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what is money?
John Pierpont "J. P." Morgan (April 17, 1837 – March 31, 1913) was an American financier, banker, philanthropist and art collector who dominated corporate finance and industrial consolidation during his time.
A house formerly belonging to the Viennese family (Schillersdorf Palace). Schloss Hinterleiten , one of the many palaces built by the Austrian Rothschild dynasty. Donated to charity by the family in 1905. Beatrice de Rothschild's villa on the Côte d'Azur , France The Rothschild family ( pron.: / ˈ r ɒ θ s . tʃ aɪ l d / , German: [ˈʁoːt.ʃɪlt] , French: [ʁɔt.ʃild] , Italian: [ˈrɔtʃild] ), or more simply as the Rothschilds , is a family, originating in Frankfurt , Germany, that established a European banking dynasty starting in the late 18th century, that came even to surpass the most powerful rival banking families of the time such as Baring and Berenberg .
Fractional-reserve banking is the practice whereby a bank retains funds equal to only a portion of the amount of its customers' deposits as readily available reserves (currency on hand at the bank plus deposit accounts for that bank at the central bank ) from which to satisfy demands for payment. The remainder of customer-deposited funds is used to fund investments or loans that the bank makes to other customers. [ 1 ] Most of these loaned funds are later redeposited into banks, allowing further lending. Because bank deposits are usually considered money in their own right, fractional-reserve banking permits the money supply to grow to a multiple of the underlying reserves of base money originally created by the central bank. [ 2 ] [ 3 ]
A central bank , reserve bank , or monetary authority is a public institution that manages a state's currency , money supply , and interest rates .
The Bank for International Settlements ( BIS ) is an international organization of central banks which "fosters international monetary and financial cooperation and serves as a bank for central banks ". [ 2 ] As an international institution, it is not accountable to any single national government. The BIS carries out its work through subcommittees, the secretariats it hosts and through an annual general meeting of all member banks. It also provides banking services, but only to central banks and other international organizations.
The World Bank is an international financial institution that provides loans [ 3 ] to developing countries for capital programs .
The International Monetary Fund ( IMF ) is an international organization that was initiated in 1944 at the Bretton Woods Conference and formally created in 1945 by 29 member countries. The IMF's stated goal was to stabilize exchange rates and assist the reconstruction of the world’s international payment system post- World War II . Countries contribute money to a pool through a quota system from which countries with payment imbalances can borrow funds temporarily.
The Federal Reserve System (also known as the Federal Reserve , and informally as the Fed ) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act , largely in response to a series of financial panics, particularly a severe panic in 1907 . [ 2 ] [ 3 ] [ 4 ] [ 5 ] [ 6 ] [ 7 ] Over time, the roles and responsibilities of the Federal Reserve System have expanded and its structure has evolved. [ 3 ] [ 8 ] Events such as the Great Depression were major factors leading to changes in the system. [ 9 ]
William T. "Bill" Still (born January 20, 1948) is an American documentary film producer and author of several non-fiction books. [ edit ] Films Still is the director, narrator, and producer of the documentary films The Money Masters [ 1 ] and The Secret of Oz , [ 2 ] both of which critique the system of monetary control by the U.S. Federal Reserve System .