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Article: "Quis custodiet ipsos custodes?" The Federal Reserve System's founding fathers and allied finances in the First World War
- Article from:
- Business History Review
- Article date:
- January 1, 1998
- Author:
CopyrightCopyright Harvard Business School, Soldiers Field Winter 1998. Provided by ProQuest LLC. (Hide copyright information)
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The First World War presented the newly formed Federal Reserve System with issues that were crucial in defining its future institutional character and operational strategies and priorities. From 1914 to 1917 disputes over the relationship between the U.S. and belligerent European nations divided
competing groups of New York bankers who had helped to create the Federal Reserve System and who otherwise shared many of the same objectives for its future purpose and functions. These divisions grew particularly acrimonious over policies concerning acceptances, a new financial instrument that could substantially affect the Allied powers' ability to obtain war funding in the United States. Despite ...
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