Assorted References. 1  American Civil War (in Remembering the American Civil War: The poetry and songs of the Civil War) 2  imagergy (in poetic imagery) 3  importance to literature (in literature: The scope of literature) 4  translation difficulties (in language: Translation)
It was created on December 23, 1913, with the enactment of the Federal Reserve Act in response to a series of financial panics (particularly the panic of 1907) that showed the need for central control of the monetary system if crises are to be avoided.
For example, the US Federal Reserve was created in 1907 after a bank panic was averted by intervention from J.P.Morgan; this led to the creation of a Central Bank who would have this function. Lender of Last Resort to Government.