What purpose does the Federal Reserve serve and why do we need it?

Federal reserve system was created mainly to facilitate and maintain the financial stability of the united states, one major function of it is the enforcement of monetary policies that manages the money supply of the country. It also ensures currency elasticity or the ability to expand or contract money supply depending on the need of the current situation of the economy.

If it is supposed to maintain the financial stability of the U.S. Then it has failed miserably. Inflation was almost non-existent before the Federal Reserve and there also was no such thing as an income tax and the economy was fine.

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