“The Federal Reserve System is the central bank of the United States. It was founded by Congress in 1913 to provide the nation with a safer, more flexible and more stable monetary and financial system. Over the years, its role in banking and the economy has expanded.”
- Overview of the US Federal Reserve System; their words, not mine.
In Channel 4’s ‘The Million Pound Drop’, a motley collection of not necessarily super-intelligent contestants are given a million pounds and then have to navigate through eight questions to keep as much of it as possible. This obviously bears little resemblance to the financial sector bailout that began in 2008, where a motley collection of not necessarily super-intelligent bankers are given, directly or indirectly, trillions of pounds, no questions asked, and get to keep all of it. In the UK, cinephiles who have not yet exhausted their penchant for financial miserabilism eagerly await the release of Charles Ferguson’s documentary ‘Inside Job’, which he summarises as follows: finance is simply too important to be left to the financiers.
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