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Until World War I, the Reichsbank produced a very stable currency, fully convertible into gold and thus known as the German gold mark. In 1909, an amendment to the Banking Act of 1875 made the Rischsbank's notes legal tender and redeemable at the rate of 2790 Marks per kilogram of gold.
The banks in question, Citizens' Bank and Canal Bank, both now part of JPMorgan, served plantations from the 1830s until the American Civil War, and sometimes took ownership of slaves when the plantation owners defaulted on loans. JPMorgan estimated that between 1831 and 1865, the two banks accepted approximately 13,000 slaves as collateral and ...
This bank, "The House of Morgan," would be John Pierpont's base of operations during the most legendary stretch of banking power, wielded by only one man, that the United States has ever seen.
On this day in economic and business history ... Like many aspiring bankers of the mid-19th century, young John Pierpont Morgan got into the business of finance with the help of some old-fashioned ...
During World War II, the Federal Reserve pledged to keep the interest rate on Treasury bills fixed at 0.375 percent. It continued to support government borrowing after the war ended, despite the fact that the Consumer Price Index rose 14% in 1947 and 8% in 1948, and the economy was in recession.
The Bretton Woods Conference led to the establishment of the IMF and the IBRD (now the World Bank), which remain powerful forces in the world economy as of the 2020s. A major point of common ground at the Conference was the goal to avoid a recurrence of the closed markets and economic warfare that had characterized the 1930s.
The banks’ bank. The lender of last resort. The orchestrator of the U.S. economy. These words are often used to describe the central bank of the U.S., officially known as the Federal Reserve System.
The First Bank of the United States was established at the direction of Treasury Secretary Alexander Hamilton in 1791. Hamilton supported the foundation of a national bank because he believed that it would increase the authority and influence of the federal government, effectively manage trade and commerce, strengthen the national defense, and pay the debt.