https://moneytruth.us/home daily 1.0 2021-11-15 https://moneytruth.us/the-fed daily 0.75 2021-11-11 https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/615f740b0668b064a1f99c3e/1633646043803/Aldrich-plan-1912.png History of the Fed - 1908 - 1912 The Aldrich Plan The Aldrich-Vreeland Act of 1908, passed as an immediate response to the panic of 1907, provided for emergency currency issue during crises. It also established the national Monetary Commission to search for a long-term solution to the nation’s banking and financial problems. Under the leadership of Senator Nelson Aldrich, the commission developed a banker-controlled plan. William Jennings Bryan and other progressives fiercely attacked the plan; they wanted a central bank under public, not banker, control. The 1912 election of Democrat Woodrow Wilson killed the Republican Aldrich plan, but the stage was set for the emergence of a decentralized central bank. Though not personally knowledgeable about banking and financial issues, Woodrow Wilson solicited expert advice from Virginia Representative Carter Glass, soon to become the chairman of the House Committee on Banking and Finance, and from the Committee’s expert advisor, H. Parker Willis, formerly a professor of economics at Washington and Lee University. Throughout most of 1912, Glass and Willis labored over a central bank proposal, and by December 1912, they presented Wilson with what would become, with some modifications, the Federal Reserve Act. https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/615f735eaec8d429a093b7a0/1633646024578/fed+12.png History of the Fed - 1914 Open for Business Before the new central bank could begin operations, the Reserve Bank Operating Committee, comprised of Treasury Secretary William McAdoo, Secretary of Agriculture David Houston, and Comptroller of the Currency John Skelton Williams, had the arduous task of building a working institution around the bare bones of the new law. But, by November 16, 1914, the 12 cities chosen as sites for regional Reserve Banks were open for business, just as hostilities in Europe erupted into World War I. https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/615f71d76c8db17c1b9b1f13/1633646016752/Wilson+FederalReserve.jpeg History of the Fed - 1913 The Federal Reserve is Born From December 1912 to December 1913, the Glass-Willis proposal was hotly debated, molded and reshaped. By December 23, 1913, when President Woodrow Wilson signed the Federal Reserve Act into law, it stood as a classic example of compromise—a decentralized central bank that balanced the competing interests of private banks and populist sentiment. https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/618d44b2bea99e70b1ead631/1636648130698/MoneyTruth+%2522The+Hand%2522+website+.png History of the Fed - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://moneytruth.us/the-economy daily 0.75 2021-10-26 https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/6178710e306fa23083357354/1635283231365/We+have+been+observing..png The Economy https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/6169dc3003440d1f63173eb9/1634327606020/tempImageUO1WQB.png The Economy https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/6169dfe772ce923b0eb2e994/1634328568512/tempImage9codnh.gif The Economy https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/6169e03de60c0405914aa392/1634328702567/tempImageO9EcJb.gif The Economy https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/616dea1c2f5c3455a7cdd0d3/1634593308638/64755838-1B70-413A-860B-9C1A88D55F86.png The Economy https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/6169e136ad535f560f4161de/1634328912383/tempImagedNVoGx.gif The Economy https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/6169e1c42bf5312326a97d9b/1634328969494/tempImageWiuJkb.gif The Economy https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/6169e2f0c9dc55216521badb/1634329344730/tempImageeaeuy7.gif The Economy https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/6169e2d56cd5717c49302195/1634329307457/tempImageNtLxM6.gif The Economy https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/6169e2472f5ad52adde37faa/1634329244355/tempImagewUeSas.gif The Economy https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/6169e0a272ce923b0eb2f16b/1634328786511/tempImage3pS7rY.gif The Economy https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/6169e1657ea6821cab12a941/1634328943473/tempImagedOjABX.gif The Economy https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/6169e0f3eecace1b15b516d3/1634328862309/tempImage6xCkVV.gif The Economy https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/617863b336285046b1c116b8/1635279798011/7C51550C-8B4F-49EE-9720-43EB134E11DE.jpeg The Economy https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/6169e1d66acd315bf544a280/1634329124750/tempImageP1BXEZ.gif The Economy https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/6169e2ad95f8da54bd8aa799/1634329283026/tempImage8dhqVN.gif The Economy https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/6169e3816363475551266f95/1634329482053/tempImagexECgex.gif The Economy https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/6169e39736651f425ad750ee/1634329510104/tempImage9ROpCB.gif The Economy https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/6169e3b4ad535f560f41932f/1634329533639/tempImageQYoBHg.gif The Economy https://moneytruth.us/the-money daily 0.75 2021-11-11 https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/61724005368f8f0b60174e6e/1634877452452/MoneyTruth+Logo-22.png The Money - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/61720c011448ea00d15019f9/1634878654722/MoneyTruth+Logo-11.png The Money - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/61720c219a588227791f8e05/1634878679452/MoneyTruth+Logo-12.png The Money - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/61720bbbf522245ebbf9033c/1634878669448/MoneyTruth+Logo-10.png The Money - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/61720c4cc5216e3ba4510495/1634878690549/MoneyTruth+Logo-13.png The Money - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/61720413e526cc197bf0bf79/1634879142167/MoneyTruth+Logo-8.png The Money - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/617203e1d8c927180e942b70/1634879162358/MoneyTruth+Logo-7.png The Money - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/61720382d8c927180e9423e7/1634879184640/MoneyTruth+Logo-5.png The Money - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/6172030aad7353509e9e1dd3/1634878807687/MoneyTruth+Logo-6.png The Money - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/617204462a8258065b928cfb/1634879171617/MoneyTruth+Logo-9.png The Money - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/6171fe60401b7073f525af39/1634879154288/MoneyTruth+Logo-4.png The Money - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/61721296ce42df772b684d80/1634879083396/MoneyTruth+Logo-15.png The Money - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/6172127dc5216e3ba45166e8/1634879093472/MoneyTruth+Logo-14.png The Money - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/617212b6e674d337ab65c785/1634878937141/MoneyTruth+Logo-17.png The Money - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/61723530f522245ebbfb9dc8/1634874678204/C26F6A94-0B83-4DD0-882E-09879193EFEC.jpeg The Money - Coinage Act of 1792 The Mint Act officially established a mint, regulated coins in the U.S., established the Silver Dollar as the unit of money in the U.S., declared it legal tender, and created a decimal system for the U.S. currency. https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/617b00d5af5eb92d46d30057/1635454330262/378F659E-6AC3-4227-A4C0-5364E9F13EC4_4_5005_c.jpeg The Money https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/617b06b88f4099528718300b/1635452706474/078522DE-E741-4CA9-BF1D-1F0A37E6E396.jpeg The Money 1914 $10 FRN, Federal Reserve Bank of Chicago https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/617b09714e316a0970bb8949/1635453417022/B720ED5A-3585-48C1-883C-8287D6C4FF4C.jpeg The Money - Emergency Banking Act In March 1933, the Emergency Banking Act gave the president the power to control international and domestic gold movements. It also gave the secretary of the treasury the power to compel surrender of gold coins and certificates. The administration waited before employing these powers, in hope that the situation would correct itself, but gold outflows continued. On April 20, President Roosevelt issued a proclamation that formally suspended the gold standard. The proclamation prohibited exports of gold and prohibited the Treasury and financial institutions from converting currency and deposits into gold coins and ingots. The actions halted gold outflows. In January 1934 the Gold Reserve Act returned stability. This solidified the emergency measures enacted in 1933, resurrected the gold standard, and re-established financial links between America and the rest of the world. https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/617afa916340fb538fa421fa/1635454485318/A1069A1B-F2CF-405F-8877-4D0F370A66D1.jpeg The Money - Our Money Becomes Currency On July 23, 1965, President Johnson approved the Coinage Act of 1965, which removed silver from circulating coins and authorized that clad coins be used for the half dollar, quarter, and dime. https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/617b0ceb6e6be871556fdf03/1635454472032/B830B4CF-ADE6-4C6B-AB03-F888284D4BB8_4_5005_c.jpeg The Money - The Black Gold Standard Through bilateral agreements with Saudi Arabia beginning in 1974, the U.S. managed to influence members of the Organization of the Petroleum Exporting Countries (OPEC) to standardize the sale of oil in dollars. In return for invoicing oil in dollar denominations, Saudi Arabia and other Arab states secured U.S. influence in the Israeli-Palestinian conflict along with U.S. military assistance during an increasingly worrisome political climate, which saw the Soviet invasion of Afghanistan, the fall of the Iranian Shah, and the Iran-Iraq War. Out of this mutually beneficial agreement, the petrodollar system was born. The petrodollar system elevated the U.S. dollar to the world's reserve currency and, through this status, the United States enjoys persistent trade deficits and is a global economic hegemony. The petrodollar system also provides U.S. financial markets with a source of liquidity and foreign capital inflows through petrodollar "recycling." https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/617ade646340fb538fa0e829/1635442708845/51011CD5-F7B8-4B3D-9F4E-F751F5B07ADB.jpeg The Money Robert Triffin's Dollar Prediction In October 1959, a Yale professor sat in front of Congress' Joint Economic Committee and calmly announced that the Bretton Woods system was doomed. The dollar could not survive as the world's reserve currency without requiring the United States to run ever-growing deficits. This dismal scientist was Belgium-born Robert Triffin, and he was right. The Bretton Woods system collapsed in 1971, and today the dollar's role as the reserve currency has the United States running the largest current account deficit in the world. https://static1.squarespace.com/static/615f0ee27fd7f81b1ccf4e3d/t/618d7c76808ee52bec6bc390/1636662394575/Dollar+Value.png The Money - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://moneytruth.us/contact-us daily 0.75 2021-10-08 https://moneytruth.us/contact-us-1 daily 0.75 2021-10-08 https://moneytruth.us/the-feed daily 0.75 2021-10-22 https://moneytruth.us/newsletter daily 0.75 2021-11-09