Night of Clarity 2013

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The Federal Reserve, the central bank of the United States, was established in late 1913 marking this year its 100th anniversary. Coming on the heels of the 1907 financial panic, the Fed was supposed to tame the wildcat free market. Acting as a lender of last resort, the Fed was supposed to deliver a less volatile, more consistent growth.

Did the Fed deliver on this promise? History speaks for itself.