The Daily Reckoning

The Federal Reserve has been the United States’s central bank since 1913, but is our third attempt at central banking.

The First Bank of the United States was chartered in 1791 and lasted twenty years. Facing strong opposition by Jeffersonians who feared central banks were controlled by foreign interests and primarily benefitted large companies, it lost its re-charter by a single vote.

Debt caused by the War of 1812 led to the charter of the Second Bank in 1816, lasting until Jackson refused to re-charter in 1836.

The Panic of 1907 led to the formation of the Federal Reserve System in order to stabilize prices, regulate banks, manage the money supply and create a single, unified paper currency, at the time based on gold. Since then, the dollar has been inflated over 2,000%, diminishing the value of savings for Americans and anyone holding assets denominated in dollars.

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The Daily Reckoning

It's hard to believe that more than ten years have gone by since we began writing The Daily Reckoning out of a Paris office back in July of 1999?

Since then, a lot has changed. We have seen the dot com boom and bust... a massive expansion of credit...real estate mania and meltdown?and epic highs and lows in the markets.

Nothing about the past ten years has been boring. And we have been there throughout, trying to help readers make some sense out of our global economy. And hopefully providing a few laughs along the way.

In short, we pen The Daily Reckoning each day -- for free -- to show you how to live well in uncertain times. We aim to make each article the most entertaining 15-minute read of your day.

Recent Articles

Not Yours To Give

David Crockett

One day in the House of Representatives a bill was taken up appropriating money for the benefit of a widow of a distinguished naval officer. Several beautiful speeches had been made in its support. Then Col. David Crockett arose, and spoke on the both nobility of charity and why it has absolutely no place within the government. Read on...


How the American Dream Can Make You 14-Times Your Money

Chris Mayer

Most U.S. citizens subscribe to an idea called the American dream - working hard on a level playing field so you can "get ahead" in life. But that's not what the original "American dream" was all about. As Chris Mayer explains, that term originally referred to a completely different, yet equally important goal. Read on...


The Idea of America

Bill Bonner

America is a country like no other. Comprised of people from all corners of the globe, America exists solely because people chose to become Americans. But what does that mean? And how does it influence the concepts of liberty and freedom Americans feel so entitled to? Bill Bonner explains...


The Rights Trap: Constricted By a Sense of Entitlement

Harry Browne

People tend to believe they are endowed with a few specific "rights" - property, liberty, happiness, etc. Unfortunately, as Harry Browne explains, rights only exist in theory. In practice they don’t accomplish much - no matter how much people may discuss them. Read on...


Tricked on the Fourth of July

Gary North

British North America was likely the freest society ever seen on earth, as long as you were not a slave of African descent. The Fourth of July isn't worth celebrating unless one wants to cheer an unnecessary revolution that ushered in more tyranny and taxation than existed before that revolution's "success".


Demographic Dilemma

Genevieve Lefranc

Our economy, consumer society, and retirement programs are all in jeopardy in the face of a looming demographic dilemma. Read on to learn about the dire situation with pensions and social security, and what you can do to protect yourself...