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Central Bank Church Losing Followers

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  • Although the Federal Reserve didn’t exist until 1913, and fiat currency not until the 1970s, there have been government controlled national banks since 1791. I’m interested to know exactly how the First Bank and Second Bank of the United States differ from the Federal Reserve, as I often hear people say that the U.S didn’t have central banking until 1913 when the Federal Reserve was created. But isn’t a national bank controlled by the government essentially a central bank, with the only difference being that there wasn’t fiat currency?

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