The Federal Reserve System, which has been Congress's agent for the control of money since 1913, has a mixed reputation. Its errors have been huge. It was the principal cause of the Great Depression of the 1930s and the inflation of the 1970s, and participated in the massive bailouts of financial institutions at taxpayer's expense during the rec
The Federal Reserve System, which has been Congress's agent for the control of money since 1913, has a mixed reputation. Its errors have been huge. It was the principal cause of the Great Depression of the 1930s and the inflation of the 1970s, and participated in the massive bailouts of financial institutions at taxpayer's expense during the rec
John H. Wood is Reynolds Professor of Economics at Wake Forest University, Winston-Salem, North Carolina, USA.
Inhaltsangabe
1. Introduction 2. Early central banks 3. Central banking in the United States 1847-1913 4. The Federal Reserve Sysyem 1913-51 5. The Federal Reserve 1951-99 6. The Great Recession 7. Bank regulation 8. Conclusion: The necessity and possibility of replacing the Fed
1. Introduction 2. Early central banks 3. Central banking in the United States 1847-1913 4. The Federal Reserve Sysyem 1913-51 5. The Federal Reserve 1951-99 6. The Great Recession 7. Bank regulation 8. Conclusion: The necessity and possibility of replacing the Fed
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