Today

The Fed Begins

On November 16, 1914, the Federal Reserve Bank of the United States officially opened.

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The culprit solely responsible for inflation, the Federal Reserve, is continually engaged in raising a hue-and-cry about “inflation,” for which virtually everyone else in society seems to be responsible. What we are seeing is the old ploy by the robber who starts shouting “Stop, thief!” and runs down the street pointing ahead at others.
Murray N. Rothbard, The Case Against The Fed (1994), as quoted by Douglas French, “The Case Against the Fed: How Do We Eliminate Inflation and the Boom-Bust Cycle” (FEE, November 1, 1995).

— Murray N. Rothbard