The US Federal Reserve Turns 100 Years Old

On 23 December 1913, President Woodrow Wilson signed the Federal Reserve Act creating the US central bank which this month celebrates its 100th birthday.

Created in the wake of the financial panics of the early 20th Century and in the teeth of deep suspicion of centralised power, it is now perhaps the most powerful financial institution on the planet.

The BBC was granted rare access to the Federal Reserve’s inner sanctum – just a stone’s throw from the White House.

It is here that a small group of unelected economists gather to take decisions which have profound implications for citizens in the US and beyond.

The financial crisis of 2008 probably did more than anything to make the Fed, its powers and its chairman, Ben Bernanke, familiar to people around the world, but it was just the latest episode in 100 years of crisis management.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza