By Ziegler A.
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Meacham J (2008) American lion: Andrew Jackson in the White House. Random House, New York, p 210 7. Friedman M, Schwartz AJ (1963) A monetary history of the United States, 1867–1960. Princeton University Press, Princeton, pp 18–19 8. Bernstein PL (2000) The power of gold: the history of an obsession. Wiley, New York, pp 276–279 9. Bruner RF, Carr SD (2007) The Panic of 1907. Wiley, New York 10. Meltzer AH (2003) A history of the Federal Reserve, volume I: 1913–1951. (With a foreword by Alan Greenspan).
8 1 What Gives Money Its Value? From Gold to Paper The National Banking Act (Greenback Act) of 1863 In 1863, in the midst of the Civil War and in a desperate effort to finance the war, Congress passed the National Banking Act (“Greenback Act”). This authorized the issue of greenbacks – paper currency – up to $50 million, not redeemable in gold or silver, but based only on faith in the US Treasury. ” This Act also authorized the chartering of “national banks” and established the Office of the Comptroller of the Currency within the Treasury Department to issue the national charters.
The Bretton Woods agreement to use 2 The Southeast Asian Financial Crisis of 1997–1998 illustrated this fact quite clearly. The affected countries had remained on exchange rates that were fixed in that they were tied to other currencies such as the Dollar and the Yen. This made it more difficult for them to deal with the financial crisis that occurred because the market was unable to adjust their currencies on a gradual basis to ease the impact of the very substantial withdrawals of capital from the countries when the crisis hit.
A game theory analysis of options by Ziegler A.