The GFC does not count. The GFC was caused by (1) bad underwriting policies (banks, AIG) that generated a huge debt overhang and (2) bad and poorly understood dependencies between banks that led to breakdown of the normal flows of assets between the banks.
None of this was in any way dependent on or catalyzed by government money creation. The same dynamic cause the beginning of the great depression in 1929-30 due to excessive margin lending and then runs on banks. At that time the US was on the gold standard.
> Would the GFC count?
how would you know that the GFC wouldn't have been worse had the Feds not printed back then?
How do you know it still would've happened at all? This isn't a very productive conversation.
Re:Why inflation is not a threat
by dkjaudyeqooe on Sunday March 14, 2021 @01:32PM
(#26457038)
Printing money (at the current scale) only started in response to the GFC.
Would the GFC count? Technically it wasn't a system shattering event (more like system shuddering), but boom and bust cycles certainly do seem to be growing.