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Finally, the authors outline the reforms necessary to create monetary, financial and banking systems free of the episodic inflation, devaluation, debt crises, and exchange rate volatility that have plagued the twentieth century.
This book analyzes nine Supreme Court decisions that dealt primarily with money, monetary events, and monetary policy, from McCulloch v. Maryland in 1819 to the Gold Clause Cases in 1934-35. In doing so, it explains how both the gold standard and central bank work, how the former gave way to the latter, and how the Federal Reserve became unconstitutional.
In this extensive history of U.S. monetary policy, Richard H. Timberlake chronicles the intellectual, political, and economic developments that prompted the use of central banking institutions to regulate the monetary systems. After describing the constitutional principles that the Founding Fathers laid down to prevent state and federal governments from printing money. Timberlake shows how the First and Second Banks of the United States gradually assumed the central banking powers that were originally denied them. Drawing on congressional debates, government documents, and other primary sources, he analyses the origins and constitutionality of the greenbacks and examines the evolution of clearinghouse associations as private lenders of last resort. He completes this history with a study of the legislation that fundamentally changed the power and scope of the Federal Reserve System—the Banking Act of 1935 and the Monetary Control Act of 1980. Writing in nontechnical language, Timberlake demystifies two centuries of monetary policy. He concludes that central banking has been largely a series of politically inspired government-serving actions that have burdened the private economy.
Recounts the emergence of central banking ideas and institutions in US from the formation of the First Bank of the US to the enactment of the Federal Reserve System.
Who is Richard Timberlake Richard Henry Timberlake Jr. 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. How you will benefit (I) Insights about the following: Chapter 1: Richard Timberlake Chapter 2: Gold standard Chapter 3: Deflation Chapter 4: Specie Payment Resumption Act Chapter 5: Monetary policy of the United States Chapter 6: Panic of 1837 Cha...
This book is a history of my flying experiences in the U.S. Army Air Corps during World War II. The instructional phase of my flying career began in August 1943, and I received my pilot's Wings in February 1944. I then became a copilot on a B-17, and had operational trining with a crew in Florida. My crew was sent to England to fly with the Eighth Air Force. We were based with the 388th Bomb Group at Knettishall in East Anglia. From this base flew 26 missions into Germany. The last section tells something of my hospitalization after I was wounded on my last mission.
The first three parts cover money, banking and Central banking. The following parts analysis the place of money in a hypothetical national income model, discusses the international monetary relations and examines some current issue and controversies.
Finally, the authors outline the reforms necessary to create monetary, financial and banking systems free of the episodic inflation, devaluation, debt crises, and exchange rate volatility that have plagued the twentieth century.