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Macro SI
5/3/2011
4:00-4:30 Tuesday
Summary of “Be careful of wishing for the Feds end”
First of all I really don’t completely understand what the author of this article is fully
talking about. Obviously the article is talking about the history of the Federal Reserve and how it
has evolved over the last century. The article tells about how the first version of the Fed started
out it was created by President Hamilton. The central bank that he created was soon put to an end
in 1836 by President Jackson. After which, the country fell into an economic crisis.
The Fed we have today was created in 1913. The Fed was to be the controller of the
money supply and the value of the currency over all. Gold and silver where the first backers of
the US dollar, in the 19th century James Grant purposed that gold take over completely. In the
early 20th century 40% of the country’s money was backed by gold. In recent news the there has
