In 1936, money had no important role. Interest rates were one-eighth of one-eighth of one per cent. I did some research, and I found that the interest on one million dollars of ninety-day Treasuries was $37. People didn't even bother to collect it. The Fed wasn't important.

Paul Samuelson
0
In 1936, money had no important role. Interest rates were one-eighth of one-eighth of one per cent.
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In 1936, money had no important role. Interest rates were one-eighth of one-eighth of one per cent.
In 1936, money had no important role. Interest rates were one-eighth of one-eighth of one per cent.
In 1936, money had no important role. Interest rates were one-eighth of one-eighth of one per cent.
In 1936, money had no important role. Interest rates were one-eighth of one-eighth of one per cent.
In 1936, money had no important role. Interest rates were one-eighth of one-eighth of one per cent.
In 1936, money had no important role. Interest rates were one-eighth of one-eighth of one per cent.
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