Fed marks 100 years since creation

|By:, SA News Editor

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.