Public Debt, Private Wealth: A History of Central Banks

By

Simon Bytheway

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A relief bearing the name of the Central Bank of the Netherlands.

Central Bank of the Netherlands

A relief bearing the name of the Central Bank of the Netherlands in The Hague. (Image by Maurits Verbiest)

Protestors gather outside of the Bank of England.

Protest at the Bank of England

Protestors gather outside of the Bank of England in London in April 2009 ahead of the G20 Summit.

Protestors with the 10YearsOn campaign.

The 10YearsOn Campaign

A decade on from the global crash, the 10YearsOn campaign descended on bank branches across the City of London and the central bank, declaring them "financial crime scenes" to highlight how the public have paid the highest price, 2018. (Image by David Sandison)

Protestors in Charlotte, North Carolina demand an end to the Federal Reserve System.

End the Federal Reserve System

Protestors in Charlotte, North Carolina demand an end to the Federal Reserve System in the wake of the 2008 Financial Crisis, November 2008. (Image by Justin Ruckman)

The twelve Federal Reserve Banks buildings.

The Federal Reserve Banks Buildings

The twelve Federal Reserve Banks buildings in 1936.

A monetary breakdown of the CARES Act relief amounts.

CARES Act

A monetary breakdown of the CARES Act relief amounts by category, which totaled $2 Trillion.

The Eccles Building in Washington D.C.

The Eccles Building

The Eccles Building in Washington D.C. as it appeared in 1937. This building has served as the headquarters of the US Federal Reserve since 1937.

The Riksbank of Sweden moved to the building pictured in Stockholm.

The Riksbank of Sweden

The Riksbank of Sweden moved to the building pictured above in Stockholm in 1680. This was the first building in northern Europe intended solely for banking.

Sealing of the Bank of England Charter (1694) an illustration by Lady Jane Lindsay.

Sealing of the Bank of England Charter

Sealing of the Bank of England Charter (1694) an illustration by Lady Jane Lindsay from 1905.

A one-pound sterling banknote.

One-Pound Sterling Banknote

A one-pound sterling banknote issued in London from 1805.

A map of the twelve districts of the United States Federal Reserve System.

Twelve Districts of the United States Federal Reserve System

A map of the twelve districts of the United States Federal Reserve System, with the twelve Federal Reserve Banks marked as black squares and the twenty-four Branches of these Federal Reserve Banks are marked as red circles.

Portrait of David Lloyd George.

David Lloyd George

Portrait of David Lloyd George as Chancellor of the Exchequer, 1911.

Benjamin Strong Jr.

Benjamin Strong Jr.

Benjamin Strong Jr. was the Governor of the Federal Reserve Bank of New York from 1914-1928.

The seal of the Federal Reserve Bank of New York.

The Seal

The seal of the Federal Reserve Bank of New York.

The modern-day headquarters of the Bank of International Settlements.

The Bank of International Settlements

The modern-day headquarters of the Bank of International Settlements (BIS) in Basel, Switzerland.

Executive Order 6102 issued by Franklin D. Roosevelt.

Executive Order 6102

Executive Order 6102 issued by Franklin D. Roosevelt in 1933 required citizens to surrender their gold as part of the process to abandon the gold standard.

On the left, Harry Dexter White. On the right, John Maynard Keynes.

Board of Governors

Assistant Secretary of the U.S. Treasury, Harry Dexter White (left) and John Maynard Keynes, honorary advisor to the U.K. Treasury (right) at the inaugural meeting of the International Monetary Fund's Board of Governors in Savannah, Georgia, 1946.

A map of the Eurozone, European Union, and other countries using the euro.

The Eurozone

A map of the Eurozone, European Union, and other countries using the euro as of July 2020. Map by Evan Centanni.

Protestors in Charlotte, North Carolina hold signs that express opposition to the Federal Reserve System and bailouts during the 2008 Financial Crisis.

Corporate Fascists

Protestors in Charlotte, North Carolina hold signs that express opposition to the Federal Reserve System and bailouts during the 2008 Financial Crisis, November 2008. (Image by Justin Ruckman)

A chart showing gold prices between 1973 and 2013.

Gold Prices

A chart showing gold prices between 1973 and 2013.

President Donald J. Trump and Chinese Vice Premier Liu He.

U.S. China Phase One Trade Agreement

President Donald J. Trump and Chinese Vice Premier Liu He sign the U.S. China Phase One Trade Agreement on Jan. 15, 2020.

A newsstand in London bears the evening headline for October 7th, 2008.

Banks Furious

A newsstand in London bears the evening headline for October 7th, 2008, shortly after the Global Financial Crisis began.

Lord Montagu Norman.

Lord Montagu Norman

Lord Montagu Norman on the August 19th, 1929 cover of Time.

A chart showing the real and projected United States federal debt.

U.S. Federal Debt

A chart showing the real and projected United States federal debt held by the public as of September 2020.

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