Central Banking Through Turbulent Times

This chapter explores the historical evolution of central banking from the post-World War I era through World War II, focusing on the establishment and challenges faced by the Bank for International Settlements (BIS). It examines the intricate relationship between central banks and national political agendas, touching upon issues of independence, the gold standard, and the impact of global economic instability. The narrative highlights the Fed's changing role amid domestic political pressures, particularly during the Vietnam War era, revealing the ongoing tensions between elected officials and financial institutions.

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