- Today is the 100th anniversary of President Woodrow Wilson signing the Federal Reserve Act, which led to the establishment of the central bank.
- "The law sought to end bank failures by creating a central banking system," writes John Phelan in the WSJ. "But a century later, the Federal Reserve has become an enabler of the financial havoc it was designed to prevent. A look at the Fed's history offers some insight into the problems."
- Predictably, Paul Volcker, Alan Greenspan and Ben Bernanke have a more positive take.
- In the Washington Post, Neil Irwin describes how the Fed was created.
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