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Richard Timberlake
Richard Henry Timberlake Jr. (June 24, 1922 – May 22, 2020) was an American economist who was Professor of Economics at the University of Georgia for much of his career. He became a leading advocate of free banking, the belief that money should be issued by private companies, not by a government monopoly. He wrote about the Legal Tender Cases of the U.S. Supreme Court in his book ''Constitutional Money: A Review of the Supreme Court's Monetary Decisions''. History Born in Steubenville, Ohio on June 24, 1922, Timberlake was in the US military in World War II. He became a pilot in the U.S. Air Forces and flew 26 missions as a co-pilot in the 8th Air Force. He was awarded three Purple Hearts. He obtained a Bachelor of Arts at Kenyon College in 1946, a Master's at Columbia University in 1950, and a Ph.D in 1959 from the University of Chicago where he studied under Milton Friedman and Earl J. Hamilton. He then taught economics at Muhlenberg College, Norwich University, Renssel ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Purple Heart
The Purple Heart (PH) is a United States military decoration awarded in the name of the President to those wounded or killed while serving, on or after 5 April 1917, with the U.S. military. With its forerunner, the Badge of Military Merit, which took the form of a heart made of purple cloth, the Purple Heart is the oldest military award still given to U.S. military members. The National Purple Heart Hall of Honor is located in New Windsor, New York. History The original Purple Heart, designated as the Badge of Military Merit, was established by George Washington – then the commander-in-chief of the Continental Army – by order from his Newburgh, New York headquarters on 7 August 1782. The Badge of Military Merit was only awarded to three Revolutionary War soldiers by Washington himself. Washington authorized his subordinate officers to issue Badges of Merit as appropriate. Although never abolished, the award of the badge was not proposed again officially unti ... [...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 Financial contagion, economic contagion began around September and led to the Wall Street Crash of 1929, 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, 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 t ... [...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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The Denationalization Of Money
''The Denationalisation of Money'' is a 1976 book by Friedrich Hayek, in which the author advocated the establishment of competitively issued private moneys. In 1978 Hayek published a revised and enlarged edition entitled ''Denationalisation of Money: The Argument Refined'', where he speculated that rather than entertaining an unmanageable number of currencies, markets would converge on one or only a limited number of monetary standards, on which institutions would base the issue of their notes. Overview According to Hayek, instead of a national government issuing a specific currency, use of which is imposed on all members of its economy by force in the form of legal tender laws, private businesses should be allowed to issue their own forms of money, deciding how to do so on their own. Synopsis Hayek advocates a system of private currency in which financial institutions create currencies that compete for acceptance. Stability in value is presumed to be the decisive factor for ac ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Monetary Policy
Monetary policy is the policy adopted by the monetary authority of a nation to control either the interest rate payable for very short-term borrowing (borrowing by banks from each other to meet their short-term needs) or the money supply, often as an attempt to reduce inflation or the interest rate, to ensure price stability and general trust of the value and stability of the nation's currency. Monetary policy is a modification of the supply of money, i.e. "printing" more money, or decreasing the money supply by changing interest rates or removing excess reserves. This is in contrast to fiscal policy, which relies on taxation, government spending, and government borrowing as methods for a government to manage business cycle phenomena such as recessions. Further purposes of a monetary policy are usually to contribute to the stability of gross domestic product, to achieve and maintain low unemployment, and to maintain predictable exchange rates with other currencies. Monetary ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Central Banking
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] |
History Of Money
The history of money concerns the development throughout time of systems that provide the functions of money. Such systems can be understood as means of trading wealth indirectly; not directly as with bartering. Money is a mechanism that facilitates this process. Money may take a physical form as in coins and notes, or may exist as a written or electronic account. It may have intrinsic value (commodity money), be legally exchangeable for something with intrinsic value (representative money), or only have nominal value (fiat money). Overview The invention of money took place before the beginning of written history.Denise Schmandt-Besserat [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Florida State University
Florida State University (FSU) is a public university, public research university in Tallahassee, Florida. It is a senior member of the State University System of Florida. Founded in 1851, it is located on the oldest continuous site of higher education in the state of Florida. Florida State University comprises 16 separate colleges and more than 110 centers, facilities, labs and institutes that offer more than 360 programs of study, including professional school programs. In 2021, the university enrolled 45,493 students from all 50 states and 130 countries. Florida State is home to Florida's only national laboratory, the National High Magnetic Field Laboratory, and is the birthplace of the commercially viable anti-cancer drug Taxol. Florida State University also operates the John & Mable Ringling Museum of Art, the State Art Museum of Florida and one of the largest museum/university complexes in the nation. The university is accredited by the Southern Association of Colleges and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rensselaer Polytechnic Institute
Rensselaer Polytechnic Institute () (RPI) is a private research university in Troy, New York, with an additional campus in Hartford, Connecticut. A third campus in Groton, Connecticut closed in 2018. RPI was established in 1824 by Stephen Van Rensselaer and Amos Eaton for the "application of science to the common purposes of life" and is the oldest technological university in the English-speaking world and the Western Hemisphere. Built on a hillside, RPI's campus overlooks the city of Troy and the Hudson River, and is a blend of traditional and modern architecture. The institute operates an on‑campus business incubator and the Rensselaer Technology Park. RPI is organized into six main schools which contain 37 departments, with emphasis on science and technology. It is classified among "R1: Doctoral Universities: Very High Research Activity" and many of its engineering programs are highly ranked. As of 2017, RPI's faculty and alumni included 6 members of the National I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Norwich University
Norwich University – The Military College of Vermont is a private senior military college in Northfield, Vermont. It is the oldest private and senior military college in the United States and offers bachelor's and master's degrees on-campus and online. The university was founded in 1819 in Norwich, Vermont, as the American Literary, Scientific and Military Academy. It is the oldest of six senior military colleges and is recognized by the United States Department of Defense as the "Birthplace of ROTC" (Reserve Officers' Training Corps). History Partridge & his military academy The university was founded in 1819 in Norwich, Vermont by Captain Alden Partridge, military educator and former superintendent of West Point. Partridge believed in the "American System of Education," a traditional liberal arts curriculum with instruction in civil engineering and military science. After leaving West Point because of congressional disapproval of his system, he returned to his native ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Muhlenberg College
Muhlenberg College is a private liberal arts college in Allentown, Pennsylvania. Founded in 1848, Muhlenberg College is affiliated with the Evangelical Lutheran Church in America and is named for Henry Muhlenberg, the German patriarch of Lutheranism in the United States. History Muhlenberg College was founded in 1848 in Allentown, Pennsylvania, as the Allentown Seminary by Samuel K. Brobst, a Reformed Lutheran minister. Christian Rudolph Kessler was the school's first teacher and administrator. Between 1848 and 1867, the college operated as the Allentown Seminary, the Allentown Collegiate and Military Institute, and the Allentown Collegiate Institute. In 1867, the college moved into Trout Hall, the former mansion of William Allen's son, James Allen, and was renamed after Henry Muhlenberg, the patriarch of the Lutheran church in America. Muhlenberg's great-grandson, Frederick Augustus Muhlenberg, served as president of the college from 1867 to 1876. In 1905, the college pu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
