Nov 16, 1914
Federal Reserve System formally opens for business.
The Bank Bill created by Hamilton was a proposal to institute a national bank in order to improve the economic stability of the nation after its independence from Britain. Although the national bank was to be used as a tool for the government, it was to be privately owned. The Federal Reserve Banks opened for business in November 1914. The New York Fed opened for business under the leadership of Benjamin Strong, Jr. , previously president of the Bankers Trust Company, on November 16, 1914.
New York City US$ 2.62T
San Francisco US$ 512B
Richmond US$ 289B
Atlanta US$ 244B
Chicago US$ 175B
Dallas US$ 154B
Cleveland US$ 133B
Philadelphia US$ 120B
Boston US$ 91B
Kansas City US$ 61B
St. Louis US$ 58B
Minneapolis US$ 32B
All banks US$ 4.49T
Audit the Fed! Is it even possible to do it? They prolly sent all the gold to China and just pull numbers out of the air, type them in on a whim. If we did it, what do you think would happen? Pandora's box? Hell freeze over? Houston Astros win the world series?
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