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How The U.S. Ended Up With The Fed

The U.S. Federal Reserve building is pictured in Washington, D.C. in 2012. (derfussi/Flickr)
The U.S. Federal Reserve building is pictured in Washington, D.C. in 2012. (derfussi/Flickr)

For more than 100 years after the founding of the United States, the country resisted having a central bank. But finally in 1913, after a big run on banks, years of deflation and a secret meeting on an island off the coast, the Federal Reserve we know today was founded.

The story has lessons for how political compromise can be reached in a day when many are looking at the central bank with new scrutiny. Roger Lowenstein, author of “America’s Bank: The Epic Struggle To Create The Federal Reserve,” spoke with Here & Now’s Meghna Chakrabarti about this on Radio Boston.

Guest

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