 December 23rd, 2013, marks the 100th anniversary of the Federal Reserve, warranting a review of its performance. Has it achieved the purposes for which it was designed?
The answer depends on whose purposes we are talking about. For the banks, the Fed has served quite well. For the laboring masses whose populist movement prompted it, not much has changed in a century.
Thwarting Populist Demands
The Federal Reserve Act was passed in 1913 in response to a wave of bank crises, which had hit on average every six years over a period of 80 years. The resulting economic depressions trigger
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While coal, oil, and gas are an integral part of everyday life around the world, 2013 brought a stark reminder of the inherent risk that comes with a fossil-fuel dependent world, with numerous pipeline spills, explosions, derailments, landslides, and the death of 20 coal miners in the U.S. alone.
Despite all this, our addiction to fossil fuels will be a tough habit to break. The federal Energy Information Administration in July projected that fossil fuel use will soar across the world in the come decades. Coal — the dirtiest fossil fuel in terms of carbon emissions — is projected to increase by 2.3 percent in coming years. And in December,
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 Five years have passed since the onset of what is sometimes called the Great Recession. While the economy has slowly improved, there are still millions of Americans leading lives of quiet desperation: without jobs, without resources, without hope. Who was to blame? Was it simply a result of negligence, of the kind of inordinate risk-taking commonly called a "bubble,” of an imprudent but innocent failure to maintain adequate reserves for a rainy day? Or was it the result, at least in part, of fraudulent practices, of dubious mortgages portrayed as sound risks and packaged into ever more esoteric financial instruments, the fundamental weaknesses of which were intentionally obscured? If it was the former—if the recession was due, at worst, to a lack of caution—then the crimi
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