Well, they did this not because they were really stupid. The most important reason was to prevent the loss of US gold reserves. This is also the biggest problem with the gold standard.

For Britain, the second largest economy in the world at that time, this was actually a godsend opportunity. Since their cousin accidentally deflation, then they should have inflation as their cousin.

Of course, printing money in a wild way will depreciate the pound, but on the one hand, it can promote exports and suppress imports, thereby boosting the country's economic performance. On the other hand, it can also lend money to European banks in short supply, giving the world a shot of a heart-warming shot, at least not as quickly as the original timeline.

However, under the insistence of Keynes and other British economists with "self-esteem", just as many crises in history have come, the British government chose to do nothing in panic.

So the real Great Depression roared towards all countries, and finally filled the whole world with mountains of corpses and blood.

During the subprime mortgage crisis eighty years later, the Federal Reserve Chairman was Dr. Ben Bernanke, the "economics prodigy". He wrote a book called "The Great Depression", which pointed out that the mixed gold standard system rebuilt after World War I was an important factor in triggering the Great Depression of the capitalist world from 1929 to 1933.

Since he is so vigilant about deflation, no wonder the Federal Reserve under his command unswervingly implements Greenspan's loose monetary policy, ignoring the criticism of domestic liberals and the dissatisfaction of emerging market countries.

The currency of a "emerging market country" was not depreciated in 1997 for the sake of "international vision". This time, I don't have to worry about what others think.

So in the future subprime mortgage crisis, the world's first and second economies in the future have learned to be smart. Let's work together to quantitative easing. If you do QE four times in the first year of junior high school, then I will do 15 to 4 trillion yuan.

Do you understand? Don’t think that economics is a pseudoscience like “spiritual historiography”…at least not all economists are charlatans.

They have been summarizing their last experience and then dealing with the next crisis.
Chapter completed!