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The Banking System and War Finance
This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: The Banking System and War Finance Volume Author/Editor: Charles R. Whittlesey Volume Publisher: NBER Volume ISBN: 0-87014-323-9 Volume URL: http://www.nber.org/books/whit43-1 Publication Date: February 1943 Chapter Title: The Banking System and War Finance Chapter Author: Charles R. Whittlesey Chapter URL: http://www.nber.org/chapters/c9925 Chapter pages in book: (p. 1 - 62) The Banking System and War Finance CHARLES R. WHITTLESEY OUR ECONOMY IN WAR Occasional Paper 8: February ig FINANCIAL RESEARCH PROGRAM NATIONAL BUREAU OF ECONOMIC RESEARCH t8ig Broadway. New York S Preface THE PRESENT PAPER 15 the first of several that are being developed by the Financial Research Program on the general subject of the effect of war on banking. These studies, which have been made possible by grants from the Association of Reserve City Bankers and the Rockefeller Foundation, are to be published as National Bureau Occasional Papers in a special series entitled "Our Economy in War." Subsequent papers will consider the effects of war on the moneysupply, central banking, bank loans and investments, the structure of interest rates, and the solvency and liquidity of banks; the Canadian and British war credit organization will also be examined, as will the effects of war on the financial structure of business. I The broad questions of fiscal policy and war finance were analyzed in a recent National Bureau volume sponsored by the Conference on Research in Fiscal Policy, entitled Fiscal Planning for Total War, in the preparation of which William Leonard Crum, John F. -
By JEFF GOODELL Illustration by MATT MAHURIN
The Pentagon & Climate Change The leaders of our armed forces know what’s coming next: melting ice caps, rising sea levels, and mass migrations that will take a toll on much of our military infrastructure and create countless new threats. But climate deniers in Congress are ignoring the warnings and putting our national security at risk By JEFF GOODELL Illustration by MATT MAHURIN 48 | Rolling Stone | RollingStone.com The Pentagon aval station norfolk is the seven feet of sea-level rise by 2100. In 25 headquarters of the U.S. Navy’s Atlan- years, operations at most of these bases are likely to be severely compromised. With- tic fleet, an awesome collection of mil- in 50 years, most of them could be goners. itary power that is in a terrible way the If the region gets slammed by a big hurri- crowning glory of American civiliza- cane, the reckoning could come even soon- tion. Seventy-five thousand sailors and er. “You could move some of the ships to other bases or build new, smaller bases in civilians work here, their job the daily more protected places,” says retired Navy business of keeping an armada spit- Capt. Joe Bouchard, a former command- shined and ready for deployment at any er of Naval Station Norfolk. “But the costs would be enormous. We’re talking hun- moment. When I visited in December, dreds of billions of dollars.” the aircraft carrier USS Theodore Roos- Rear Adm. Jonathan White, the Na- evelt was in port, a 1,000-foot-long floating war machine that was central to U.S. -
Teamster Families Lose Homes to Fires; Union Steps up Again
Joint Council 7 TEAMSTER Volume 62, Number 5 Serving members in Northern California, the Central Valley, and Northern Nevada December 2017/January 2018 David Larson is Teamster families lose homes interviewed on the local CBS station when he returned to see if there to fires; union steps up again was anything to salvage from his charred home in Glen Ellen. Member saves neighbor; both lose their homes Early in the morning on October 8, David Larson made one of his most important pick up and deliver- ies, saving his elderly, disabled neighbor. Just after midnight, the 25-year UPS veteran and member of Local 665 got a call from his dad who saw on the news that a fire was approaching his Glen Ellen home and moving quickly. The parking lot at Local 665’s Santa Rosa hall served as the staging area for donations for fire victims. Here, Teamsters and “I put on sneakers, looked out the back door, and community volunteers take a break from sorting goods to show their solidarity. saw a huge plume of smoke. I heard the police going down the road giving the evacuation notice. I knew After one of the worst natural disasters in 856 members had their homes destroyed, as did a California history, the Teamsters came together few members each from Locals 70, 137, 150, 315, and that this was the real thing,” he explained. again to help our brothers and sisters and to support 853. The fire had moved so swiftly that most evacu- As Larson made his plan to exit, he remembered their communities. -
Don't Bank On
Don’t Bank On It! Also by Craig R. Smith Rediscovering Gold in the 21st Century: The Complete Guide to the Next Gold Rush Black Gold Stranglehold: The Myth of Scarcity and the Politics of Oil (co-authored with Jerome R. Corsi) The Uses of Inflation: Monetary Policy and Governance in the 21st Century Crashing the Dollar: How to Survive a Global Currency Collapse* Re-Making Money: Ways to Restore America’s Optimistic Golden Age* The Inflation Deception: Six Ways Government Tricks Us...And Seven Ways to Stop It!* The Great Debasement: The 100-Year Dying of the Dollar and How to Get America’s Money Back* The Great Withdrawal: How the Progressives’ 100-Year Debasement of America and the Dollar Ends* Also by Lowell Ponte The Cooling Crashing the Dollar: How to Survive a Global Currency Collapse* Re-Making Money: Ways to Restore America’s Optimistic Golden Age* The Inflation Deception: Six Ways Government Tricks Us...And Seven Ways to Stop It!* The Great Debasement: The 100-Year Dying of the Dollar and How to Get America’s Money Back* The Great Withdrawal: How the Progressives’ 100-Year Debasement of America and the Dollar Ends* *Works co-authored by Craig R. Smith and Lowell Ponte Don’t Bank On It! The Unsafe World of 21st Century Banking By Craig R. Smith and Lowell Ponte Foreword by Pat Boone Idea Factory Press Phoenix, Arizona Don’t Bank On It! The Unsafe World of 21st Century Banking Copyright © 2014 by Idea Factory Press All Rights Reserved, including the right to reproduce this book, or parts thereof, in any form except for the inclusion of brief quotations in a review. -
Shallow Reservoir Plan Questioned
December 29, 2019 Lake Okeechobee News – merger of Okeechobee News, Clewiston News, Glades County Democrat, and The Sun 1 Vol. 110 No. 156 Sunday, December 29, 2019 $1.00 plus tax Shallow reservoir plan questioned 12,500-acre reservoir Engineers’ plan to build a shallow reservoir missioners responded to the letter Congress- with a 12,500-acre footprint in Glades County man Brian Mast sent to Mr. Bartlett. In the planned for north of lake just north of Lake Okeechobee would be a Dec. 11 letter, Rep. Mast recommended de- literally won’t hold water, waste of taxpayers’ money because it simply laying the northern storage project known as won’t hold water, according to a letter from the Lake Okeechobee Watershed Restoration say local landowners Okeechobee County Commission Chairman Project and concentrating available funding Terry Burroughs to South Florida Water on southern storage. By Katrina Elsken Management District Executive Director Drew In LOWRP, the U.S. Army Corps of Engi- neers proposes a shallow (with water up to Inspiring Lake Okeechobee News Bartlett. Okeechobee LOWRP 2 OKEECHOBEE — The U.S. Army Corps of The Okeechobee County Board of Com- See — Page 5 Girls soccer team off to best start in years By Richard Marion IRSC expands Lake Okeechobee News 7 nursing program OKEECHOBEE — The Okeechobee High School Lady Brahman varsity soccer team has Lake Levels capitalized on a dominating win streak during the month of December and jumped out to a 7-2-1 record halfway through their season. 13.01 feet They currently hold the No. 2 seed in their Last Year: 12.72 feet district behind Suncoast. -
Antebellum Banking Regulation: a Comparative Approach
ANTEBELLUM BANKING REGULATION: A COMPARATIVE APPROACH DISSERTATION Presented in Partial Fulfillment of the Requirements for the Degree Doctor of Philosophy in the Graduate School of The Ohio State University By Alka Gandhi, M.A. ***** The Ohio State University 2003 Dissertation Committee: Approved by Professor Richard H. Steckel, Advisor Professor Paul Evans ________________________ Advisor Professor J. Huston McCulloch Economics Graduate Program ABSTRACT Extensive historical and contemporary studies establish important links between financial systems and economic development. Despite the importance of this research area and the extent of prior efforts, numerous interesting questions remain about the consequences of alternative regulatory regimes for the health of the financial sector. As a dynamic period of economic and financial evolution, which was accompanied by diverse banking regulations across states, the antebellum era provides a valuable laboratory for study. This dissertation utilizes a rich data set of balance sheets from antebellum banks in four U.S. states, Massachusetts, Ohio, Louisiana and Tennessee, to examine the relative impacts of preventative banking regulation on bank performance. Conceptual models of financial regulation are used to identify the motivations behind each state’s regulation and how it changed over time. Next, a duration model is employed to model the odds of bank failure and to determine the impact that regulation had on the ability of a bank to remain in operation. Finally, the estimates from the duration model are used to perform a counterfactual that assesses the impact on the odds of bank failure when imposing one state’s regulation on another state, ceteris paribus. The results indicate that states did enact regulation that was superior to alternate contemporaneous banking regulation, with respect to the ability to maintain the banking system. -
California Initiative Review (CIR)
California Initiative Review (CIR) Volume 2014 Article 3 1-1-2014 Cover University of the Pacific, McGeorge School of Law Follow this and additional works at: https://scholarlycommons.pacific.edu/california-initiative- review Part of the Legislation Commons Recommended Citation University of the Pacific, cM George School of Law (2014) "Cover," California Initiative Review (CIR): Vol. 2014 , Article 3. Available at: https://scholarlycommons.pacific.edu/california-initiative-review/vol2014/iss1/3 This Front Matter is brought to you for free and open access by the Journals and Law Reviews at Scholarly Commons. It has been accepted for inclusion in California Initiative Review (CIR) by an authorized editor of Scholarly Commons. For more information, please contact [email protected]. Introduction The California Initiative Review (CIR) is a non-partisan, objective publication of independent analyses of California statewide ballot initiatives. The CIR is a publication of the Pacific McGeorge Capital Center for Public Law and Policy and is prepared before every statewide election. Each CIR covers all measures qualified for the next statewide ballot, and also contains reports on topics related to initiatives, elections, or campaigns. This edition covers the six statewide ballot measures that will appear on the November 4, 2014 ballot, as well as presents reports on Proposition 49, which was removed from the ballot, Measure L, a history of Three Strikes and the initiative process, and comparative initiative law. The CIR is written and edited by law students enrolled in the California Initiative Seminar course at University of the Pacific, McGeorge School of Law. This fall, 20 students were enrolled in the seminar. -
The Great Depression As a Credit Boom Gone Wrong by Barry Eichengreen* and Kris Mitchener**
BIS Working Papers No 137 The Great Depression as a credit boom gone wrong by Barry Eichengreen* and Kris Mitchener** Monetary and Economic Department September 2003 * University of California, Berkeley ** Santa Clara University BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The views expressed in them are those of their authors and not necessarily the views of the BIS. Copies of publications are available from: Bank for International Settlements Press & Communications CH-4002 Basel, Switzerland E-mail: [email protected] Fax: +41 61 280 9100 and +41 61 280 8100 This publication is available on the BIS website (www.bis.org). © Bank for International Settlements 2003. All rights reserved. Brief excerpts may be reproduced or translated provided the source is cited. ISSN 1020-0959 (print) ISSN 1682-7678 (online) Abstract The experience of the 1990s renewed economists’ interest in the role of credit in macroeconomic fluctuations. The locus classicus of the credit-boom view of economic cycles is the expansion of the 1920s and the Great Depression. In this paper we ask how well quantitative measures of the credit boom phenomenon can explain the uneven expansion of the 1920s and the slump of the 1930s. We complement this macroeconomic analysis with three sectoral studies that shed further light on the explanatory power of the credit boom interpretation: the property market, consumer durables industries, and high-tech sectors. We conclude that the credit boom view provides a useful perspective on both the boom of the 1920s and the subsequent slump. -
Download the November 2019 Issue
November 2O19 3 Enforcement & Education 4 Best Practices 7 Being a Professional THE 8 Region 10 Spotlight 9 Partner Spotlight: FMCSA 10 From the Bench 11 Awards & Events 12 Traffic Safety Calendar LELLaw Enforcement Improving Traffic Safety Panelists discuss tools and tactics to strengthen law enforcement/SHSO relationships at the GHSA 2019 Annual Meeting. From left: Darrin Grondel, Director, Washington Traffic Safety Commission; GHSA consultant Tom Gianni; National LEL Program Manager Tim Burrows; Greg Fredericksen, Regional Administrator, NHTSA Region 10; Amy Davey, Administrator, Nevada Office of Traffic Safety; and Oro Valley (AZ) Police Department Chief Daniel Sharp. Partners in Safety A new toolkit from the Governors Highway Safety Association (GHSA) will help strengthen interactions between State Highway Safety Offices (SHSOs) and law enforcement. By Amadie Hart The project LAW ENFORCEMENT IS A CRITICAL PARTNER IN EF- the scope of the problem. Among the issues identi- first kicked forts to make our roadways safer, but too often the fied were a lack of motivation and interest within law off in 2017 connections between law enforcement agencies enforcement leadership to prioritize traffic safety with a series and the SHSO are weak or non-existent. A set of among numerous competing priorities, law enforce- of interviews tools developed by GHSA, under contract with the ment leadership turnover and resource challenges in to determine National Highway Traffic Safety Administration law enforcement agencies (staffing and funding). the scope -
Central Bank Activism Duke Law Journal, Vol
Central Bank Activism Duke Law Journal, Vol. 71: __ (forthcoming) Christina Parajon Skinner † ABSTRACT—Today, the Federal Reserve is at a critical juncture in its evolution. Unlike any prior period in U.S. history, the Fed now faces increasing demands to expand its policy objectives to tackle a wide range of social and political problems—including climate change, income and racial inequality, and foreign and small business aid. This Article develops a framework for recognizing, and identifying the problems with, “central bank activism.” It refers to central bank activism as situations in which immediate public policy problems push central banks to aggrandize their power beyond the text and purpose of their legal mandates, which Congress has established. To illustrate, the Article provides in-depth exploration of both contemporary and historic episodes of central bank activism, thus clarifying the indicia of central bank activism and drawing out the lessons that past episodes should teach us going forward. The Article urges that, while activism may be expedient in the near term, there are long-term social costs. Activism undermines the legitimacy of central bank authority, erodes its political independence, and ultimately renders a weaker central bank. In the end, the Article issues an urgent call to resist the allure of activism. And it places front and center the need for vibrant public discourse on the role of a central bank in American political and economic life today. © 2021 Christina Parajon Skinner. Draft 2021-05-27 20:46. † Assistant Professor, The Wharton School of the University of Pennsylvania. This article benefited from feedback provided by workshop or conference participants at The Wharton School, the Federal Reserve Bank of New York . -
Legislative Committee Packet
AGENDA BOARD LEGISLATIVE COMMITTEE Friday, August 15, 2014 12:45 p.m., Peralta Oaks Board Room The following agenda items are listed for Committee consideration. In accordance with the Board Operating Guidelines, no official action of the Board will be taken at this meeting; rather, the Committee’s purpose shall be to review the listed items and to consider developing recommendations to the Board of Directors. AGENDA STATUS TIME ITEM STAFF 12:45 p.m. 1. STATE LEGISLATION / ISSUES (R) A. NEW LEGISLATION Doyle/Pfuehler Plan Amendment 1. SB 633 (Pavley D-Agoura Hills) – State Parks Energy Costs Report 2. AB 1922 (Gomez D-Los Angeles) – Greenway Development and Sustainment Act. (I) B. ISSUES Doyle/Pfuehler 1. Water and park bond updates 2. Bike bill update 3. Other issues Doyle/Pfuehler (R) II. FEDERAL LEGISLATION / ISSUES A. NEW LEGISLATION 1. H.R. 5220 (Graves R-MO) No More Land Act – prohibits LWCF dollars from being used for acquisition (I) B. ISSUES Doyle/Pfuehler 1. Land and Water Conservation Fund update 2. Other issues III. ALAMEDA COUNTY TRANSPORTATION SALES TAX (R) Doyle/Pfuehler MEASURE IV. PUBLIC COMMENTS V. ARTICLES (R) Recommendation for Future Board Consideration (I) Information Future 2014 Meetings: (D) Discussion September 19, 2014 November 21, 2014 Legislative Committee Members: October 24, 2014 December 19, 2014 Doug Siden, Chair, Ted Radke, John Sutter, Whitney Dotson, Alternate Erich Pfuehler, Staff Coordinator DRAFT Distribution/Agenda Only Distribution/Agenda Only Distribution/Full Packet Distribution/Full Packet Distribution/Full Packet District: Public: District: Public: AGMs Judi Bank Director Whitney Dotson Carol Johnson Ann Grodin Yolande Barial Bruce Beyaert Director Beverly Lane Jon King Nancy Kaiser Afton Crooks Director Ted Radke Glenn Kirby Ted Radosevich Robert Follrath, Sr. -
Many Changes in Teaching Staff War Model Fair at MSC Sept. 7
LEDGER UP and ENTRIES Being a Collection of Varioiu Topics of Local and FIFTIETH YEAR LOWELL, MICHIGAN, AUGUST 20, 1942 No. 15 General Interest AMERICA CTARTS ATTACK Local Farm Hand AMERICAN people, during Many Changes in Drowns in River Everything AO Set for the the paat eight months, have News of Our Boys suffered the moat disaatroue ex- Funeral services were held on perience of defeat they ever knew Monday at the Roth Chapel for Kent County 4-H Club Fair In their history. One of the valued Teaching Staff Frank F. How, 48, who was drown- With the U.S. Rag possessions, the great Philippine ed late Saturday in Grand river Islands, was conquered by a School Officials Solving and the body was taken to Midland Horse Show and Other New Features, Amusements, Mr. and Mrs. Frank Schwacha treacherous enemy. Our people and for burial. Many Problems have just received a letter from Ionia Free Fair ends this week their allies were driven from one Mr. How had worked on a num- Races, Games, Contests, Exhibits, Etc. The Board of Education met In a ber of farms in this vicinity and their son Stanley (Bob, to you), Saturday night. It's a first claac posiiion to the next, and forced Kent County 4-H Club Fair—bigger and better than ever—will open By K. K. Vlnlng long session on Monday and was of late had resided in Lowell with who has been with the A. E. F. in show. to constantly retreat and give up. at Recreation Park, Lowell, next week Wednesday and continue confronted by many problems.