A look at its origins and development in the early 20th century including the historical and economic background, its founding in 1913, structure, politics, impact on banking, the need for, making monetary policy and leadership.
Written in 1994; 5,850 words; 15 sources; $ 135.95
From the Paper:
"The Federal Reserve System is one of the most powerful and prominent of American national institutions. Financial markets closely watch the actions of "the Fed," and may plunge hundreds of points, with the extinction of hundreds of billions of dollars of nominal value, on the slightest action of the Federal Reserve, or simply in the wake of a speech by a member of the Federal Reserve Board, hinting at what the Fed may (or may not) do in the near future.
Presidents and their economic advisors routinely find themselves by actions or statements of the Federal Reserve that go contrary to their expectations or desires. The Federal Reserve is nowhere mentioned or even implied in the Constitution, and has no legal status save that of an Act of Congress. Another Act of Congress could, in principle, radically restructure..."
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