Shortly after an earthquake in 1906 rocked San Francisco, the US immersed into a financial crisis.
Congress passed into law the Federal Reserve System on Decemeber 23, 1913.
The Fed was founded to combat financial crises, and it would do this with a second-layer money called reserves.
Wholesale money (Fed reserves) is money that banks use, and retail money (Fed notes) is money that people use.
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Business Administration and Management Student | Blockchain, DEFI & Web3 | Social Worker | "Fix the money & fix the world."
Understand money history and the layers that conform our monetary system, as well as the revolutionary form of money Bitcoin.
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