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To fully understand the Federal Reserve and its role today we need to examine its origins and the men who founded it. Using extensive archival sources, Richard Naclerio investigates the highly secretive events that surrounded the Fed’s creation and the bankers, financiers and tycoons that shaped both its organization and the role it was to play over the next century. The motivations of this handful of men who created the first draft of the Federal Reserve Act are explored, and the business ties and shared ideologies that bound them together revealed. A story of vested interest and the pursuit of power, the book sheds new light on the creation of one of the world’s most important financial institutions.
The Federal Reserve and its Founders is a must read for anyone interested in the Fed. From its very beginning, the author maintains, the institution was (and remains) about power. Indeed, its establishment was the handiwork of an 'economic coup d'état' by Wall Street. This is a masterfully well-written and well-researched account of a banking system that directly affects the quality of all our lives.
Introduction
1. The Genesis
2. The System
3. The Island
4. The Politician: Nelson W. Aldrich
5. The Architect: Paul M. Warburg
6. The Lieutenant: Benjamin Strong, Jr
7. The Emissary: Henry P. Davison
8. The Professor: A. Piatt Andrew
9. The Farm Boy: Frank A. Vanderlip
10. The Panic, the Pirate, and Pujo
11. The War
12. The Journalist: Bob Ivry
Conclusion