Federal Reserve Act Federal Reserve The Federal Reserve Act (ch. 6, 38 Stat. 251, enacted December 23, 1913, 12 U.S.C. ch. 3) is an Act of Congress that created and set up the Federal Reserve System, the central banking system of the United States of America, and granted it the legal authority to issue Federal Reserve Notes, now commonly known as the U.S. Dollar, and Federal Reserve Bank Notes as legal tender. The Act was signed into law by President Woodrow Wilson. The Act[edit] The Federal Reserve Act created a system of private and public entities; there were to be at least eight, and no more than 12, private regional Federal Reserve banks. With the passing of the Federal Reserve Act, Congress required that all nationally chartered banks become members of the Federal Reserve System. Background[edit] Central banking has made various institutional appearances throughout the history of the United States. The First Bank of United States[edit] The 2nd Bank of the United States[edit] Subsequent Amendments[edit]
President of the United States Head of state and government of the United States The president of the United States (POTUS)[B] is the head of state and head of government of the United States of America. The president directs the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces. Article II of the Constitution establishes the executive branch of the federal government and vests executive power in the president. The power includes the execution and enforcement of federal law and the responsibility to appoint federal executive, diplomatic, regulatory, and judicial officers. Based on constitutional provisions empowering the president to appoint and receive ambassadors and conclude treaties with foreign powers, and on subsequent laws enacted by Congress, the modern presidency has primary responsibility for conducting U.S. foreign policy. The president also plays a leading role in federal legislation and domestic policymaking. History and development Origins Election
Dionysius of Halicarnassus Dionysius of Halicarnassus Dionysius of Halicarnassus (Greek: Διονύσιος Ἀλεξάνδρου Ἁλικαρνασσεύς, Dionúsios Alexándrou Halikarnasseús, "Dionysios son of Alexandros of Halikarnassos"; c. 60 BC – after 7 BC) was a Greek historian and teacher of rhetoric, who flourished during the reign of Caesar Augustus. His literary style was Atticistic — imitating Classical Attic Greek in its prime. Dionysius' opinion of the necessity of a promotion of paideia within education, from true knowledge of Classical sources, endured for centuries in a form integral to the identity of the Greek elite.[1] Life[edit] He was a Halicarnassian.[1] At some time he moved to Rome after the termination of the civil wars, and spent twenty-two years studying Latin and literature and preparing materials for his history. Works[edit] His major work, entitled Ῥωμαϊκὴ Ἀρχαιολογία (Rhōmaïkḕ Arkhaiología, Roman Antiquities), embraced the history of Rome from the mythical period to the beginning of the First Punic War. Youth[edit]
Great Depression USA annual real GDP from 1910–60, with the years of the Great Depression (1929–1939) highlighted. The unemployment rate in the US 1910–1960, with the years of the Great Depression (1929–1939) highlighted. In the 21st century, the Great Depression is commonly used as an example of how far the world's economy can decline.[2] The depression originated in the U.S., after the fall in stock prices that began around September 4, 1929, and became worldwide news with the stock market crash of October 29, 1929 (known as Black Tuesday). The Great Depression had devastating effects in countries rich and poor. Personal income, tax revenue, profits and prices dropped, while international trade plunged by more than 50%. Unemployment in the U.S. rose to 25%, and in some countries rose as high as 33%.[3] Cities all around the world were hit hard, especially those dependent on heavy industry. Some economies started to recover by the mid-1930s. Start Economic indicators Causes General theoretical explanations
War reparations War reparations are compensation payments made after a war by the vanquished to the victors. They are intended to cover damage or injury inflicted during a war. Generally, the term war reparations refers to money or goods changing hands, but not to the annexation of land. History[edit] Making the defeated party pay a war indemnity is a common practice with a long history. In Ancient history, the imposition of reparations on a defeated enemy was often the beginning of forcing that enemy to pay a regular tribute. Rome imposed large indemnities on Carthage after the First ( Treaty of Lutatius ) and Second Punic Wars.[1] Some war reparations induced changes in monetary policy. Europe[edit] Napoleonic War[edit] Franco-Prussian War[edit] Greco-Turkish War of 1897[edit] World War I[edit] Russians agreed to pay reparations to the Central Powers when Russia exited the war in the Treaty of Brest-Litovsk (which was repudiated by the Bolshevik government eight months later). World War II Germany[edit]
Paris Peace Conference, 1919 Meeting of the Allied Powers after World War I The Paris Peace Conference, also known as the Versailles Peace Conference, was the meeting in 1919 and 1920 of the victorious Allied Powers following the end of World War I to set the peace terms for the defeated Central Powers. The conference involved diplomats from 32 countries and nationalities, and its major decisions were the creation of the League of Nations, as well as the five peace treaties with the defeated states; the awarding of German and Ottoman overseas possessions as "mandates", chiefly to Britain and France; the imposition of reparations upon Germany; and the drawing of new national boundaries (sometimes with plebiscites) to better reflect ethnic boundaries. Although it is often referred to as the "Versailles Conference", only the signing of the first treaty took place at the historic palace, and the negotiations occurred at the Quai d'Orsay in Paris. Overview and direct results[edit] Mandates[edit] British approach[edit]
Gold standard All references to "dollars" in this article refer to the United States dollar, unless otherwise stated. Under a gold standard, paper notes are convertible into preset, fixed quantities of gold. A gold standard is a monetary system in which the standard economic unit of account is based on a fixed quantity of gold. Three types may be distinguished: specie, exchange, and bullion. As of 2013 no country used a gold standard as the basis of its monetary system, although some hold substantial gold reserves. A total of 174,100 tonnes of gold have been mined in human history, according to GFMS as of 2012. History Origin The gold specie standard arose from the widespread acceptance of gold as currency. In modern times, the British West Indies was one of the first regions to adopt a gold specie standard. Australia and New Zealand adopted the British gold standard, as did the British West Indies, while Newfoundland was the only British Empire territory to introduce its own gold coin. Silver Japan
World War I reparations Due to the lack of reparation payments by Germany, France occupied the Ruhr in 1923 to enforce payments, causing an international crisis that resulted in the implementation of the Dawes Plan in 1924. This plan outlined a new payment method and raised international loans to help Germany to meet its reparation commitments. Despite this, by 1928 Germany called for a new payment plan, resulting in the Young Plan that established the German reparation requirements at 112 billion marks (US$26.3 billion) and created a schedule of payments that would see Germany complete payments by 1988. With the collapse of the German economy in 1931, reparations were suspended for a year and in 1932 during the Lausanne Conference they were cancelled altogether. The German people saw reparations as a national humiliation; the German Government worked to undermine the validity of the Treaty of Versailles and the requirement to pay. Background[edit] [edit] Evolution of reparations[edit] Initial demands[edit]
Hellenica Hellenica (Ἑλληνικά) simply means writings on Greek (Hellenic) subjects. Several histories of fourth-century Greece, written in the mold of Thucydides or straying from it, have borne the conventional Latin title Hellenica. The surviving Hellenica is an important work of the Greek writer Xenophon and one of the principal sources for the final seven years of the Peloponnesian War not covered by Thucydides, and the war's aftermath.[1] Xenophon's Hellenica[edit] Many consider this a very personal work, written by Xenophon in retirement on his Spartan estate, intended primarily for circulation among his friends, for people who knew the main protagonists and events, often because they had participated in them. Summary Xenophon's Hellenica is divided into 7 books and describes Greco-persian history from 411 BCE to 362. Book 1 covers the Decelian period of the larger Peloponnesian conflict, from BC 411-406. Book 2 narrates the years BC 406-402. Book 5 narrates the years BC 388-374. See also[edit]
J. P. Morgan 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. In 1892 Morgan arranged the merger of Edison General Electric and Thomson-Houston Electric Company to form General Electric. After financing the creation of the Federal Steel Company, he merged in 1901 with the Carnegie Steel Company and several other steel and iron businesses, including Consolidated Steel and Wire Company owned by William Edenborn, to form the United States Steel Corporation. Morgan died in Rome, Italy, in his sleep in 1913 at the age of 75, leaving his fortune and business to his son, John Pierpont "Jack" Morgan, Jr., and bequeathing his mansion and large book collections to The Morgan Library & Museum in New York. Childhood and education[edit] J. Career[edit] Early years and life[edit] J. J.P. After the 1893 death of Anthony Drexel, the firm was rechristened "J.
United States Department of the Treasury United States federal executive department The Department is administered by the Secretary of the Treasury, who is a member of the Cabinet. The Treasurer of the United States has no fixed duties, but advises the Secretary on various matters such as coinage and currency production.[4] Signatures of both officials appear on all Federal Reserve notes.[5] The current Secretary of the Treasury is Steven Mnuchin, who was confirmed by the United States Senate on February 13, 2017.[10] Jovita Carranza, appointed on April 28, 2017, is the incumbent treasurer.[11] History[edit] Revolutionary period[edit] The history of the Department of the Treasury began in the turmoil of the American Revolution, when the Continental Congress at Philadelphia deliberated the crucial issue of financing a war of independence against Great Britain. Despite the infusion of foreign and domestic loans, the united colonies were unable to establish a well-organized agency for financial administration. Responsibilities[edit]
Xenophon Xenophon (/ˈzɛnəfən/; Greek: Ξενοφῶν, Xenophōn, Greek pronunciation: [ksenopʰɔ̂ːn]; c. 430 – 354 BC), son of Gryllus, of the deme Erchia of Athens, also known as Xenophon of Athens, was a Greek historian, soldier, mercenary, and student of Socrates. While not referred to as a philosopher by his contemporaries, his status as such is recently a popular topic of debate. He is known for writing about the history of his own times, the late 5th and early 4th centuries BC, especially for his account of the final years of the Peloponnesian War. His Hellenica, which recounts these times, is considered to be the continuation of Thucydides’ The Peloponnesian War. Life[edit] Early years[edit] Little is known about Xenophon other than what he wrote about himself. Anabasis[edit] Expedition with Cyrus[edit] Under the pretext of fighting Tissaphernes, the Persian satrap of Ionia, Cyrus assembled a massive army composed of native Persian soldiers, but also a large number of Greeks. Return[edit]
Central bank The primary function of a central bank is to manage the nation's money supply (monetary policy), through active duties such as managing interest rates, setting the reserve requirement, and acting as a lender of last resort to the banking sector during times of bank insolvency or financial crisis. Central banks usually also have supervisory powers, intended to prevent bank runs and to reduce the risk that commercial banks and other financial institutions engage in reckless or fraudulent behavior. Central banks in most developed nations are institutionally designed to be independent from political interference.[4][5] Still, limited control by the executive and legislative bodies usually exists.[6][7] The chief executive of a central bank is normally known as the Governor, President or Chairman. History[edit] Prior to the 17th century most money was commodity money, typically gold or silver. Bank of England[edit] The sealing of the Bank of England Charter (1694). Spread around the world[edit]