The U.S. Federal Reserve (Fed) is the central bank of the world’s biggest economy and the provider of the world’s leading paper currency.

It was founded in 1913 specifically as a lender of last resort for Wall Street. Its purpose was not to restrict credit growth and the balance sheet expansion of Wall Street banks but to encourage and support them. The Fed was instrumental in extending the credit-driven boom of the 1920s that set up the economy […]