SOURCE: Foreign Affairs
by Adam Tooze
What the world should have learned in 2008 is that foreign banks were racking up sizable liabilities that had to be paid in dollars. If the money markets where they obtained these dollars ceased to function, many of the world’s banks would immediately be at risk of failure.
by Erik Moshe
Is Bernanke right?
Roger Lowenstein is writing a history of the Federal Reserve.ONE hundred years ago today, President Woodrow Wilson went before Congress and demanded that it “act now” to create the Federal Reserve System. His proposal set off a fierce debate. One of the plan’s most strident critics, Representative Charles A. Lindbergh Sr., the father of the aviator, predicted that the Federal Reserve Act would establish “the most gigantic trust on earth,” and that the Fed would become an economic dictator or, as he put it, an “invisible government by the money power.”
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