Documents Show How Power Moved to Wall Street, Via the New York Fed

Ronmamita's Blog

By Pam Martens: December 9, 2013

Occupy Wall Street Protesters Outside the New York Fed, September 17, 2012

The Federal Reserve will celebrate its 100th anniversary on December 23 of this year. But the Federal Reserve did not function as the nation’s central bank until 1922 when it fumbled and stumbled its way into an awareness of the power of a centralized mechanism for buying and selling U.S. government securities as a means of carrying out monetary policy. Thanks to a trove of historic documents recently released by the St. Louis Fed, we are now able to see how the New York Fed, a bastion of Wall Street interests, maneuvered itself into control of that process.

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