None of that applied to the rich people in the depression, who were hoarding money and gold. FDR literally issued an executive order confiscating the private gold reserves in the country as a measure to reintroduce liquidity into the economy.
Yes and? Rich people didn't consume less because they were waiting for things to get cheaper. To the extent they consumed less, it was because their own incomes were down
Yes, FDR confiscated the gold in 1933 as part of measures to increase the money supply, which was part of other measures that helped end the banking crisis. Prior to that though, the Fed was fucking dog by, among other things, increasing rates
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u/Command0Dude 17h ago
None of that applied to the rich people in the depression, who were hoarding money and gold. FDR literally issued an executive order confiscating the private gold reserves in the country as a measure to reintroduce liquidity into the economy.