The U.S. bank panic of 1907 and the Mexican depression of 1908-1909.

The Historian | June 22, 1998| | Copyright

Historians have long recognized that the U.S. bank panic of 1907 was the stimulus for the Federal Reserve Act of 1913 that was designed to regulate the nation's money and supply and credit by buying and selling government bonds and issuing Federal Reserve Notes. By paralyzing the nation's financial network and precipitating an acute depression, the panic demonstrated the frailty of the nation's financial system. However, the repercussions of the bank panic were not limited to the United States. Scholars of the Mexican Revolution, including Friedrich Katz, Michael Hart, and ...

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