Showing posts with label 1914 – US FEDERAL RESERVE OPENS FOR BUSINESS. Show all posts
Showing posts with label 1914 – US FEDERAL RESERVE OPENS FOR BUSINESS. Show all posts
Tuesday, March 26, 2013
NOVEMBER 16, 1914 – US FEDERAL RESERVE OPENS FOR BUSINESS
1914 – US FEDERAL RESERVE OPENS FOR BUSINESS
“Commercial banks create checkbook money whenever they grant a loan, simply by adding new deposit dollars in accounts on their books in exchange for a borrower's IOU.” From I Bet You Thought, Federal Reserve Bank of New York
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