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Planet Money Shorts: Season 3

What The Fed Was Designed To Do

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Robert Smith playing the part of JP Morgan calls in the prominent bankers of the day to help solve the financial panic of 1907.
Mito Habe-Evans, NPR

Robert Smith playing the part of JP Morgan calls in the prominent bankers of the day to help solve the financial panic of 1907.

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COVID-19 isn't the first natural disaster to shake the world economy, but today we're more prepared for one than ever.

In 1906, an earthquake in San Francisco started a chain of events that destroyed the U.S. economy by 1907. It also led to the creation of the country's most powerful economic tool: the Federal Reserve.

Listen to the original Planet Money podcast episode here! Subscribe to our video series here — and while you're at it, subscribe to our podcast.

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