Central Banking in a Democracy

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The Federal Reserve System has played a pivotal role in U.S. monetary policy since 1913, yet its legacy is controversial due to significant missteps. Notably, it was a major contributor to the Great Depression and the inflation crisis of the 1970s. Additionally, its involvement in the substantial bailouts of financial institutions during the Great Recession raised concerns about accountability and the use of taxpayer funds. This exploration delves into the complexities and challenges faced by the Federal Reserve throughout its history.