For much of the 70s inflation was bad. Prices rose at over 10 percent a year. Nothing could stop it — until one powerful person did something very unpopular. Today's show: How we beat inflation.
Episode 505: A Locked Door, A Secret Meeting And The Birth Of The Fed
A 70-year-old man with a bad cold and many mistresses, a nation that's ambivalent about a central bank, and a secret meeting on an island. Today on the show: The origin story of the Federal Reserve.
Fractional reserve banking is a banking system in which only a fraction of bank deposits are backed by actual cash on hand and are available for withdrawal.
