Macroeconomics 7: The Fed & Volcker's Socks
Planet Money Summer School
00:00
The US Can Create a Central Bank
Senator Nelson Aldrich thinks the US can create a central bank. Central banks served as what's called a lender of last resort when there was a panic. They lend money, oftentimes unlimited amount of money, to healthy banks so they can get through it and things go back to normal. But creating a central bank is not some crazy new idea; Europe has had one for decades.
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