Whenever you listen to the news, you have probably heard about “The Fed” in some form or another, especially with the current economic crisis. But what exactly is The Fed and why does it matter? Here’s a brief history about The Federal Reserve and the power it has.
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It’s not the Fed’s creation that debased the dollar in 1913. Depending on your point of view, the trend started in the 30s (FDR), 40s (WW2 and the growth of the Federal Government) or 1970s (Nixon abolishing the gold standard).