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Published 1 year ago

Capitalism’s fascist temptation - Boulder Weekly

Summary by Boulder Weekly

In 1928, U.S. Treasury Secretary Andrew Mellon pushed the Federal Reserve Board to aggressively hike interest rates to control inflation and credit-fueled stock market speculation. They did, and, as a result, the New York Stock Exchange suffered the worst crash in its history in October 1929. Mellon advised President Herbert Hoover to “liquidate labor, liquidate stocks, liquidate farmers, liquidate real estate … It will purge the rottenness out …

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Capitalism’s fascist temptation - Boulder Weekly

In 1928, U.S. Treasury Secretary Andrew Mellon pushed the Federal Reserve Board to aggressively hike interest rates to control inflation and credit-fueled stock market speculation. They did, and, as a result, the New York Stock Exchange suffered the worst crash in its history in October 1929. Mellon advised President Herbert Hoover to “liquidate labor, liquidate stocks, liquidate farmers, liquidate real estate … It will purge the rottenness out …

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