THE REAL HISTORY OF THE FEDERAL RESERVE (and, no, it wasn't created to act as a central bank)

Below are links to a sweeping history of money and banking in the United States. Because the story is condensed and so well put together it is probably the best review for non-experts that I've come across. If you don't know much about the history of money, banking, and finance in America you should read the five articles below. I don't know of any other set of short readings like this that makes money, finance, and the Federal Reserve so accessible.

The articles are from Money Morning's Shah Gilani and are slightly longer than regular op-ed pieces that you might find in the opinion section of a newspaper.

Part I: The history of money, fractional banking and fiat money. 

Part II: Why banks are the real creators of money, plus America's first two central banks. 

Part III: How the Civil War, Samuel P. Chase, and chartered "national" banks cemented demand for U.S. bonds (debt), which laid the groundwork for the rise of the American greenback and JP Morgan. 

Part IV: How speculation and market greed allowed J.P. Morgan - and others - to set the conditions for creating the Federal Reserve. Long story short? It wasn't about creating a central bank as much as it was to create a bankers bank.  

Part V: How the Crimean War, JP Morgan, and John D. Rockefeller created the Federal Reserve ... the ultimate tool of the rich and powerful.

In the FYI category, Money Morning is one of the few investment groups that puts out consistently quality analysis of market developments and financial history. The stuff they put out shows that they actually want you to be an informed investor. On the down side some of their articles have annoying ads that some people might confuse with the actual article. But it's still very much worth the read.

- Mark