Walter Williams (in 2008)

The justifications for Federal Reserve Act of 1913 was to prevent bank failure and maintain price stability. Simple before-and-after analysis demonstrates that the Federal Reserve Bank has been a failure. In the century before the Federal Reserve Act, wholesale prices fell by 6 percent; in the century after they rose by 1,300 percent. Maximum bank failures in one year before 1913 were 496 and afterward, 4,400.