The article examines the establishment of the Federal Reserve in 1913 and its dual mandate to control inflation and employment. Despite this, it could not prevent the Great Depression, leading to increased federal control over the economy, exemplified by FDR's 1933 gold confiscation order. This trend of centralization continued through the wartime economy and culminated in the Bretton Woods Conference, solidifying the US dollar as the world's reserve currency. The text draws parallels between American actions and those of authoritarian regimes during this period, highlighting a significant shift from traditional American liberties.
The Federal Reserve was established in 1913 with a dual mandate of controlling inflation and maximizing employment, yet it failed to mitigate the Great Depression.
FDR's Executive Order 6102 in 1933 required citizens to surrender their gold, paralleling asset confiscation tactics used by authoritarian leaders like Stalin and Hitler.
The Bretton Woods Conference post-World War II aimed to solidify the US dollar as the global reserve currency, reflecting America's economic dominance.
The centralization of power in the 20th century marked a significant shift in America's commitment to traditional liberty and federal authority.
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