Show:
Development of Banking
Colonial Banking
Economic Crises
Federal Reserve
Political Influences
100

What is the role of the Federal Reserve Bank in America's economy?

serves as the central bank of the United States, regulating the money supply, maintaining financial stability, and acting as a lender of last resort during economic crises.

100

What was the primary form of currency in the American colonies?


  • The primary form of currency was barter, supplemented by the Spanish dollar and colonial scripts.


100

What caused the Panic of 1797?

  • The Panic was caused by a real estate bubble that burst, leading to widespread bankruptcies.
100

When was the Federal Reserve Act passed?

December 23, 1913.

100

Who was President during the dismantling of the Second Bank of the United States?

  • Andrew Jackson was the President during this time.
200

How did various economic crises lead to the establishment of the Federal Reserve?

  • Economic crises highlighted the need for a central banking system to stabilize the economy and manage monetary policy.
200

What were "colonial scripts," and how did they affect the economy?

  • Colonial scripts were paper currencies issued by colonies, which led to inflation and economic instability due to overproduction.
200

Which financial crisis was linked to land speculation in 1837?

The Panic of 1837 

200

What was the purpose of the meeting on Jekyl Island in 1910?


  • The meeting aimed to discuss creating a central banking system to stabilize the economy.


200

What was Andrew Jackson's view of the Second Bank?

  • He believed it benefited the wealthy at the expense of the poor and was a corrupting influence.
300

Who established the First Bank 

Mark Newbie

300

What were Continentals, and why did they lose value?

  • Continentals were paper currency issued during the Revolutionary War that lost value due to overproduction and lack of backing.

Double Jeopardy 

300

What led to the financial panic of 1819?

Over-speculation in land and excessive lending contributed to the panic. 

300

How is the Federal Reserve System structured?


It consists of twelve regional banks and a Board of Governors overseeing the system


300

How did Teddy Roosevelt attempt to regulate Wall Street?

  • He implemented antitrust measures and increased regulatory oversight of financial institutions.
400

Who introduced the St. Patrick halfpenny in New Jersey?

  • Mark Newbie introduced the St. Patrick halfpenny in 1682.
400

How were the colonies influenced by the Bank of England?

They were skeptical that the bank would give money to someone powerful such as a king

400

What were the effects of the South Sea Bubble in 1720?

  • It caused the first economic collapse due to inflated stock prices resulting from speculation.
400

 What are the roles of the Federal Open Market Committee (FOMC)?

  • The FOMC sets interest rates and controls the money supply through open market operations.
400

What political cartoon depicted Andrew Jackson and the Second Bank?

  • Various political cartoons illustrated Jackson's conflict with the Second Bank, emphasizing his anti-bank stance.
500

Name two economic consequences of a Bank Run

Panic

Business cant get loans 

People are laid off

consumers lose their money 

More banks close due to distrust

500

Why was the Bank of North America revoked in 1785?

  • Its charter was revoked due to concerns about foreign influence and unfair competition.
500

Describe the impact of the various panics during the late 19th and early 20th centuries

  • These panics revealed the instability of the banking system and underscored the need for a central banking authority to manage economic fluctuations
  • Double Jeopardy
500

How did the Federal Reserve change U.S. monetary policy after its establishment?

  • It introduced systematic approaches to managing interest rates and controlling inflation, enhancing economic stability.
500

Describe the conflict surrounding the establishment of the First Bank of the United States.  

  • The establishment faced opposition from Southerners who viewed it as unconstitutional and favoring Northern interests.