President Wilson enacted the Federal Reserve Act in 1913. This allowed a consortium of private bankers to establish what amounted to a central bank monopoly currency issuer in the United States — although they took great pains to deny that was the goal. The Federal Reserve was never part of the government. It was the fourth attempt by private bankers to establish a monopoly currency issuer in the United States. Read More ›
This month, the Central Bank of Zimbabwe launched a new gold-based currency, the first gold-based currency from a government since Richard Nixon effectively ended the world gold standard system in 1971. As long as the Central Bank of Zimbabwe adheres to some important principles, and doesn't play politics, it should be fine. Read More ›