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How the Fed Was Born

Jeff Hummel has written an excellent review of Roger Lowenstein's history of the Federal Reserve. Here's the money quote:

The problem is not just thatAmerica's Bank unreflectively extols the Fed. It's that this celebratory tone is informed by the author's superficial understanding of monetary theory and history. 

Fortunately Hummel provides a coherent and expert account of the Fed's inception, and the damage it has since caused.

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