Who Got to Make Money, and How the Rules Changed

"and Monetary Commission bills for reform of currency; by E. J. Hill. 1898."

"Under this feature of the bill, rail railroad - road railroad bonds can be used as the basis for currency issue, which, to my mind, is absolutely indefensible"

"When the bill finallX passed the house and senate, it was so amended that any kind of security held by the banks was made the basis for an emergency currency, provided such security should first"

"Since I attended the meeting of the commission, I have changed my view, and I now believe that it is the sincere purpose of all of the mem members - bers members of the commission, after a careful examination of the financial and banking systems of the old world"

"The President’s August 15, 1971 economic announcement"

"President’s speech, August 15, 1971"

"The President's day began at Camp David, Maryland"

"Effect of August 15, 1971 action"

"-Convertibility of Dollar"

"A Guest book signed by current visitors (primarily Presidential economic advisors) currently at Camp David for a meeting."

"President Nixon preparing to deliver a televised address on the economy and economic reforms from the Oval Office."

"spring of 1971 secretly been preparing contingency plans for removing gold convertibility."

"On a Sunday night in August 1971, with"

"TO AGREE TO CONFERENCE REPORT #163 ON H. R. 7837, WHICH PROVIDES THAT THE HOUSE RECEDE FROM ITS DISAGREEMENT TO THE SENATE AMENDMENT AND AGREE TO THE SAME WITH AN AMENDMENT THAT THE SHORT TITLE OF THIS ACT SHALL BE THE "FEDERAL RESERVE ACT.""

"Sponsor: GLASS, Carter (D-VA)"

"Consistent with the theory, we document that reserve creation leads to higher total loan growth and increased risk taking."

"Based on the historical bank-level relationship between deposits and bank lending, our analysis suggests that the first round of the Bank’s QE purchases during 2009-10 may have led to a small but statistically significant increase in bank lending growth."

"passed the senate last night by a vote of 54 to 34."

"ROLL GALL RESULTS 54 TO 34"

"adopted the currency conference report by a vote of 43 to 25."

"Every Democratic senator present and vot-j Ins, including Senator Hitchcock ot Nebraska, was recorded in favor of the bill."

"but almost 30 senators had left for Christmas vacation by the time the final bill came to a vote."

"Six Republicans voted for it"

"passed the Senate the next day by a vote of 43 to 25."

"An earlier version of the bill had passed the Senate 54 to 34"

"Geldmengen können durch Geldschöpfung im Rahmen der Kreditvergabe durch Geschäftsbanken erhöht und durch die Tilgung von Krediten gesenkt werden."

"As Selgin (2017, pp.18-20) explains, banks convert their excess reserves into required reserves by creating loans, which increases required reserves and decreases excess reserves, even though the total quantity of reserves remains unchanged."

"Auch steht die Geldbasis in keinem festen Verhältnis zu den Mengen M1 bis M3."

"As evidence for this proposition, Bernanke and Kohn (2016) point out that while banks’ reserve holdings have increased since the financial crisis, bank lending has increased as well."

"M0 ist bis auf den Bargeldanteil bei Nichtbanken nicht Teilmenge von M1 bis M3, da Zentralbankreserven nur zwischen Geschäftsbanken als Zahlungsmittel dienen."

"Keister (2016, p.5 emphasis in original), for example, argues that “reserves are, in general, held in addition to banks other assets.”"

"M0 : Bargeldumlauf plus Guthaben der Kreditinstitute bei der Fed;"

"heute kaum mehr Zusammenhang sichtbar"

"The dollar fell on currency markets"

"That an oversold market should rise sharply does not indicate anything regarding crop prospects."

"Closing quo- S tations today showed general losses"

"Wall street felt good today and that without material change in the crop or strike situation, Blue Monday was followed by pink Tuesday."

"Copper shares were heavy on less favorable trade reports."

"Corn had a heavy fall, and wheat made concessions in price,"

"was practically over in less than half an hour and then there were some quick recoveries."

"Total sales, par value, $2,685,000."

"its total purchases being esti estimated - mated estimated at 40,000 shares, or 100,000 shares in two days."

"The stock markets here were dull to-day, be being - ing being depressed by New York and Paris."

"An exchange-traded fund tracking the S&P 500 rose after the close of regular trading."

"The sensational fall in stocks to-day unquestionably had con considerable - siderable considerable influence on wheat"

"Wall Street’s wagers on artificial intelligence regained traction, with stocks rising in late hours as solid results bolstered confidence in the trade that has powered the bull market."

"Tesla Inc. ’s profit beat estimates, assuaging worries about increased investments into new areas such as AI."

"Accordingly, on September 7, 1916, an amendment to the Reserve Act was passed according to which such advances were to be permitted in cases where the member bank's note was limited to fifteen days' maturity and in cases where the collateral consisted either of the kind of paper eligible for rediscount or of Government securities."

"is not ehgible for rediscount, even though it may be secured by paper which is itself eligible for rediscount."

"The FederalReserve Actspecified onlythatbetweeneightandtwelveReserve Banksweretobe established, withtheirnumberandlocations determinedby anorganizing committee."

"It proposed an amendment which would permit reserve banks to issue Federal Reserve notes directly against the deposit of gold with the Federal Reserve agents. This suggestion was rejected by Congress together with another proposal that the Federal Reserve notes should be made legal reserve money for member banks."

"The mere fact that a borrower on a given note is a cotton factor does not of itself render that note ineligible since its eligibility is a matter to be determined by the use to which the proceeds of that particular note are put."

"The FederalReserve Act,however, provided little guidance on how the rate was tobedetermined, statingonly that eachReserve Bankis authorized"

"Upon the affirmative vote of not less than five of its members the Federal Reserve Board shall have power, from time to time, by general ruling covering all districts alike, to permit member"

"to its member banks on their promissory notes for a period not exceeding fifteen"

"bankcould re-discountshort-termcommercialloans withtheirFederalReserveBank, and"

"The Federal Reserve Board has no power to interfere with the discretion given or the responsibility imposed by law upon the directors of a Federal Reserve Bank with respect to passing upon the merits of eligible paper oflered for discount."

"amounts to a total of more than ten per cent, of the unimpaired capital and surplus of that bank"

"Die irreführende, aber weit verbreitete Vorstellung eines Geldschöpfungsmultiplikators , der besagt, dass aus Zentralbankgeld ein Vielfaches an Giralgeld geschöpft werden könne, wurde zwar von Zentralbanken in verschiedenen Publikationen hinreichend widerlegt"

"dass sie keine begrenzende Wirkung auf die Geldschöpfung durch Geschäftsbanken haben."

"Zentralbanken einiger Länder, wie Australien, Kanada, Großbritannien oder Schweden, fordern zurzeit keine Mindestreserve."

"Sie ermöglicht es der Monetären Autorität, die Geschäftsbanken bei ihrer Kreditverteilung von ihren eigenen Krediten bei der Monetären Autorität abhängig zu machen"

"had not exercised was limited to central reserve city banks. Requirements against demand deposits of these"

"Country banks accounted for 29 percent of the total assets of Fed member banks in June 1936."

"For country banks 7 per cent. of demand deposits and 3 per cent. of time deposits."

"The reserve deposits of country banks with the Fed rose 35 percent ($350 million) between June 1936 and June 1937, compared with a 31 percent increase for New York’s central reserve city banks."

"For Reserve city banks 10 per cent. of demand deposits and 3 per cent. of time deposits."

"Moreover, country banks increased their holdings of government securities by $350 million and their loans by $305 million"

"For Central Reserve city banks 13 per cent. of demand deposits and 3 per cent. of time deposits."

"As our simulations show, country banks’ reserve demands remained flat because the fundamental determinants of their reserve demands did not prompt them to increase their reserves."

"We oppose the Aldrich bill and the Fowlerbill, and believe that, in insofar - sofar insofar as the needs of commerce re require - quire require an emergency currency, such currency should be issued and con controlled - trolled controlled by the federal government"

"After the creation of the FDIC, there were almost no bank runs."

"The fall in interest rates can account for 80 percent of the movement of excess reserves during the Great Depression."

"We are opposed to the so-called Aldrich currency bill, because its provisions would place our currency and credit system in private hands, not subject"

"We oppose the so-called Aldrich bill or the establishment of a central bank,"

"We oppose the so-called Aldrich bill or the establishment of a central bank,"

"while calling for a “systematic revision of our banking laws”"

"while calling for a “systematic revision of our banking laws”"

"As the Democratic platform rejected the idea of a central bank generally and the Aldrich Plan specifically, the Democratic Party sweep in the 1912 election eliminated any chance of the Aldrich bill being reconsidered in the 63rd Congress."

"As the Democratic platform rejected the idea of a central bank generally and the Aldrich Plan specifically, the Democratic Party sweep in the 1912 election eliminated any chance of the Aldrich bill being reconsidered in the 63rd Congress."