It helped facilitate the monetary inflation that led to higher prices after WW1, the sharp recession in 1920-21, the inflationary boom that resulted in America's Great Depression, and a 92% decline in the dollars purchasing power into the 21st Century; Not to mention overseeing the Great Recession of 2008. So much for price stability.
Today Christopher Westley has an insightful essay explaining why the monster was created.
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