Is the Fed at risk for real this time?
Throughout American history, few institutions have inspired such persistent mistrust among voters and their elected officials as the mysterious authority that determines the value of their money.
The Federal Reserve wasn't even around yet when the fiery Nebraska populist William Jennings Bryan rose to the Democratic presidential nomination in 1896 by charging that the gold standard that ruled monetary policy at the time was crucifying the workingman “upon a cross of gold” to serve bankers' interests — depressing farm prices and crushing indebted farmers by limiting money in circulation.
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