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FDN’s  ongoing series examines the Federal Reserve System and its proper role in an interview with  Allan Meltzer, Ph.D., Professor, Carnegie Mellon Tepper Graduate School of Business, Senior Fellow at  Hoover Institute, and author of a three-volume history of the Federal Reserve. In this Segment 1 of 6.  Dr. Meltzer, explains that attempting to abolish the Federal Reserve is ill-informed and that there is a need for what the Fed does. He further states that as a result of each crisis the country has gone through, the Federal Reserve has gained more and more power, becoming a politicized establishment and that there is a need for better safeguards to keep it from becoming even more political. Dr.  Meltzer looks back at the beginning of his career in Washington, D.C., and reflects on working with noted economist Milton Friedman.

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