With the market ebullient at the prospect of more “miracles” from Yellen, we thought it worth dusting off the following brief clip discussing what it would mean to “end the Fed.” In order to answer this question, we examine countries throughout history that did not have an established central bank. So who performs the functions of a central bank in these countries? Professor White cites private institutions, including clearing house systems, banks, and financial companies, as the main actors in the monetary systems of countries without a central bank. Ultimately, he concludes that the Federal Reserve is not necessary. Evidence shows that nations can survive without a central bank. What the Federal Reserve does well can be done even better by private institutions, and the institution is capable of serious errors.