[johnwinters91]

Professor,

Is it true that the losses as a percentage of GDP were greater in most cases after the we got the Fed than they were before in the prior panics/recessions?

Did we ever see instances where bank runs happened for no reason and it caused severe recessions?

Are there any places in the world currently or in world history where we can observe a country without a central bank which doesn’t have business cycles caused by credit expansion?

Are there instances when we can observe credit expansions that were in fact based on market functions in which we didn’t see a boom followed by a bust?

Thanks you as always for your efforts!