It has been at least a week since I mentioned central banks on this blog – probably a first. There are many areas of economics and public policy that interest me more, and which matter more. But I have just finished reading Roger Lowenstein’s new book, America’s Bank: The Epic Struggle to Create the Federal Reserve. The Federal Reserve opened for business on 16 November 1914, amidst the global liquidity crisis, affecting the United States as much as the combatants, created by the outbreak of World War One. There was, of course, little hint of what was to come when Woodrow Wilson had signed into law the new Federal Reserve Act into law on 23 December the previous year, one of the landmark pieces of legislation in Wilson’s first year in office.
(For anyone wanting to know more about the 1914 crisis, there are two worthwhile modern books; Saving…
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Utopia, you are standing in it! 
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