Yap is an island which used gigantic stone disks as money (six feet in diameter and weighing hundreds of pounds in some cases.) It is an example of "hard money" so beloved by those who don't understand finance, history or economics.
Apparently you are unaware of the forces which led to the creation of the Federal Reserve or that eastern bankers fought its creation for decades until swamped by the panic of 1907 mistaken believed by the KnowNothings as being "engineered" by devious bankers. Why don't you review those forces (beginning about 1875) and get back to me?
The Fed's role in the Depression was disastrous but its incompetence was matched all around the government. Roosevelt's first inclination was to raise taxes to lower the deficit. Congress had initiated a Trade War with Smoot-Hawley.
Losing that battle is no more an argument against the Fed than losing Bull Run was an argument against defeating the Slavers.
There was no 'trade war'.
It was Hoover who had coerced the Federal Reserve to take action against speculation in the stock market. Hoover also raised taxes his last year in office (noteworthy is that he started his term with tax cuts). Neither he nor FDR wanted to run a deficit.
Yesterday's know nothings morphed into today's "Atlantaian" conspirophobes. Quigley really invigorated the conspiracy mongering. So today, some people fear creatures from a certain island off the SE Atlantic coast more than they fear Al Qaida or nuclear weapons held by other large, anti Western nation states.
and I thought the Yaps was who Audie Murphey defeated in World War twice.Money the size of Yugo spare tires ya say?
Bet they had deep pockets for the ACLU attorneys to dip into.