The Federal Reserve System turned 100 years old last December and Fed supporters have been celebrating ever since. In recent months, the Dallas Fed opened an historical exhibit, the Kansas City Fed released a documentary, and the New York Fed even started a Facebook page, all to commemorate the date.
The mainstream media has also been vocal, as CNN posted a piece claiming Janet Yellen’s becoming the first female chair is an “apt way to mark the anniversary,” while National Review published an article of their own. Although the two outlets differ on politics, it seems nearly everyone agrees the Fed has fulfilled its purpose: grow the economy and prevent economic downturns.
Simon Jack of BBC news recorded a short video along these same lines. He refers to the Fed as “one of the most powerful institutions on earth” and to the boardroom specifically as “the nerve center of the global economy”; indeed, as the “most important room in the financial world.” One could be taken aback at his excessive praise, except that these statements are largely true: the Fed runs a counterfeiting monopoly, making it powerful beyond belief.