The Jekyll Island duck hunt that created the Federal Reserve
By Tyler E. Bagwell
http://www.jekyllislandhistory.com/federalreserve.shtml
” The Federal Reserve System is the name given to the twelve central banks regulating America’s banking industry and it insures that depositors will not lose their money in the event of funds mismanagement from an accredited bank.”
Yeah well that isn’t accurate- depositors got wiped out by the tens of thousands as banks collapsed over the years 1930-33.
The creation of the FDIC in response to this calamity is what finally gave depositors some protection. Milton Friedman called that the greatest piece of legislation to arise out of the Great Depression.