The Federal Reserve
When you look up the word money in the dictionary, you get this as the definition: “A commodity, such as gold, or an officially issued coin or paper note that is legally established as an exchangeable equivalent of all other commodities, such as goods and services, and is used as a measure of their comparative values on the market.” Money has three basic functions: a medium of exchange, a measure of value, and a store of value. Goods and services are paid for in money and debts are brought upon and then paid off in money. Without money, economic transactions would have to take place on a trading basis. But who controls all of our countries money? Back in the early nineteenth century our country was experiencing major national banking panics. One of the most remembered of these panics was the Banking Panic of 1907. Abram P. Andrew, secretary of the National Monetary Commission collected nearly two hundred samples of different bank currencies created to stem the 1907 panic, and he provided a description of the banks' problems at that time: [The banks] were so singularly unrelated and independent of each other that the majority of them had simultaneously engaged in a life and death contest with each other, forgettin
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Some common words found in the essay are:
Federal Reserve, Monetary Commission, Whoever Fed, Reserve Bank, , Board Governors, Committee FOMC, Kansas City, Reserve Act, Woodrow Wilson, federal reserve, excess reserves, discount rate, money supply, federal securities, legal reserve, federal reserve system, private banks, reserve ratio, open-market operations, reserve system, banks excess reserves, legal reserve ratio, federal reserve act, buys federal securities,
Approximate Word count = 1228
Approximate Pages = 5 (250 words per page double spaced)
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