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As the money crisis seems to grow worse in Europe, we have begun to wonder if there are parallels to the 1907 financial panic in the United States that gave rise to the Federal Reserve. The dominant social theme way back then (assuming an active power elite, and we do) was along the lines of "The US banking system is too fragmented and a lender of last resort is badly needed." JP Morgan assembled his rich friends in the library of his exquisite New York mansion and bailed out the market, but