insufficient, George Selgin notes

Fed response to rising reserve ratios was insufficient, George Selgin notes
Fed failed to address reserve surges

George Selgin states that the Federal Reserve did not actively reduce the money stock between 1929 and 1933.

According to Selgin, the issue was the Fed's insufficient response to rising bank reserve ratios and public currency withdrawals, which lowered the base money multiplier during this period.

Selgin has previously clarified that supporters of fractional reserve banking do not oppose fully backed deposit accounts. He has addressed criticism from those favoring 100-percent reserves. In another analysis, Selgin argued that antebellum U.S. free banking systems were flawed and not true examples of successful free banking.

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