Federal Reserve

The Marriage of Governments and Banks—For Better or for Worse

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Charles Calomiris and Stephen Haber, combining their scholarly command of banking and political institutions, have published a book full of fertile ideas, instructive histories of the evolution of a number of banking systems, and provocative interpretations of the co-dependency between

Mugged by Uncertainty: What Can Alan Greenspan Still Teach Us?

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The Map and the Bubble

The so-called “Great Moderation,” for which our fiat-currency central bankers gave themselves so much credit, turned out to be the Era of Great Bubbles. The U.S., in successive decades, had the Tech Stock Bubble and then the disastrous Housing Bubble.

Why is the Federal Reserve Viewed as the Fourth Branch?

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Peter Conti-Brown’s essay provides an excellent overview of the constitutional objections to the Federal Reserve and to the structure of the Federal Open Market Committee (FOMC). I want to approach the questions that he addresses from a slightly different angle,

Is the Federal Reserve Constitutional?

Is the Federal Reserve Constitutional?

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Since the ten intense months of debates that preceded the passage of the Federal Reserve Act of 1913, has there been a better time to consider the structural design of the Federal Reserve System and its various components? We sit

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