This article explains the power of the Federal Reserve - setting interest rates in the largest economy in the world - and its history. Central banks have not always existed in the US. In the 19th century, it did without one. Only in 1913 was the Federal Reserve established. The UK has had one for longer. The Bank of England acted as a central bank even before it was nationalised. As lender of last resort, it helped to stabilise the banking system.
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