RESEARCH - Research from the Federal Reserve Bank of Cleveland, by Michael Bryan and Bruce Champ, June 2002. In the paper the author's call the Federal Reserve "America's uneasy compromise between our wariness of concentrated financial power and our desire to promote efficiency in our national payments system. The article tells the story of how the Federal Reserve is in fact the nation's third attempt to establish a central bank.

Fear and Loathing of Central Banks in America