The History of the Federal Reserve

There was an enormous fight right from the beginning of the United States about whether having a type of central bank was in fact constitutional. This was not resolved for several decades. And there were major, major learning things that happened during what I think we would call the Great Depression and what was called the Great Contraction. But if you go back to the central bank and the forming of the federal reserve, basically in 1913, this followed the conviction that is even still disputed today.