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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. -
American Life in the “Roaring Twenties” 1919 - 1929 Overview
American Life in the “Roaring Twenties” 1919 - 1929 Overview • Americans turned inward after activism of World War I – Attacked communism, radicalism, un- Americanism, foreigners, free trade • Prosperity – New technology, consumer products, leisure and entertainment – Veneer over wide gap between rich and poor Economic Expansion, 1920–1929 Seeing Red • 1919 – 1920 – “Red Scare” in US – 1917 – Bolsheviks took power in Russia – Tiny Communist party formed in US – Unionism and strikes of late 1910s • General strike in Seattle, Boston police – June 1919 – bomb exploded at Palmer’s home – September 1920 – bomb blast on Wall St. killed 38 people The State of the World One National Strike He Didn’t Plan All They Want in Our Flag Too Slow For Me Seeing Red • Attacks in civil liberties – Palmer Raids • Attorney General A. Mitchell Palmer arrested 5,000 suspected communists on flimsy evidence and with no warrants – December 1919 – shipload of 249 alien radicals deported to USSR – State laws outlawed mere advocacy of violence for social change IWW Headquarters in New York After Palmer Raid, 1919 It is More Blessed to Give Than Receive Deporting the Reds Seeing Red • Business attacks on unions – IWW and other union members attacked through law – “closed” (all-union) shop attacked as “Sovietism in disguise” • “open” shop called “the American plan” Seeing Red • Sacco and Vanzetti – Nicola Sacco (shoe-factory worker) and Batrolomeo Vanzetti (fish peddler) – 1921 – convicted of murdering a Massachusetts shoe factory paymaster and his guard, and stealing -
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. -
The Federal Reserve's Role
CHAPTER 6 The Federal Reserve’s Role Actions Before, During, and After the 2008 Panic in the Historical Context of the Great Contraction Michael D. Bordo1 Introduction The financial crisis of 2007–2008 has been viewed as the worst since the Great Contraction of the 1930s. It is also widely believed that the policy lessons learned from the experience of the 1930s helped the US monetary authorities prevent another Great Depression. Indeed, Ben Bernanke, the chairman of the Federal Reserve during the crisis, stated in his 2012 book that, having been a scholar of the Great Depression, his understand- ing of the events of the early 1930s led him to take many of the actions that he did. This chapter briefly reviews the salient features of the Great Con- traction of 1929–1933 and the policy lessons learned. I then focus on the recent experience and examine the key policy actions taken by the Fed to allay the crisis and to attenuate the recession. I then evaluate Fed policy actions in light of the history of the 1930s. My main finding is that the historical experience does not quite conform to the recent crisis and, in some respects, basing policy on the lessons of the earlier crisis may have exacerbated the recent economic stress and have caused serious problems that could contribute to the next crisis. The Great Contraction story The leading explanation of the Great Contraction from 1929 to 1933 is by Milton Friedman and Anna Schwartz in A Monetary History of the United States: 1867 to 1960 (1963a). -
THE ROARING TWENTIES MASS MEDIA After World War I, the United
THE ROARING TWENTIES MASS MEDIA After World War I, the United States entered an era of prosperity known as the Roaring Twenties. For the first time, average Americans could buy expensive items such as automobiles. Cities and their surrounding suburbs grew, leisure time increased, and the ways American spent their free time changed. But the wave of prosperity did not last. In 1929, the U.S economy collapsed. America entered the Great Depression, a time when many people did not have money or jobs. Throughout this period, mass media grew and helped to shape American culture. Print Media In the 1920s, people had more time to read for enjoyment. Mass-market magazines became more popular than ever. The colorful publications told people about news, fashion, sports, and hobbies. Advertisers used flashy ads in magazines and newspapers to sell consumer products. The content of these publications often created fads, or temporary fashions and ways of acting. Magazines and newspapers helped to shape the culture of the era. Radio Broadcasts In the 1920s, mass media expanded to include the radio. For the first time, millions of people around the world were connected through radio signals. Throughout the country, people gathered at home to listen to their radios. Programs included broadcast news, entertainment programs, and popular music, such as jazz. Later, during the Great Depression, President Franklin D. Roosevelt used the radio to broadcast his “fireside chats.” In these radio programs, the President spoke to Americans and calmed their fears about the poor economy. Movies Although movies had been around for a generation, they were silent pictures. -
Review Catalog for Regents U.S. History & Government
Review Catalog for Regents U.S. History & Government Created by the New-York Historical Society’s Student Historians 2013-2014 How to use this guide: The New-York Historical Society, one of America’s pre-eminent cultural institutions, is dedicated to fostering research, presenting history and art exhibitions, and public programs that reveal the dynamism of history and its influence on the world of today. Founded in 1804, New-York Historical has a mission to explore the richly layered political, cultural and social history of New York City and State and the nation, and to serve as a national forum for the discussion of issues surrounding the making and meaning of history. Student Historians are high school interns at New-York Historical who explore our museum and library collection and conduct research using the resources available to them within a museum setting. Their project this academic year was to create a guide for fellow high school students preparing for U.S. History Exams, particularly the U.S. History & Government Regents Exam. Student Historians chose pieces from our collection that they felt represented a historical event or theme often tested on the exam, collected and organized their research, and wrote about their piece within the context of the event or theme. The intent is that this will provide a valuable supplemental review material for high school students preparing for U.S. History exams. The following summative essays are all researched and written by the 2013-14 Student Historians, and compiled in chronological order. Each essay is prefaced with a title page depicting the object or artwork from the N-YHS collection that serves as the foundation for the U.S. -
FEDERAL RESERVE SYSTEM the First 100 Years
FEDERAL RESERVE SYSTEM The First 100 Years A CHAPTER IN THE HISTORY OF CENTRAL BANKING FEDERAL RESERVE SYSTEM The First 100 Years A Chapter in the History of Central Banking n 1913, Albert Einstein was working on his established the second Bank of the United States. It new theory of gravity, Richard Nixon was was also given a 20-year charter and operated from born, and Franklin D. Roosevelt was sworn 1816 to 1836; however, its charter was not renewed in as assistant secretary of the Navy. It was either. After the charter expired, the United States also the year Woodrow Wilson took the oath endured a series of financial crises during the 19th of office as the 28th President of the United and early 20th centuries. Several factors contributed IStates, intent on advocating progressive reform to the crises, including a number of bank failures, and change. One of his biggest reforms occurred which generated waves of bank panics and on December 23, 1913, when he signed the Federal economic instability.2 Reserve Act into law. This landmark legislation When Jay Cooke and Company, the nation’s created the Federal Reserve System, the nation’s largest bank, failed in 1873, a panic erupted, leading central bank.1 to runs on other financial institutions. Within months, the nation’s economic problems deepened as silver A Need for Stability prices dropped after the Coinage Act of 1873 was Why was a central bank needed? The nation passed, which dampened the interests of U.S. silver had tried twice before to establish a central bank miners and led to a recession that lasted until 1879. -
World War I and the Roaring Twenties
CHAPTER 7 WORLD WAR I AND THE ROARING TWENTIES Durin g the second decade of the twentieth century both min ing and agriculture in Utah generally prospered. This development was attributed to the growth of industrial and urban centers and to World War I, which created a demand for metals and agricultural products. An article in the Eureka Reporter of 5 January 1917 stated, "Twenty-two Utah mines paid over $24,000,000 in dividends in 1916; ten of the twenty-two dividend payers are Tintic properties. This is only one of the reasons why Tintic leads all other districts, and why our district has such a bright future." After the conclusion of World War I, the 1920s also brought a sense of optimism toward the future in many county residents. The agricultural industry prospered during the war period and farm ground was improved in most of Utah. The only counties in which the farms did not increase at the time were Grand, Juab, Morgan, and Wasatch.1 However, during this period, as mentioned, ranching did grow in west Juab. In 1917, a large group of farmers and other taxpayers met with the Juab County Commission and pre sented a petition requesting the commissioners to enter into a con- 155 156 HISTORY OF JUAB COUNTY Parades brought out the entire community. Parade up Eureka Main Street, 1906. (Tintic Historical Society) tract with the United States through the Utah Agricultural College for the appointment of a county agricultural agent and that the com missioners appropriate the sum of $500 to apply toward the wages of the agent. -
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. -
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. -
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 . -
Progressive Era: the Roaring Twenties
Name: _________________________________________ Date: __________ Period: __________ Directions: Close read and annotation. Before reading, take note of the items you should be looking for in the text and how they should be annotated. 1. Underline or highlight and annotate with an A the following: Evidence of where advertising helped create the idea of what life should be like. 2. Underline or highlight and annotate which B D the following: Which of the following sentences from the article BEST demonstrates the idea that A merica stood at a crossroads between advancement and tradition. 3. Determine what the central idea of the article is and write it here: 4. Underline or highlight and annotate with a C I the following: S entences that help to develop the CENTRAL idea of the article? Progressive Era: The Roaring Twenties By Joshua Zeitz, The Gilder Lehrman Institute of American History, adapted by Newsela staff 12/14/2016 TOP: Russell Patterson's "Where There's Smoke There's Fire," showing a fashionably dressed woman of the time, often called a flapper, was painted around 1925. Courtesy of Library of Congress. BOTTOM: Calvin Coolidge in the late 1910s. The 1920s heralded a dramatic break between America’s past and future. Before World War I (1914-1918), the country remained culturally and psychologically rooted in the past. In the 1920s, America seemed to usher in a more modern era. The most vivid impressions of the 1920s are of flappers, movie palaces, radio empires, and Prohibition, the nationwide ban on alcohol that led to people making alcohol and drinking it in secret.