“…Roger (Lowenstein) shows how our current distrust of big government is exactly the same as when Americans did not want a central bank. Americans’ mistrust of big government and of big banks was so widespread that modernizing reform was deemed impossible. Each bank was left to stand on its own, with no central reserve or lender of last resort. The real-world consequences of this chaotic and provincial system were frequent financial panics, bank runs, money shortages, and depressions. Roger… tells the drama-laden story of how America created the Federal Reserve…”
For better or worse (depending on who you ask), our financial system is a crucial part of how modern America functions. But how did it come to be, and how might life have been different under a less centralized system? Roger Lowenstein explores these questions and more over at smartpeoplepodcast.com.