So in England in 1912 Dinner == Lunch (US culture) & Supper == Dinner (US culture)? The Breakfast looks like the best meal. I don't think there was a culture of Tea Time in the US like in the UK (outside of the 13 colonies especially Boston).
A third class ticket on the Titanic cost around £7 in 1912, which is equivalent to about £852 or $1,071 in today's money. That price included food and accommodation on board the ship. Titanic's third class was considered to be as good as second class on other ships of that time.
Inflation and the Federal Reserve
- Thread starter zdreg
- Start date
Yeah I've read a few books about the aftermath of the Long Depression which led to JP Morgan lending money to the US government and eventually to the formation of the Federal Reserve.%%
NO it was not a mistake to create the FED;
much better than many 50 state banks like went bust in 1929-30s
It wasn't a bad idea at the time since these state banks themselves would become insolvent if the local businesses went into a prolonged recession. Like the Texas vs. New York economies would be counter cyclical so when the Banks did well Oil was dropping and vice versa.
The original Federal Reserve was meant to be regional in its scope. Each regional Fed was there to provide liquidity to local institutions as needed. It was never meant to be this behemoth national monstrosity it became under FDR.
The problem arouse during the 1930s Depression & World War II when FDR politicized the Fed by nationalizing it, instead of maintaining the local regions it was originally meant to fix. And then post World War II it was used to lower long term rates via the original Operation Twist (which Bernanke used as well).