Fed marks 100 years since creation

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.

Comments (3)
  • bbro
    , contributor
    Comments (11223) | Send Message
    Question...how many depressions were there in America's history before the Fed was formed and how many after the Fed was formed ?....
    23 Dec 2013, 04:38 AM Reply Like
  • Mattster
    , contributor
    Comments (165) | Send Message
    Go look at bond charts before the fed was created to see what a volatile nightmare conditions were then
    23 Dec 2013, 09:46 AM Reply Like
  • DianeLee
    , contributor
    Comments (368) | Send Message
    Phelan describes Fed as "enabler of financial havoc"...yet Volcker, Greenspan and Bernanke have a "more positive" take. Who should we believe? Most of us are truly unfamiliar with the Fed's balancing act and its effect on American economy and the world economy. Let's remember the "havoc" when the Market worried about the end of QE. We're still here.
    23 Dec 2013, 10:41 AM Reply Like
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