Central banking then and now

The people and events that shape today’s federal reserve monetary system Part I

This section will look at the creation of the Federal Reserve System and the individuals and events that shaped the monetary system today. Before we begin, we need to answer a simple question, “What is the Federal Reserve System?” The answer may surprise you, because it is not federal and there is no reserve. The Federal Reserve banks are not even banks. They are private entities designed and directed to maintain and control U.S. monetary policy.

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