The Panic that Led to The Federal Reserve

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The panic of 1907 once again revealed the fragility of New York City's economy. This prompted the money managers to devise a scheme that would perpetuate the misfeasance. That scheme was the Federal Reserve system, which has normalized deficit spending at all levels of government. Ever since, the fiscal irresponsibility has become nationwide and in many urban areas.

Written by Bill Pacello, 2025, paper back, 58 pages