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The Fed At A Crossroads

I've long been worried about the future of the Federal Reserve Board, particularly as the pre-eminent monetary policy authority on the globe. That eminence was hard-won. The infant Fed stumbled badly in the Great Depression and was essentially a branch of the Treasury Department into the 1950s. With the so-called Treasury accords in 1951, it became, nominally, an independent agency that, unfortunately, continued to do political bidding - particularly under the tenure of Arthur Burns.
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