Fed paralysis, gold standard constraints, and the bank panics of 1930 to 1933 — how divided authority turned a downturn into a catastrophe. Gold inflows were sterilized instead of used to expand the money supply. Regional banks, the Fed board, and the Treasury had conflicting incentives and no unified command. Watson and B. Sovereign connect Friedman's findings directly to the Bitcoin case for rules without rulers. Full episode at bitlemmas.com.
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