Central Banking in a Democracy

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The Federal Reserve System has played a crucial role in U.S. monetary policy since 1913, yet its legacy is marred by significant mistakes. Notably, it has been implicated in causing the Great Depression and the inflation crisis of the 1970s. The book examines these pivotal failures, highlighting the controversial bailouts of financial institutions during recent economic downturns, which have sparked debates about accountability and the effectiveness of the Fed in managing the nation's economy.