The Federation Budget reduction after the Second World War - As Written by Russell Napier in the beautiful "Anatomy of the Bear", published by Harriman House reveals: "Since the Pearl Harbour attack on the United States Victory Day on Japan, the Fed's credit rose from $ 2.3 billion to $ 22.9 billion, about six times higher than before the outbreak of the war and down 32 percent from the peak recorded in the 1920s. The Fed's Perspectives (which occurred only partly in the course of 1948) led to a bear market on the shareholder between 1946 and 1949, despite doubling corporate earnings." Presently, repeatedly reassuring communications by the Fed have prevented the Market from fully offsetting the budget cut in the course of implementation." (Translated into English from Italian article)
