[pierrem15]

Somwhat inaccurate: in 1913, the Federal Reserve didn't guide the economy: it functioned as what it was to setup to be, a reserve bank to provide liquidity to other banks to help deal with financial panics. Basically it just institutionalized J.P. Morgan's and other bankers' private actions did during the Panic of 1907. The value of the currency was still set by Congress, which set the ratio of the dollar to gold.

The Federal Reserve only acquired control of the currency and the economy after Nixon took the US off the Bretton Woods gold exchange mechanism in 1971. With no exchange rate to control inflation and set the value of the currency, inflation took off and the only way to restore value of the currency was raising interest rates, which reduced the ratio of currency to goods.

That's how Greenspan and the Fed acquired control of the US economy and have run it mainly for the profit of the banks and investment houses ever since.

[John S Mosby]

All well and good- but the Great Depression followed the creation and extension of the financial powers of the “Federal” Reserve Bank which is no more “Federal” than FedEx.

Let’s not forget FDR’s seizure of private held gold. That happened. Explain that... and it was way prior to Nixon taking the country off the Gold Standard to be replaced by Petrodollars. A really stupid thing to do— agree with you on that.