Chapter 13 Curiosities

The Fed was created so that banks don't have bank runs. It was created so that the Fed can loan money to the banks if they don't have the money to give back to citizens. It was created in secrecy because in the early 1900s people hated the idea of anything close to a "central" bank and they hated basically anything that was central. It was in secrecy so that people would not have fought back against it if it was revealed to the public.