S5E16 | The Fed: Unlikely Story of How Our Central Bank Was Created

Chairman Powell gave a much anticipated press conference this week.

Did you know that most developed countries had central banks before we did? If so, then how did our financial system function? And did you know, that for much of our history, we've hated big banks (some still do)? If that's the case, then how was the Fed created?

This is a story that takes us from the Founding of our Republic to 1913, the year in which the Fed was created through secrecy and via subterfuge.

🚩About My Guest:

Roger Lowenstein reported for The Wall Street Journal for more than a decade. Since then, he has written several New York Times bestsellers about different important personalities and periods in the economic and financial history of the United States. His books include the following:

His books include the following:

• Ways and Means: Lincoln and His Cabinet and the Financing of the Civil War. I discussed this book with him in S2E14.
• The End of Wall Street.
• Buffett: The Making of an American Capitalist, and
• America's Bank: the Epic Struggle To Create the Federal Reserve, which we talk about in this episode.

🚩Adel Aali

host & producer

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