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New York’s Bank: Wall Street’s Role in the Founding of the Fed

George Selgin

Presented at: OCON 2016

Date: Jul 01, 2016

Most accounts of the Fed’s origins treat it as having been the best option for preventing financial crises. But there was a better one: removing misguided regulations that were the root cause of instability. Unfortunately, Wall Street’s most powerful banks benefitted from those same regulations. It was owing to their success at hijacking the currency reform movement that we ended up with the Fed—and with more severe financial crises than ever before!


Parts: 1

Handout: none