What’s a central bank supposed to do?
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The Evolution of Central Banking
This chapter explores the historical development of central banks, focusing on the Federal Reserve and its foundational role in the financial system. It examines the interplay between government sovereignty and banking, the impact of historical figures like Andrew Jackson and Lincoln, and the establishment of a modern banking structure amid crises. The narrative highlights the ongoing tension between the Federal Reserve and the U.S. Treasury, culminating in the critical Fed-Treasury Accord of 1951.
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