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.

Find out how you can protect your wealth against ongoing inflation. Subscribe to The Daily Reckoning for free.

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

Your Brain — Addicted to Reward

Stephen Petranek

A study published in the most recent issue of The Journal of Neuroscience was sparked by researchers who wanted to find out why cocaine addicts so frequently relapse despite sincere attempts to recover from their addiction. Stephen Petranek has more…


How to Profit from the Rise of the “Beer Snob”

Greg Guenthner

While smaller microbrews might not be the best investment right now, I think the trend of better beer isn't going anywhere. And the bigger breweries are realizing they need to figure out how to compete in a market where tastes are clearly evolving.


A Killer Trade: Make the Grim Reaper Pay

Greg Guenthner

…the grim reaper doesn't exactly make for a sexy sales pitch. Think about it. Why would a trader want to buy death care stocks when he could just as easily play the latest social media IPO? Nobody wants to talk about death. I can see you practically squirming in your chair right now just reading this.