Today’s economic history: William McChesney Martin’s “Punchbowl Speech”

William McChesney Martin (1955): Punchbowl Speech (October 19, 1955): “In framing the Federal Reserve Act great care was taken to safeguard…

…this money management from improper interference by either private or political interests. That is why we talk about the overriding importance of maintaining our independence. Hence we have our system of regional banks headed up by a coordinating Board in Washington intended to have only that degree of centralized authority required to discharge effectively a national policy. This constitutes, as those of you in this audience recognize, a blending of public interest and private enterprise uniquely American in character. Too few of us adequately recognize or adequately salute the genius of the framers of our central banking system in providing this organizational bulwark…

January 19, 2016


Brad DeLong
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