Throughout the 1800s, the us saw increasingly more severe and more frequent economic boom and bust cycles. This helps the wealthy as they are the ones who can buy up all the assets during the busts, and the common man gets fucked. This all culminated with the great depression. Its something like 20 recessions of 15% or more retractions between and 1930.

When the fed was given teeth to actually control the fractional reserve system., we’ve seen constant inflation, but the number and severity of economic recessions has gone way down.

We’ve seen 1 retraction over 15% since 1940. And that was because of COVID lockdowns.

This small, controlled inflation is great for the regular joe because it creates stability. And it was all going well until deregulation during the 80s.