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The Fed celebrates its 100th birthday

Cobden Centre fellow John Phelan has written an article for US edition of the Wall Street JournalThe Fed Celebrates Its 100th Birthday (£):

Two days before Christmas in 1913, Woodrow Wilson signed the Federal Reserve Act. The law sought to end bank failures by creating a central banking system. 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.

For those who can can get past the paywall, it’s an article well worth reading.

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