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#1 The United States had a populist tradition that was hostile to concentrations of power in finance and government, and this was reflected in the country’s lack of a well-established central bank until the Federal Reserve was established in 1913.

#2 The Federal Reserve System was created in 1913, and is made up of a Board of Governors in Washington with general oversight powers and up to twelve regional Federal Reserve Banks, each with considerable autonomy.

#3 The Great Depression was caused by the international gold standard, which was reinstated following World War I. As countries returned to the gold standard, it became clear that there was not enough gold to support the prices of goods and services at their new, higher levels.

#4 The Federal Reserve’s role in the Great Depression was both positive and negative. Its interest-rate increases in the 1920s, aimed at cooling speculation in the stock market, contributed to the 1929 stock crash and the initial global downturn.

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