The Fed is behind (as in responsible) for what's happening; it's also behind as in reacting to lagging indicators. It was supposedly created to prevent "panics," yet it's behind the Great Depression & all other financial crises since 1913.
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To have caused it implies they have power which they do not. The reality is the Fed is nothing more than a propaganda organization. That is why their monetary policy is ineffective.
People think they can change the business cycle.