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Monetary Reform In The United States
Monetary reform, the reform of monetary creation and thus of the banking system, is a topical political issue in the United States, especially in light of the public debt (15 trillion dollar in November 2011), household debt (student debts, etc.), Social Security and other public sector undertakings and state debts. The financial crisis that began in U.S. in the fall of 2007 and subsequently affected large parts of the world, and was followed by massive bank rescues (so-called bailouts), also plays a major role in this context as well as criticism of Federal Reserve. Strictly speaking, there are two separate movements for monetary reform in the U.S., one is more left-wing and the other is more right-wing. In Congress these views are represented mainly by Dennis Kucinich, who belong to the progressive left, and Ron Paul, known right-wing "Fed critic." The debate often focuses on questions such as how the banking system works today, debts, bailouts, the Federal Reserve, and more. But ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Reform
Monetary reform is any movement or theory that proposes a system of supplying money and financing the economy that is different from the current system. Monetary reformers may advocate any of the following, among other proposals: * A return to the gold standard (or silver standard or bimetallism). * Abolition of central bank support of the banking system during periods of crisis and/or the enforcement of full reserve banking for the privately owned banking system to remove the possibility of bank runs, possibly combined with sovereign money issued and controlled by the government or a central bank under the direction of the government. There is an associated debate within Austrian School whether free banking or full reserve banking should be advocated but regardless Austrian School economists such as Murray Rothbard support ending central bank bail outs (" ending the Fed"). * The issuance of interest-free credit by a government-controlled and fully owned central bank. Such i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Abram Andrew
Abram Piatt Andrew Jr. (February 12, 1873 – June 3, 1936) was an American economist and politician who served as Assistant Secretary of the Treasury, the founder and director of the American Ambulance Field Service during World War I, and a member of the U.S. House of Representatives from Massachusetts. Early life and education He was born in La Porte, Indiana, on February 12, 1873. He attended the public schools and the Lawrenceville School. He graduated from Princeton College in 1893, studied at the Harvard Graduate School of Arts and Sciences from 1893 to 1898, graduating with a master's degree in 1895 and a doctorate in 1900. He later pursued postgraduate studies in the Universities of Halle, Berlin, and Paris. Early career in economics He moved to Gloucester, Massachusetts, and was instructor and assistant professor of economics at Harvard University from 1900 to 1909. In January 1907, Andrew published a paper that anticipated the economic panic that hit in the fal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
New Economy Coalition
The New Economy Coalition (NEC) is an American nonprofit organization based in Boston, Massachusetts, formerly known as the New Economics Institute. It is a network of over 200 organizations based in the US and Canada working for "a future where people, communities, and ecosystems thrive...where capital (wealth and the means of creating it) is a tool of the people, not the other way around." as part of what it describes as the New Economy movement. History New Economics Institute Shortly after the start of the financial crisis in 2008, leaders from both ''New Economics Foundation'' (NEF) and the E. F. Schumacher Society recognized the need for an organization that could help bring systemic economic alternatives into the mainstream in North America. They collaborated to create a new organization called the New Economics Institute. New Economics Network The New Economics Network was created by Sarah Stranahan in 2009 as a loose network of about two hundred organizations working ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Reform In Britain
Monetary reform is the process of fundamentally changing policies regarding money. It can include changes to the money creation process, fractional-reserve banking, financial institutions, financing of the economy and social credit among other things. History C. H. Douglas and the Social Credit-movement In the years around 1920 the British engineer C. H. Douglas developed a theory on banking and welfare distribution, a theory which he called "Social Credit", and which soon became the cornerstone of an international movement with the same name. However, Douglas himself warned against viewing the Social Credit solely as a scheme for monetary reform. Personally he preferred to describe it as "the policy of a philosophy" or, to be exact, the policy of "practical Christianity". This policy, linked to this philosophy, is all about dispersing economic and political power to individuals. As he once wrote, "Systems were made for men, and not men for systems, and the interest of man ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chicago Plan
The Chicago plan was a monetary and banking reform program suggested in the wake of the Great Depression by a group of University of Chicago The University of Chicago (UChicago, Chicago, U of C, or UChi) is a private research university in Chicago, Illinois. Its main campus is located in Chicago's Hyde Park neighborhood. The University of Chicago is consistently ranked among the b ... economists including Henry Simons, Garfield Cox, Aaron Director, Paul Douglas, Albert G. Hart, Frank Knight, Lloyd Mints and Henry Schultz. Its main provision was to require 100% reserves on deposits subject to check, so that "the creation and destruction of effective money through private lending operations would be impossible". The plan, in other words, envisaged to separate the issuing from the lending of money. This, according to its authors, would prevent the money supply from cyclically varying as bank loans were expanded or contracted. In addition, the payment system would become per ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Great Depression
The Great Depression (19291939) was an economic shock that impacted most countries across the world. It was a period of economic depression that became evident after a major fall in stock prices in the United States. The economic contagion began around September and led to the Wall Street stock market crash of October 24 (Black Thursday). It was the longest, deepest, and most widespread depression of the 20th century. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%. By comparison, worldwide GDP fell by less than 1% from 2008 to 2009 during the Great Recession. Some economies started to recover by the mid-1930s. However, in many countries, the negative effects of the Great Depression lasted until the beginning of World War II. Devastating effects were seen in both rich and poor countries with falling personal income, prices, tax revenues, and profits. International trade fell by more than 50%, unemployment in the U.S. rose to 23% and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Federal Reserve Act
The Federal Reserve Act was passed by the 63rd United States Congress and signed into law by President Woodrow Wilson on December 23, 1913. The law created the Federal Reserve System, the central banking system of the United States. The Panic of 1907 convinced many Americans of the need to establish a central banking system, which the country had lacked since the Bank War of the 1830s. After Democrats won unified control of Congress and the presidency in the 1912 elections, President Wilson, Congressman Carter Glass, and Senator Robert Latham Owen crafted a central banking bill that occupied a middle ground between the Aldrich Plan, which called for private control of the central banking system, and progressives like William Jennings Bryan, who favored government control over the central banking system. Wilson made the bill a top priority of his New Freedom domestic agenda, and he helped ensure that it passed both houses of Congress without major amendments. Later, President ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Bank
A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base. Most central banks also have supervisory and regulatory powers to ensure the stability of member institutions, to prevent bank runs, and to discourage reckless or fraudulent behavior by member banks. Central banks in most developed nations are institutionally independent from political interference. Still, limited control by the executive and legislative bodies exists. Activities of central banks Functions of a central bank usually include: * Monetary policy: by setting the official interest rate and controlling the money supply; *Financial stability: acting as a government's banker and as the bankers' bank ("lender of last resort"); * Reserve management: managing a country's ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jekyll Island Club
The Jekyll Island Club was a private club on Jekyll Island, on Georgia's Atlantic coast. It was founded in 1886 when members of an incorporated hunting and recreational club purchased the island for $125,000 (about $3.1 million in 2017) from John Eugene du Bignon. The original design of the Jekyll Island Clubhouse, with its signature turret, was completed in January 1888. The club thrived through the early 20th century; its members came from many of the world's wealthiest families, most notably the Morgans, Rockefellers, and Vanderbilts. The club closed at the end of the 1942 season due to complications from World War II. In 1947, after five years of funding a staff to keep up the lawn and cottages, the island was purchased from the club's remaining members for $675,000 (about $7.4 million in 2017) during condemnation proceedings by the state of Georgia. The state tried operating the club as a resort, but this was not financially successful, and the entire complex was closed by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Paul Warburg
Paul Moritz Warburg (August 10, 1868 – January 24, 1932) was a German-born American investment banker who served as the 2nd Vice Chair of the Federal Reserve from 1916 to 1918. Prior to his term as vice chairman, Warburg appointed as a member of the Federal Reserve Board of Governors since 1914. He was an early advocate of the US central bank system. Early life Warburg was born in Hamburg, Germany, to the Warburg family, a Jewish banking dynasty with origins in Venice. His parents were Moritz and Charlotte Esther (Oppenheim) Warburg. After graduating from the Realgymnasium in Hamburg in 1886, he entered the employ of Simon Hauer, a Hamburg importer and exporter, to learn the fundamentals of business practice. He similarly worked for Samuel Montague & Company, bankers, in London in 1889–90, and the Banque Russe pour le Commerce Etranger in Paris in 1890–91.''Dictionary of American Biography'', Vol. XIX, p. 412–13. New York: Charles Scribner's Sons, 1936.''National Cyclopae ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Benjamin Strong
Benjamin Strong Jr. (December 22, 1872 – October 16, 1928) was an American banker. He served as Governor of the Federal Reserve Bank of New York for 14 years until his death. He exerted great influence over the policy and actions of the entire Federal Reserve System and indeed over the financial policies of all of the United States and Europe. Early life Strong was born in Fishkill, New York in the Hudson Valley, and was raised in Montclair, New Jersey. His father's family were primarily merchants and bankers, descended from a British immigrant who had arrived in Massachusetts in 1630. Strong had hopes of attending Princeton University after an older brother, but his family experienced temporary financial difficulties when he graduated from Montclair High School. Strong opted to go to work and became a clerk at a Wall Street investment and financial management firm associated with his father's employer. Corporate banking career In 1900, Strong joined a trust company to work as ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
