Journal Article

Fear and loathing of central banks in America

Abstract: The Federal Reserve System is America?s uneasy compromise between our dislike 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.

Keywords: Banks and banking, Central; Banks and banking - History;

Bibliographic Information

Provider: Federal Reserve Bank of Cleveland

Part of Series: Economic Commentary

Publication Date: 2002

Issue: Jun

Order Number: 1