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MoneyWhence It Came, Where It Went$
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John Kenneth Galbraith

Print publication date: 2017

Print ISBN-13: 9780691171661

Published to Princeton Scholarship Online: May 2018

DOI: 10.23943/princeton/9780691171661.001.0001

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The Impeccable System

The Impeccable System

(p.135) Chapter 10 The Impeccable System

John Kenneth Galbraith

James K. Galbraith

Princeton University Press

This chapter examines the impact of the Federal Reserve System on money and banking in the United States. The Federal Reserve System was created in 1913 by virtue of the Federal Reserve Act passed by Congress and signed by President Woodrow Wilson. The Federal Reserve Act (1913) provided not for one but for as many as twelve central banks. It was conceived as an answer to the great panics, but in this respect the System was notably defective. Nor was the System better as an antidote for an alarming epidemic of bank failures. Furthermore, the most severe inflation ever in peacetime occurred under its watch. The chapter considers the successes and failures of the Federal Reserve System and looks at another body established to study the management of money in the United States: the National Monetary Commission.

Keywords:   money, Federal Reserve System, Federal Reserve Act (1913), banks, central banks, panics, bank failures, inflation, National Monetary Commission

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