Description
Book SynopsisThe US in 1913 was one of the last major economies to establish an institution of a central bank. The book examines, however, the history and evolution of central banking in the US from the perspective of central banking functionsi.e. aggregator of private lending to the federal government, fiscal agent for the government, regulator of money supply, monopoly over currency issuance, banking system supervision, and lender of last resort. The evolution of central banking functions is traced from earliest pre-1987 proposals, through the Constitutional Convention and Congressional debates on Hamilton's 1st Report on Credit, the rise and fall of the 1st and 2nd Banks of the United States, through the long period of the National Banking System, 1862-1913. The book describes how US federal governmentsoften in cooperation with the largest US private banks in New York, Philadelphia, and elsewhere in the northeastattempted to expand and develop those functions, sometimes successfully sometimes
Trade ReviewOver the past 12 years, Dr. Jack Rasmus is a prolific writer on the state of the global and U.S. economy, and critic of current and former fiscal and monetary policy. Dr. Rasmus extends his research, allowing us to see the current Federal Reserve from a historical-political-policy and economic context, and how the bank evolved over the years; however, it seems the bank continues to make the same mistakes as earlier banks: excessive money supply, lack of supervision, speculative lending, asset price bubbles, bank bailouts, and lower standards of living-social welfare. Seems there needs to be central bank reform. -- Lawrence A. Souza, St. Mary's College
Table of ContentsChapter One: The Evolution of Central Banking Functions in the US Chapter Two: Hamilton’s Vision Chapter Three: The 1st Bank of the US as Central Bank Chapter Four: The 2nd Bank of the US as Central Bank Chapter Five: Jackson Contra Central Banking Chapter Six: From Free Banking to National Banking Chapter Seven: The Legacies of National Banking: 1873-1898 Chapter Eight: Panic of 1907 & the Treasury’s Last Hurrah Chapter Nine: The Road to the Fed, 1903-1913 Chapter Ten: The Fed as Bank of Bankers, 1913-1929
