Between 1871 and 1873, a boom set in in Western Europe and the USA, during which the steering function of interest rates was severely impaired. A painful crash occurred in 1873; at 1 p.m. on Friday, May 9, 1873, the Vienna Stock Exchange was closed by the police. – The British central bank raised its discount rate no less than twenty-four times during 1873 to slow the boom in England. Incidentally, this is considered a textbook example of successful central bank policy. – See Friday, Black.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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