![]() ![]() After repeated financial crises and the populist upsurge of the 1890s, it could no longer be denied that managing money was an essential function of government. It is not by accident that the Bank of England, the mother ship of modern central banking, dates to 1694 and the so-called Glorious Revolution, which set the British Constitution in its modern form.Īmerica finally equipped itself with a central bank in 1913. Yet the question of who manages money and regulates credit is foundational for any modern society. It has no role in the classic three-way separation of powers. There is no provision for a central bank in America’s Constitution. In recent decades, the Fed has come to assume an ever more important place in public life. When will it raise rates? How fast will it unwind its trillion-dollar asset-purchase programs? With Build Back Better stalled in Congress, monetary policy is, once again, the only game in town. ![]() ![]() economy bounces back from the Covid shock, we wait anxiously to see how the Federal Reserve Board will react. THE LORDS OF EASY MONEY How the Federal Reserve Broke the American Economy By Christopher LeonardĪs the U.S. ![]()
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