Chapter 3: The History and Structure of the Federal Reserve System
This chapter will provide a brief sketch of the historical context in which the Federal Reserve was founded, summarize some of the major changes to the Fed’s institutional structure and mandate over the years, and end with a snapshot of the Fed’s current governing structure. (Chapters 1 and 2 of this book cover more of the historical context, while chapters 4 and 6 explain the mechanics of Federal Reserve operations in much greater detail.)
A Democratic state lawmaker in Illinois has introduced legislation requiring unvaccinated residents to pay out-of-pocket for healthcare services. It’s all part of an effort to come up with new and creative ways to punish people who refuse to get the covid jab. WBBM Radio in Chicago reports:
Florida governor Ron DeSantis last month signed new legislation largely banning the use of vaccine mandates by either private entities or local governments. The new legislation also reinforces the DeSantis administration’s overall efforts to prevent local governments from imposing mask mandates as well.
Chapter 2: A Brief History of the Gold Standard, with a Focus on the United States
To fully understand our current global monetary system, in which all of the major powers issue unbacked fiat money, it is helpful to learn how today’s system emerged from its earlier form. Before fiat money, all major currencies were tied (often with interruptions due to war or financial crises) to one or both of the precious metals, gold and silver. This international system of commodity-based money reached its zenith under the so-called classical gold standard, which characterized the global economy from the 1870s through the start of World War I in 1914.
The US Supreme Court is now in the midst of ruling on whether or not individual states have the legal prerogative to significantly limit legal abortion within their borders. With the Roe v. Wade ruling in 1973, the Supreme Court “discovered” that the US Constitution prohibited state and local governments from enforcing laws limiting abortion.
The House passed the National Defense Authorization Acton Tuesday evening after stripping the draft amendment from the legislation. It would have required women ages 18 to 25 to register for the Selective Service, as men do under current law.
Part I: Theory and History
