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a_brief_history_of_the_federal_reserve [2013/10/22 03:11]
pb321go [The Federal Reserve Act]
a_brief_history_of_the_federal_reserve [2013/10/22 03:13] (current)
pb321go [The Federal Reserve Act]
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 It was the Democratic Congressman Carter Glass who sponsored the Federal Reserve Act and wrote the legislation in its final form. However, the establishment of the Reserve Bank arose from the status and connections enjoyed by the big banks that existed at the time. It was the Democratic Congressman Carter Glass who sponsored the Federal Reserve Act and wrote the legislation in its final form. However, the establishment of the Reserve Bank arose from the status and connections enjoyed by the big banks that existed at the time.
  
-Initially 'the Fed' had to hold in gold the equivalent of a minimum of forty percent of its loan book. Later this requirement reduced.+Initially 'the Fed' had to hold in gold the equivalent of a minimum of forty percent of its loan book. Later this requirement was dropped.
  
-Of course Paul Warburg and others who were entrusted with the establishing of the Federal Reserve had vested interests in the existing world of banking. +Since its establishment 'the Fed' has controlled (in agreement with the US government) the amount of money in circulation, interest rates, and the availability of credit. It creates money to buy debt that the US government creates and issues, so in effect it plays the major role in allowing America to be an indebted nation.
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-Since then, 'the Fed' has largely controlled (in agreement with the US government) the amount of money in circulation, interest rates, and the availability of credit. Because it creates money to buy debt that the US government creates and issues, it also plays the major role in allowing America to be an indebted nation and the extent to which the US government can run up its debt.+
  
 [[Category:Finance]] [[Category:Finance]]
  

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