The Federal Reserve, the cornerstone of the American economy for just over a century. The Fed has overseen the financial system of the US, but its track record has been far from perfect. Worse yet, it has such a unique and convoluted structure that it's very difficult for people to really understand it, which is why, unsurprisingly, the Fed has been subject to various conspiracy theories - from being owned by the Rothschilds to being operated by lizard people. Today, we're going back to the dawn of American Finance to see how the Fed was created, how it works, and who really owns it. This video is brought to you by Skillshare, where you can find a ton of different classes, including my own series of videos on how the stock market works. You can watch them for free by registering with the link in the description. America during the late 19th century was a nation in turmoil, and not just in the literal sense. The Civil War was no doubt devastating, but even during the peace that followed, America was plagued by frequent and deep economic depressions. The underlying cause was simple - America just lacked a proper financial system, and more importantly, it didn't have a central bank to save the day when things turned bad. Now, keep in mind, central banking wasn't a new concept. The Dutch were the first to come up with a central bank in 1609, and it was instrumental in transforming the Netherlands from a swampy backwater into a global economic empire. Following the example of the Dutch, the English created the Bank of England in 1694, which, of course, became the backbone of the British Empire. But it's exactly this association with the British that made the founding fathers reluctant to use the same model...
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