Genius Hour Reflection

I began reading The Creature from Jekyll Island: A Second Look at the Federal Reserve. I was reading about how the federal reserve formed in the same way a trust or cartel would form. The competing industry leaders -- predominantly the representatives of Morgan and Rockefeller -- formed a state-sponsored monopoly. It demonstrates that the manifest function of Federal Reserve was to stabilize the economy and promote business. However, the latent functions were to stop growing competition of new banks, obtain method to create money for lending, control all bank reserves, and have the american people deal with the inevitable burden through bailouts.