Abstract
We have heard the objection a thousand times: why, before we had a Federal Reserve System the American economy endured a regular series of financial panics. Abolishing the Fed is an unthinkable, absurd suggestion, for without the wise custodianship of our central bankers we would be thrown back into a horrific financial maelstrom, deliverance from which should have made us grateful, not uppity.
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Woods, T.E. (2014). Does U.S. History Vindicate Central Banking?. In: Howden, D., Salerno, J. (eds) The Fed at One Hundred. Springer, Cham. https://doi.org/10.1007/978-3-319-06215-0_3
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