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First Central Bank established in the UK. Served as model for most modern central banks.
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A Private Company, Partly Owned by Foreigners – to Handle the Financial Needs of the New Central Government Previously, the 13 states had their own banks, currencies and financial institutions.
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Senate Republican leader, Nelson Aldrich, heads the new National Monetary Commission that was created to study the cause of the banking panic. Aldrich had close ties with J.P. Morgan and his daughter married John D. Rockefeller.
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From 1921 to 1929 the Federal Reserve increased the money supply by $28 billion, almost a 62% increase over an eight-year period. This artificially created another “boom”.
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The most devastating stock market crash in history. Billions of dollars in value were consolidated into the private banker’s hands at the expense of everyone else.
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The financial crisis impacted people around the world – millions lost their homes, jobs, and retirement funds. Many of the smaller banks were absorbed by others, which allowed the biggest banks to further consolidate wealth and eliminate competition. In 2008, J.P. Morgan Chase & Co. bought up both Washington Mutual (the biggest bank to “fail” in the history of the United States) and Bear Stearns (the fifth largest investment bank).
