(Voice Alejandra Sande Belmonte). This is the seventh chapter of Finances in Half Hour. In the nineteenth century financial panic attacks were common in the USA. At that time there wasn’t a central bank that could rescue banks with problems and thus panic extended without limit.
J.P. Morgan, the USA’s most important banker, built the foundations for the creation of the American Federal Reserve. The last resource moneylender was born.
The diagrams show how central banks control the amount of money that runs through the economy and the role of interest rates. We can also see how the definition of money is pretty broad depending on the elements we call money. This way, we have M0, M1, M2, and M3.
economía colaborativa Finances in half an hour. Chapter 7. The last resort moneylender | |
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