The Federal Reserve Act's stated the following purposes:
The Act also decreed that at least 35% of the Fed's assets must be held in gold.
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Banks loan money they don't have. Most hold a limited reserve to serve the few who decide to make redraws. When the majority decides to liquidate their bank accounts we have what is called a bank run.
In order to protect the banks, central banks were created to provide a gu...
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