America's Bank

America's Bank

The Epic Struggle to Create the Federal Reserve

eBook - 2015
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A tour de force of historical reportage, -- When Genius Failed Lowenstein focuses on the four men at the heart of the struggle to create the Federal Reserve. These were Paul Warburg, a refined, German-born financier, recently relocated to New York, who was horrified by the primitive condition of America's finances; Rhode Island's Nelson W. Aldrich, the reigning power broker in the U.S. Senate and an archetypal Gilded Age legislator; Carter Glass, the ambitious, if then little-known, Virginia congressman who chaired the House Banking Committee at a crucial moment of political transition; and President Woodrow Wilson, the academician-turned-progressive-politician who forced Glass to reconcile his deep-seated differences with bankers and accept the principle (anathema to southern Democrats) of federal control. Weaving together a raucous era in American politics with a storied financial crisis and intrigue at the highest levels of Washington and Wall Street, Lowenstein brings the beginnings of one of the country's most crucial institutions to vivid and unforgettable life. Readers of this gripping historical narrative will wonder whether they're reading about one hundred years ago or the still-seething conflicts that mark our discussions of banking and politics today. From the Hardcover edition.
Publisher: New York : Penguin Press, 2015
ISBN: 9781101614129
Branch Call Number: EBOOK OVERDRIVE
Characteristics: 1 online resource

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Dec 29, 2015

I found this to be useful in understanding the whole Progressive Era.

Dec 23, 2015

It's hard to believe that for nearly eight decades the US did not have a central bank, until the Federal Reserve System (with a national board and twelve regional reserve banks) was created in 1913. (For what's it's worth, Canada actually didn't have one until 1935 - until then, banks printed their own money.) I agree with some of the reviewers here - this wasn't an epic struggle, it was merely a fight to ensure there wouldn't be a gold or silver standard, but rather that countries would have "fiat" currency - that is, money existed for its own sake and was not backed by gold or silver but rather by a portion of banks' reserves. Creating a centralized system may very well have stabilized the currency and indeed laid the groundwork for the greenback to succeed the British pound as the world's reserve money ... but as we saw in 2008, it also forced The Fed to embark on a six year program of printing new money to keep the dollar afloat - which hardly helped to ensure the world's confidence. I'm not suggesting getting rid of The Fed, but it is still based on the system created in 1913 and is in desperate need of reform. What kind, I can't say.

Oct 24, 2015

After 2007-2008, the global financial meltdown, I would frequently hear someone on the radio being interviewed about it, and wonder aloud who that idiot and fraud was, and later found out they were former Federal Reserve governors! To be expected . . .
Epic struggle??? More like the epic scam! The congressional progressives were assured by Aldrich and others that the gov't would still have control over the printing of the currency when what Aldrich [married into the Rockefeller family] lied and really meant was that the gov't would get stuck with the work and bill for printing the currency, but the interest and debt would go to the Federal Reserve, owned by private banksters!
Lowenstein is a sham, as is this sad waste of paper, and I believe he's still the director of the Sequoia Fund, which is invested in that recent pharmaceutical scam, and will they be losing some $$$.
[FYI: Paul Warburg was the economic advisor to President Wilson and first vice-chair of the Fed, turned down the chairmanship as being too public, while his brother Max was economic advisor to Kaiser Wilhelm - - this led to World War I. - - Also, here's the way it works: X amount of money is printed, or introduced as the money supply, and then interest on that amount must be paid back, which would be X + Interest - - but ONLY X amount was printed?
GET IT?????]


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