The creation of the Federal Reserve in 1913 was followed by the Great Depression, the worst economic disaster since the country was founded in 1776. Some said their policies helped to destroy small businesses to allow the growth of large businesses. The Fed did not support local banks in the 1930s and so many failed because of bank runs.
A new government agency to replace those that failed is the proper policy to regulate financial institutions. The Fed failed to prevent the destruction of laws like Glass-Steagal, and this was followed by massive frauds, which caused the worst depression since the 1930s.
The Fed created a trillion dollars in new credit. Are they profiting from their past errors? This inflation of the currency devalued the dollar and led to rising prices and smaller sizes in grocery items.
Ronald A. Sobieraj
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