George H. Blackford, Ph.D.

 Economist at Large

 Email: george(at)


It ain't what you don't know that gets you into trouble.

Itís what you know for sure that just ain't so.
Attributed to Mark Twain (among others)



Economic Papers
Political Essays

Where Did All The Money Go?

Chapter 6: The Federal Reserve and Financial Regulation

Chapter 6: The Federal Reserve and Financial Regulation explains 1) the way in which the Federal Reserve controls the amount of currency available to the economy (i.e., the monetary base), 2) how this system evolved in the United States during the Great Depression, and 3) why the experiences of the 1920s and 1930s led to a rejection of the failed nineteenth century ideology of Free-Market Capitalism in favor of a pragmatic regime of regulated-market capitalism.

See: Where Did All the Money Go? How Lower Taxes, Less Government, and Deregulation Redistribute Income and Create Economic Instability (2014) at Click here for a preview.

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