““However, after several false starts and with the lessons of history fading, America, too, would finally create a permanent central bank, in 1914. For political reasons it could not be called that so it was named the Federal Reserve. Proving the wisdom of the founding generation and several thereafter, the era of central banking in America corresponds almost perfectly with the era of government-business collusion, inflation, boom-and-bust cycles, protracted depressions, military alliances, military bases abroad, foreign wars, standing armies, and massive debt left for future generations.””
