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The Fed was set up to defend the dollar and control inflation, and to be the lender of last resort during a monetary crisis. It has failed at the first job and has a mixed record in the second.

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The FED Turns 100 — Shall We Celebrate or Mourn?

The Fed was set up to defend the dollar and control inflation, and to be the lender of last resort during a monetary crisis. It has failed at the first job and has a mixed record in the second.

“The Federal Reserve has a great reputation but a lousy record.” — Milton Friedman

Next Monday, on December 23, 2013, we observe the 100th anniversary of the Federal Reserve Act. Yesterday, I happened to be driving down to Florida to my winter home and stopped by Jekyll Island to commemorate the founding of the Federal Reserve — the Jekyll Island Club is where a half-dozen financial and political figures secretly convened to create the first central bank in the United States since the demise of the Second Bank of the United States back in the 1830s.

SkousenJekyll_121913

The year 1913 saw three critical changes in U.S. history that brought about Big Government — the beginning of the federal income tax (16th amendment), the direct election of senators (17th amendment) and the creation of the Federal Reserve.

Should we celebrate the Fed or condemn it?

Read more about what you can learn from the history of the Fed at Eagle Daily Investor.

Written By

Mark Skousen is a college professor, prolific author and world-renowned speaker. He‚??s made his unique sense of market and investment trends known and respected in the financial world. With a Ph.D. in economics and a focus on the principles of free-market capitalism and ‚??Austrian‚?Ě economics, Mark Skousen has often gone contrary to the crowd in his investment choices and economic predictions ‚?? and has often been proved right.

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The FED Turns 100 — Shall We Celebrate or Mourn?

“The Federal Reserve has a great reputation but a lousy record.” — Milton Friedman

Next Monday, on December 23, 2013, we observe the 100th anniversary of the Federal Reserve Act. Yesterday, I happened to be driving down to Florida to my winter home and stopped by Jekyll Island to commemorate the founding of the Federal Reserve — the Jekyll Island Club is where a half-dozen financial and political figures secretly convened to create the first central bank in the United States since the demise of the Second Bank of the United States back in the 1830s.

The year 1913 saw three critical changes in U.S. history that brought about Big Government — the beginning of the federal income tax (16th amendment), the direct election of senators (17th amendment) and the creation of the Federal Reserve.

Should we celebrate the Fed or condemn it?

Read more about what you can learn from the history of the Fed at Eagle Daily Investor.

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