Mises Daily
Author:
Frank Hollenbeck
Online Publish Date:
This article is also available as an Audio Mises Daily The Federal Reserve System of central banking was a response to the financial panics of 1903 and 1907 that rocked the US financial system. One of the key objectives, if not the only real one, was to counterbalance the nefarious nature of fractional reserve banking. We now have experienced a