Friday, November 10, 2023

When was the Fed created?

President Woodrow Wilson signed the Federal Reserve Act into law on December 23, 1913.

On November 16, 1914, the twelve Reserve Banks opened for business.


Lorraine said...


On the Origin and Evolution of the Word Inflation by Michael F. Bryan

The Arthurian said...

Hey. Thanks for the link. Took me a couple days to get to it.
I see your site looks different again! Looks good.

Okay, here we go.

Not sure what was going on between the time you saw my post and the time you sent me the
Michael Bryan link, but:

Bryan is an idiot. He says the "belief" that "resources could be regularly and persistently underemployed" was "given support by the worldwide depression of the time". He says this "challenged the necessary connection between the quantity of money and the general price level."

It was not a "belief" that "resources could be regularly and persistently underemployed". It was a fact. It is a fact.

The guy is an idiot. He sees facts as dismissible if they interfere with theories that he prefers to hold.

This comes to mind, from Paul Samuelson:
"... there is only one valid reality in a given economic situation, however hard it may be to recognize and isolate it. There is not one theory of economics for Republicans and one for Democrats, not one for workers and one for employers."

I worked hard to keep it short.