This paper addresses events during the twentieth century that led to the formation of the US Federal Reserve System. This five page paper has four sources listed in the bibliography.
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Fed chairman cutting interest rates in order to (hopefully) stimulate the flow of money into our economy. We dont think twice about the fact that the Fed is around, and
that it technically has control of the money supply in our banks, and can regulate it either to boost a sagging economy or to dump cold water on an overheated
one. But less than a century ago, a centralized banking system like the Fed didnt exist. This meant that the economy was subject to wild gyrations between times of extreme
expansion, to recessions and depressions (also known as "Panics" during the latter part of the 19th century). Although critics maintain that a centralized banking system such as the fed tends
to downplay the importance of market forces when it comes to currency regulation, the Fed was a necessary outgrowth of an extraordinary elastic monetary system that could create millionaires one
month, and could turn those millionaires into paupers the following month. Although the Federal Reserve Act was signed into law in 1913
as "the most radical banking reform in the countrys history," the roots of the Feds development were actually an outgrowth of panic after panic that was hitting the United States
since the late 19th century (Federal Reserve System of Minneapolis, 1988). During the Banking Panic of 1907 (the fourth in 34 years), Abram P. Andrew was assigned to the National
Monetary Commission to determine why there were so many banking crises and ensuing panics (Federal Reserve System of Minneapolis, 1988). What Andrew came up with was a vivid description of
a cutthroat industry that makes todays banking competition seem tame by comparison (Federal Reserve System of Minneapolis, 1988). The nation had basically