Chapter 4: Standard Open Market Operations: How the Fed and Commercial Banks “Create Money”
In this chapter we will define some of the conventional “monetary aggregates,” such as M1 and M2. Then we will summarize the textbook description of how the Federal Reserve and commercial banking system “create money” when the Fed buys assets and the commercial banks extend new loans.
In his must-read new book, The Real Anthony Fauci, Robert F. Kennedy Jr. describes how journalist Liam Scheff chronicled Fauci’s “secretive experiments on hundreds of HIV-positive foster children at Incarnation Children’s Center (ICC) in New York City and numerous sister facilities in New York and six other states between 1988 and 2002” (p. 245).
Zurich people like city lights, candles, and the enchanting smell of mulled wine with a pinch of cinnamon. Just one sip of it and it takes you to divine places, makes you feel happier and content, and peaceful. All worries seem to go away at least during this short time when in Zurich and elsewhere people are welcoming and celebrating Christmas together at traditional Christmas markets. The secret is not the cinnamon, however, but the holy spirit that arises around the end of the year.
According to new data released Friday by the Bureau of Labor Statistics, price inflation in November rose to the highest level recorded in nearly forty years. According to the Consumer Price Index (CPI) for November, year-over-year price inflation rose to 6.8 percent. It hasn’t been that high since June 1982, when the growth rate was at 7.2 percent.
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.
