Central Banking Then And Now

The People And Events Who Have Shaped Today’s Federal Reserve Monetary System | Part I

This piece will delve into the creation of the Federal Reserve System, and the people and events who have shaped the monetary system into what it is today. Before we get started, one simple question that must be answered is, “What is the Federal Reserve System?” The answer may surprise you, as it is not federal and there are no reserves. The Federal Reserve banks are not even banks. They are private institutions designed and instructed to maintain and control the monetary policy of the United States.

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