When did Catchings and Foster populareize their theory ?
The last wave , which began in the middle of 1932 , was the worst and most devastating , continuing “ almost to the point of a total breakdown of the banking system in the winter of 1932–1933 ” The reserve banks led the United States into an even deeper depression between 1931 and 1933 , due to their failure to appreciate and put to use the powers they withheld – capable of creating money – as well as the “ inappropriate monetary policies pursued by them during these years ” .