"The Making of the Money Masters" Inside the Creation of the Federal Reserve System in the United States
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Abstract
In 1913 the United States Congress passed, and President Woodrow Wilson signed into law, the Owen-Glass Federal Reserve Act. The act granted a government backed monopoly to a group of specially designated private banking firms with relation to the nation 's money supply and its regulation of the financial markets. The declared intention of the organization is to insure a prosperous national economy by avoiding excessive inflation and deflation through control and manipulation of the banking and credit industry. The Federal Reserve has overseen a century of prosperity and influence unrivalled in modern times. Despite its apparent success, the system has had many detractors and has been shrouded in controversy since the moment of its inception.
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