%% OK; but you missed the main points if it was only 44 states bank notes + not 50\LOL NOT an exact number, you can post the exact number of state bank failures in that older bear market if you want
Keep in mind that the old 1913 fed, which was controlled by the private banks and was infuriated by Roosevelt's successful maneuver to devalue the gold backed dollar from $20 to $35 per oz. *, does not much resemble the 2022 fed. The 2022 Fed is now very much a government agency with private bank input. There were dramatic changes with the passing of the banking laws of the 1930s and the formation of the FOMC. Yes, relics of the old Fed remain, e.g., the Regional Banks and the shares that Fed member banks are required to buy; yet impart no ownership rights. But any thought that today's Fed is anything other than a hybrid government-private institution with final say resting entirely with the government is an elaborate illusion. Congress has very wisely tried to shelter the Fed from undue political influence and thus made the U.S. Fed the model for all the other democracies. [see the Second Circuit Courts fairly recent Opinion in Wells Fargo v United States. ] The Constitution gives the "power of the purse" to the Congress. The U.S. Treasury and the U.S. Federal Reserve are both creatures of Congress. The Congress, however, has delegated some of its money responsibilities to the Treasury and the Federal Reserve. __________________ *This was absolutely essential to getting recovery started from the deep and devastating recession the nation was suffering. Roosevelt seems to have been influenced by Keynes 1933 letter . http://www.la.utexas.edu/users/hcleaver/368/368KeynesOpenLetFDRtable.pdf