The central bank of the United States

Reference

Federal Reserve System - Wikipedia, the free encyclopedia
"The Federal Reserve System (also the Federal Reserve; informally The Fed) is the central banking system of the United States. Created in 1913 by the enactment of the Federal Reserve Act, it is a quasi-public (government entity with private components) banking system that comprises (1) the presidentially appointed Board of Governors of the Federal Reserve System in Washington, D.C.; (2) the Federal Open Market Committee; (3) twelve regional Federal Reserve Banks located in major cities throughout the nation acting as fiscal agents for the U.S. Treasury, each with its own nine-member board of directors; (4) numerous private U.S. member banks, which subscribe to required amounts of non-transferable stock in their regional Federal Reserve Banks; and (5) various advisory councils. As of February 2006, Ben Bernanke serves as the Chairman of the Board of Governors of the Federal Reserve System. Donald Kohn is the current Vice Chairman of the Board of Governors of the Federal Reserve System. ..."

Articles

Delete the Fed, by Sheldon Richman, 20 Aug 2013
Asks who should run the Federal Reserve after Bernanke's term expires and argues the Fed is unnecessary to stabilize the economy or to prevent unemployment
"... government policy and Fed manipulations can create the very recessions that the Fed then tries to reverse. If the politicians and their court economists would get over their hubristic belief that they are stewards of the economy, macroeconomic crises would disappear. Besides, the Fed cannot set interest rates, not even its narrow federal-funds rate for overnight interbank loans. At most, it targets that rate by buying and selling government securities, but it doesn't always hit its target. The idea that the Fed can even heavily influence mortgage and other interest rates ignores important facts."
One Hundred Years of the Federal Reserve, by Sheldon Richman, Future of Freedom, Dec 2013
Examines the Fed's record since its inception, quoting the 2010 Cato paper "Has the Fed Been a Failure?" as well as Rothbard, Timberlake and Hummel
"It's a sobering thought that in the 100 years since the Fed's creation, the dollar has lost 95 percent of its value. Had the Fed never been created, America would be dotted with Nickel Stores (other things being equal) instead of Dollar Stores. ... Central banks like the Fed only messed money up, robbing the people of their purchasing power while facilitating warfare and welfare spending through irresponsible large-scale government borrowing."
The Banker's Bank, by Sheldon Richman, 8 May 2009
Reviews the pre-history of the Federal Reserve and its origins in the Progressive Era
"There has hardly ever been anything we could call genuine free banking in America, even when a gold standard was in effect. States and the national government regulated the banks ... So, concerned about 'inelasticity' and the rivalry of state and private banks and private trust companies, the national banks (Wall Street), led by J. P Morgan, turned their attention at the end of the nineteenth century to the establishment of a central bank."
Austrian "Inflation," Austrian "Money," and Federal Reserve Policy, by Richard H. Timberlake Jr., The Freeman, Sep 2000
Response to Joseph T. Salerno's October 1999 article which critiqued Timberlake's essays in the April, May and June 1999 issues; discusses the words "inflation" and "money" and Federal Reserve policies, in an Austrian economics context
"The Federal Reserve System came into existence on the presumption that it would make the clearinghouse issues official and legitimate. The 1929-1933 episode of bank fragmentation and destruction, however, emphasized the difference between privately operated clearinghouses and a regulatory government agency ... The governmental clearinghouse system, the Federal Reserve System, failed because the decision-makers in the Fed faced no bottom line."
Related Topics: Money, Inflation, Leland B. Yeager
Economic Fascism and the Bailout Economy, by Gary North, 7 Feb 2009
Discusses the fascist roots of the U.S. political system and events since September 2008 to extend government control of private institutions
"At the very core of the free-market economy, as Mises said in 1912, is the monetary system. That system is now completely and openly run by a cartel that is now trapped by the Federal government. The Federal Reserve System is soon going to have to bail out the Federal government. The Federal government is bailing out the commercial banks, and if the Federal government cannot bail out the banks, the Federal Reserve has got to do it directly."
Related Topic: Fascism
How Much Do You Know About Liberty? (a quiz), The Freeman, Jun 1996
A 20-question quiz (with answers) on various topics related to liberty in the history of the United States
"Which powerful U.S. government agency was established to assure monetary stability—but became a major factor responsible for the Great Depression? ... The Federal Reserve System was a key culprit responsible for the Great Depression. The Fed is subject to political influence. ... Because the Fed has considerable impact over the money supply, its errors can have a traumatic impact on the economy, as they did during the 1930s."
Synchronized Boom, Synchronized Bust: Bad U.S. monetary policy had global consequences, by Marc Faber, The Wall Street Journal, 18 Feb 2009
Examines how the latest boom/bust cycle came into being and allegations that it was a "free market" failure
"Following the March 2000 Nasdaq bust, the Federal Reserve began to slash the fed-funds rate from 6.5% in January 2001 to 1.75% by year-end and then to 1% in 2003. (This despite the fact that officially the U.S. economy had begun to recover in November 2001). Almost three years into the economic expansion, the Fed began to increase the fed-funds rate in baby steps beginning June 2004 from 1% to 5.25% in August 2006."
Related Topic: Free Market

Books

A Monetary History of the United States, 1867-1960
    by Milton Friedman, 1963
Partial contents: The Greenback Period - Silver Politics and the Secular Decline in Prices, 1879-97 - Gold Inflation and Banking Reform, 1897-1914 - Early Years of the Federal Reserve System, 1914-21 - The High Tide of the Reserve System, 1921-29
Related Topics: Money, United States

Videos


Is Anyone Minding the Store at the Federal Reserve?, 6 May 2009
U.S. Representative Alan Grayson (D-FL) asks Elizabeth Coleman, Inspector General of the Federal Reserve, about the $9 trillion credit extension by the Fed, reported by Bloomberg

Money, Banking and the Federal Reserve, by Ludwig von Mises Institute, 1996
Explains the origins of money and banking, how and why the Federal Reserve was created and the effects it has had on society. Dedicated to Murray Rothbard.

Follow the Money (A Rap Attack on Petrodollar Wars and The FED), by Dave Berzack, 17 Dec 2013
Questions the rationales given for the Iraq and Libyan invasions and argues that the Federal Reserve and petrodollar agreements are the real reasons
Related Topic: War

How To Be a Crook, by Larken Rose, 7 Apr 2012
A progression of seven methods to rob from your fellow human beings
Related Topic: Banking