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north mo | The federal reserve was formed to curtail the money trust headed by J P Morgan after the 1907 panic in which Morgan "rescued" the banking system with his pals in the banking business.
This scared the government into trying to exert some control over this monopoly. People who scream about the fed being controlled by the powerful bankers are missing the point. Before 1913
their was total control after 1913 partial control. J P Morgan and friends were against the Federal Reserve.
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The Federal Reserve Board Explained.
