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Author: Edward Kaplan
Publisher: Praeger
ISBN:
Category : Business & Economics
Languages : en
Pages : 192
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Book Description
An account of the history, structure, and operation of the First and Second Banks of the United States, this study examines how the banks performed as national and central institutions, and what happened to the economy when the charter of the Second Bank was allowed to expire in 1836. Historians have paid little recent attention to the early history of central banking in the United States, and many Americans believe that the Federal Reserve, created in 1913, was our first central bank. The economic crisis during the American Revolution actually led to the founding of a national bank, called the Bank of North America, during the period of Confederation. Although it became a private bank before the Constitution was ratified in 1788, it proved to be such a success that in 1791 Alexander Hamilton, the first Secretary of the Treasury, was able to convince President Washington that a similar bank should be established. While the First Bank of the United States performed well during its tenure, its charter was allowed to lapse in 1811. A Second Bank of the United States was created five years later in 1816, and it prospered under the leadership of its third president, Nicholas Biddle, from 1823 to 1830, when central banking was practiced. This success ended with the 1828 election of Andrew Jackson, who refused to recharter the bank and withdrew the government's funds in 1833. Severely weakened, the Bank continued, but its charter finally expired in 1836, much to Biddle's dismay.
Author: Edward Kaplan
Publisher: Praeger
ISBN:
Category : Business & Economics
Languages : en
Pages : 192
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Book Description
An account of the history, structure, and operation of the First and Second Banks of the United States, this study examines how the banks performed as national and central institutions, and what happened to the economy when the charter of the Second Bank was allowed to expire in 1836. Historians have paid little recent attention to the early history of central banking in the United States, and many Americans believe that the Federal Reserve, created in 1913, was our first central bank. The economic crisis during the American Revolution actually led to the founding of a national bank, called the Bank of North America, during the period of Confederation. Although it became a private bank before the Constitution was ratified in 1788, it proved to be such a success that in 1791 Alexander Hamilton, the first Secretary of the Treasury, was able to convince President Washington that a similar bank should be established. While the First Bank of the United States performed well during its tenure, its charter was allowed to lapse in 1811. A Second Bank of the United States was created five years later in 1816, and it prospered under the leadership of its third president, Nicholas Biddle, from 1823 to 1830, when central banking was practiced. This success ended with the 1828 election of Andrew Jackson, who refused to recharter the bank and withdrew the government's funds in 1833. Severely weakened, the Bank continued, but its charter finally expired in 1836, much to Biddle's dismay.
Author: Board of Governors of the Federal Reserve System
Publisher:
ISBN: 9780894991967
Category : Banks and Banking
Languages : en
Pages : 0
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Book Description
Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.
Author: Murray Newton Rothbard
Publisher: Ludwig von Mises Institute
ISBN: 1610163702
Category : Depressions
Languages : en
Pages : 286
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Book Description
Author: Edward Kaplan
Publisher: Bloomsbury Publishing USA
ISBN: 0313371520
Category : Business & Economics
Languages : en
Pages : 184
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Book Description
An account of the history, structure, and operation of the First and Second Banks of the United States, this study examines how the banks performed as national and central institutions, and what happened to the economy when the charter of the Second Bank was allowed to expire in 1836. Historians have paid little recent attention to the early history of central banking in the United States, and many Americans believe that the Federal Reserve, created in 1913, was our first central bank. The economic crisis during the American Revolution actually led to the founding of a national bank, called the Bank of North America, during the period of Confederation. Although it became a private bank before the Constitution was ratified in 1788, it proved to be such a success that in 1791 Alexander Hamilton, the first Secretary of the Treasury, was able to convince President Washington that a similar bank should be established. While the First Bank of the United States performed well during its tenure, its charter was allowed to lapse in 1811. A Second Bank of the United States was created five years later in 1816, and it prospered under the leadership of its third president, Nicholas Biddle, from 1823 to 1830, when central banking was practiced. This success ended with the 1828 election of Andrew Jackson, who refused to recharter the bank and withdrew the government's funds in 1833. Severely weakened, the Bank continued, but its charter finally expired in 1836, much to Biddle's dismay.
Author: Douglas A. Irwin
Publisher: University of Chicago Press
ISBN: 0226384756
Category : Business & Economics
Languages : en
Pages : 365
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Book Description
Papers of the National Bureau of Economic Research conference held at Dartmouth College on May 8-9, 2009.
Author: Paul Kahan
Publisher:
ISBN: 9781594163777
Category :
Languages : en
Pages : 200
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Book Description
The Battle over the Charter of the Second Bank of the United States and Its Lasting Impact on the American Economy Late one night in July 1832, Martin Van Buren rushed to the White House where he found an ailing President Andrew Jackson weakened but resolute. Thundering against his political antagonists, Jackson bellowed: "The Bank, Mr. Van Buren, is trying to kill me, but I shall kill it!"With those famous words, Jackson formally declared "war" against the Second Bank of the United States and its president Nicholas Biddle. The Bank of the United States, which held the majority of Federal monies, had been established as a means of centralizing and stabilizing American currency and the economy, particularly during the country's vulnerable early years. Jackson and his allies viewed the bank as both elitist and a threat to states' rights. Throughout his first term, Jackson had attacked the bank viciously but failed to take action against the institution. Congress' decision to recharter the bank forced Jackson to either make good on his rhetoric and veto the recharter or sign the recharter bill and be condemned as a hypocrite. In The Bank War: Andrew Jackson, Nicholas Biddle, and the Fight for American Finance, historian Paul Kahan explores one of the most important and dramatic events in American political and economic history, from the idea of centralized banking and the First Bank of the United States to Jackson's triumph, the era of "free banking," and the creation of the Federal Reserve System. Relying on a range of primary and secondary source material, the book also shows how the Bank War was a manifestation of the debates that were sparked at the Constitutional Convention--the role of the executive branch and the role of the federal government in American society--debates that endure to this day as philosophical differences that often divide the United States.
Author: The Bush Institute
Publisher: Currency
ISBN: 0307986144
Category : Business & Economics
Languages : en
Pages : 370
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Book Description
Foreword by President George W. Bush With contributions from world renowned economists and Nobel prizewinners, The 4% Solution is a blueprint for restoring America’s economic health The United States is reaching a pivotal point in its economic history. Millions of Americans owe more on their homes than they are worth, long-term unemployment is alarmingly high, and the Congressional Budget Office is projecting a sustainable growth rate of only 2.3%—a full percentage point below the average for the past sixty years. Unless a turnaround comes quickly, the United States could be mired in debt for years to come and millions of Americans will be pushed to the sidelines of the economy. The 4% Solution offers clear and unflinching ideas on how to revive America’s economy. It sets a positive economic goal and asks some of the top economic minds on how to achieve it. With a focus on removing government constraints, The 4% Solution defines the policies that will allow Americans to save, invest, and create the jobs that the United States needs. The 4% Solution draws on the best minds in the business, including five Nobel laureates: · Robert E. Lucas, Jr., on the history and future of economic growth · Gary S. Becker on why we need immigrants in order to grow · Edward Prescott on the cost (to growth) of the welfare state · Vernon Smith on why housing leads us into and out of recessions · Myron Scholes on why we need to innovate in order to grow the economy
Author: Ron Paul
Publisher: Grand Central Publishing
ISBN: 044656818X
Category : Political Science
Languages : en
Pages : 186
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Book Description
In the post-meltdown world, it is irresponsible, ineffective, and ultimately useless to have a serious economic debate without considering and challenging the role of the Federal Reserve. Most people think of the Fed as an indispensable institution without which the country's economy could not properly function. But in End the Fed, Ron Paul draws on American history, economics, and fascinating stories from his own long political life to argue that the Fed is both corrupt and unconstitutional. It is inflating currency today at nearly a Weimar or Zimbabwe level, a practice that threatens to put us into an inflationary depression where $100 bills are worthless. What most people don't realize is that the Fed -- created by the Morgans and Rockefellers at a private club off the coast of Georgia -- is actually working against their own personal interests. Congressman Paul's urgent appeal to all citizens and officials tells us where we went wrong and what we need to do fix America's economic policy for future generations.
Author: Christopher Leonard
Publisher: Simon and Schuster
ISBN: 1982166649
Category : Business & Economics
Languages : en
Pages : 384
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Book Description
The New York Times bestseller from business journalist Christopher Leonard infiltrates one of America’s most mysterious institutions—the Federal Reserve—to show how its policies spearheaded by Chairman Jerome Powell over the past ten years have accelerated income inequality and put our country’s economic stability at risk. If you asked most people what forces led to today’s unprecedented income inequality and financial crashes, no one would say the Federal Reserve. For most of its history, the Fed has enjoyed the fawning adoration of the press. When the economy grew, it was credited to the Fed. When the economy imploded in 2008, the Fed got credit for rescuing us. But here, for the first time, is the inside story of how the Fed has reshaped the American economy for the worse. It all started on November 3, 2010, when the Fed began a radical intervention called quantitative easing. In just a few short years, the Fed more than quadrupled the money supply with one goal: to encourage banks and other investors to extend more risky debt. Leaders at the Fed knew that they were undertaking a bold experiment that would produce few real jobs, with long-term risks that were hard to measure. But the Fed proceeded anyway…and then found itself trapped. Once it printed all that money, there was no way to withdraw it from circulation. The Fed tried several times, only to see the market start to crash, at which point the Fed turned the money spigot back on. That’s what it did when COVID hit, printing 300 years’ worth of money in a few short months. Which brings us to now: Ten years on, the gap between the rich and poor has grown dramatically, inflation is raging, and the stock market is driven by boom, busts, and bailouts. Middle-class Americans seem stuck in a stage of permanent stagnation, with wage gains wiped out by high prices even as they remain buried under credit card debt, car loan debt, and student debt. Meanwhile, the “too big to fail” banks remain bigger and more powerful than ever while the richest Americans enjoy the gains of a hyper-charged financial system. The Lords of Easy Money “skillfully” (The Wall Street Journal) tells the “fascinating” (The New York Times) tale of how quantitative easing is imperiling the American economy through the story of the one man who tried to warn us. This is the first inside story of how we really got here—and why our economy rests on such unstable ground.
Author: Tim Todd
Publisher:
ISBN: 9780974480978
Category : African American banks
Languages : en
Pages : 158
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Book Description
Generally, books addressing the early history of African American banks have done so either within the larger construct of African American business history and economic development, or as a starting point to explore current issues related to financial services. Focused considerations of these early institutions and their founders have been relatively rare and somewhat scattered. This publication seeks to address this issue.
