Frank Shostak on Fed balance sheet expansion from 1931-1932

[T]he pace of the Fed's pumping in terms of the yearly rate of growth of its balance sheet (Fed Credit) jumped from 10.9% in August 1931 to 154% in July 1932. Yet bank lending had continued to decline — falling on average during this period by 22% (we suggest that this occurred on account of declining pool of real funding). As a result, the monetary measure AMS fell during this period on average by 11.3%.

~ Frank Shostak, "Why Is Bernanke Trying to Fight the Bear?," Mises.org, January 30, 2008