Fear and Loathing of Central Banks in America

Bryan, Michael F., Champ, Bruce, Economic Commentary (Cleveland)

The Federal Reserve System is America's uneasy compromise between our wariness of concentrated financial power and our desire to promote efficiency in our national payments system. In fact, the Federal Reserve is the nation's third attempt to establish a large national bank-what we now call a central bank-that is in a unique position to influence a nation's money and credit. This Commentary retells the story of the rise and fall of the two earlier national banks, the Banks of the United States.

The history of money and banking in America reads like a novel, rich in political intrigue and colorful characters. Where students might expect an encyclopedic description of how each part …

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Publication information: Article title: Fear and Loathing of Central Banks in America. Contributors: Bryan, Michael F. - Author, Champ, Bruce - Author. Journal title: Economic Commentary (Cleveland). Publication date: June 2002. Page number: 1+. © 1999 Federal Reserve Bank of Cleveland. Provided by ProQuest LLC. All Rights Reserved.

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