BETA
The Secret Jekyll Island Meeting & Federal Reserve
Senator Nelson Aldrich and five Wall Street financiers traveled under fake names to Jekyll Island, Georgia, in November 1910. Alarmed by the Panic of 1907, they spent ten days drafting a plan to prevent bank runs, which eventually became the basis for the Federal Reserve Act.
Chapter 1
The secret birth of the Fed
Chapter 2
The magic lever of interest rates
Chapter 3
Printing money and fighting inflation
Chapter 4
The global ripple effect of the dollar
Ch 1 · The secret birth of the Fed
sloane Slide the interest rate levers to discover how the Fed quietly runs your wallet.
sloane Jekyll Island Federal Reserve
Jekyll Island's hush, / A secret plan in a rush, / The Fed's real start!
sloane The United States is divided into twelve Federal Reserve districts, each managed by its own regional Reserve Bank.
Fun Fact
Jekyll Island code: The founders of the Federal Reserve used fake names during their 1910 train ride to Georgia to keep the secret meeting hidden from reporters.
sloane President Woodrow Wilson signed the Federal Reserve Act in 1913, establishing a unique public-private banking compromise.
Glossary
central bank (noun)
A national bank that manages a country's monetary policy and regulates its commercial banking system. In November 1910, a secret meeting at Georgia's Jekyll Island drafted the blueprint for America's modern system.
A national bank that manages a country's monetary policy and regulates its commercial banking system. In November 1910, a secret meeting at Georgia's Jekyll Island drafted the blueprint for America's modern system.
Quiz
What is money called when its value is not backed by a physical commodity like gold but by government decree?
Quiz
Why did the creators of the Federal Reserve design it with regional banks instead of one central bank?
Quiz
On which Georgia island did financiers meet secretly in 1910 to plan the Federal Reserve?
Quiz
Which U.S. President officially ended the gold standard link to the dollar in 1971?