For example, the value of some gas to someone that is just trying to mow their lawn is a lot less than with someone who is trying to escape a coming hurricane.
However, a dollar-based system is better in that the value of money is much more stable and definable than with non-cash items because the value of those non-cash items (or any other "currency") is subject to a lot of disagreement and questions. $100 in U.S. dollars is worth much the same to one person as it is another. The gas example above can apply to money as well, but not nearly to the same degrees and lengths that bartering values would be, all else equal.
Also, there is clear regulation for the value of the dollar and the regional differences are going to be a lot less not counting the differences with the cost of living and access issues like terrain and paved roads.
1. Visit the website of the Board of Governors of the Federal Reserve System, at http://www.federalreserve.gov/. Click on "About the Fed," and answer the questions below. (You may need to refer to the FAQ and click around a bit to find all of the answers you need.)
a. Who are the current Governors of the Federal Reserve? Give a very brief biography of each. How much does each of these Governors earn?
The current governors are as follows
Ben Bernanke
Janet Yellen
Elizabeth Duke
Daniel Tarullo
Sara Bloom Raskin
Jeremy Stein
Jerome Powell
Bernanke makes $199,700 as of 2012 (as dictated by Congress) while everyone else (including Yellen, who is the vice chair) makes $179,700.
http://www.richmondfed.org/faqs/bog/
b. How many governors are there, how many are there supposed to be?
Including Bernanke, there is currently seven members and that is what they should be.
c. Have any of the current Governors ever worked in the private banking industry?
It's about half and half, really.
Bernanke was mostly in the government and educational spheres including at several colleges like Princeton and the NBER. He really does not have a history as a private banker.
Yellen, the Vice-Chair has a similar history as Bernanke as she was been in the college and government sphere for much of her career. She has been educated or worked at Brown, Harvard and Yale.
Elizabeth Duke absolutely worked in the private sphere including at SouthTrust Bank and Wachovia Bank. She has not really worked in the public...
Liquidity Liquidity can be defined as the ability to convert an asset into cash quickly. In order to further explain, we can say that cash is the most liquid of all assets. With respect to financial assets liquidity is an important concept because the volatility of financial markets makes it an asset more valuable in the eyes of investor if its liquidity is high. If a particular asset is easily convertible
Under the Annunzio-Wylie Act, the U.S. Treasury is authorized to require financial institutions to adopt anti-money laundering programs that include: (a) internal policies, procedures, and controls; (b) designation of a compliance officer; - continuation of an ongoing employee training program; and (d) an independent audit function to test the adequacy of the program. Source: Zagaris, 1999, p. 1023. Therefore, building a case against sophisticated money-laundering schemes begins with recognizing when a
(Warnings to be ignored) The market for interest-rate change is another privileged playground. Banks just pay a low, short-term floating rate and get a high, fixed one. Most of the top 20 American banks receive at least 10% of their profits from this increase, and for J.P. Morgan Chase, it was an astounding 33% last year. (Warnings to be ignored) as well as civilizing their interpretation of the economic tealeaves,
Similarly, the Great Gatsby is also about the negative side of the prohibition, the gangsters and crime and how American morality was scarred by unethical behavior, a desire for success and wealth, yet, at the same time, ultraconservatism in social and political thinking. There was no way, in fact, that the prohibition could be any more successful than the lives of those who ignored and laughed at it. For the
Bank Statement Plan Millbridge Family Service Millbridge Family Service (MFS) is a charitable nonprofit foundation that has been supported by other established umbrella organizations, which in this case, it is supported through a lot of its funding through The Unified Path which is a much larger charitable and national organization that is supported through the donations given by societies businesses and individuals who wish to support and help us in providing other
Bank of New Salem How can we maintain our Webster branch without a negative financial impact? Persuasive Message: We can continue to maintain our Webster branch without incurring future losses. Upon review of the branch's financial reports and conversations with the branch's manager, I have discovered significant room to cut overhead costs that will return the branch to profitability within a three-month time frame. These cuts will have a minimal impact on
Our semester plans gives you unlimited, unrestricted access to our entire library of resources —writing tools, guides, example essays, tutorials, class notes, and more.
Get Started Now