Federal Reserve System

One of Andrew Jackson’s concerns in America in the early 1800s was the Bank of the US and the power it held to control the economy. When he had the chance as President to put an end to it, he did so by vetoing the renewal of it’s charter. The result was Nicolas Biddle, of the Bank, sending the US into a depression. I’ve never been too interested in banking, but reading about the incident made me want to know more. Oddly enough, I was listening to the radio on my way in to work and I heard a guy talk about the Federal Reserve System, the modern central bank version of the old Bank of the US. So, I went out and got the book titled The Creature from Jekyll Island (The Fed was created on Jekyll Island, Georgia in 1913) . While the book has some conspiracy elements to it, which could be true for all I know, it was an enlightening description of how money (bills & coins) gets into circulation. I wondered about it before, but never more than that.

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