Private Clearinghouses and the Origins of Central Banking
Well written and readable. —we’ve come along way from carrying Gold from bank to bank.
Economy
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docs.google.com Eventually, banks created clearinghouses, which eventually grew into a central bank known as the Federal Reserve in 1914. Clearinghouses devised the method to safeguard member banks against panics and bank runs, but not until the FDIC was created in 1933, did panics stop. Then there was 2007. The system …