Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
18 Cards in this Set
- Front
- Back
|
Federal Reserve system |
or fed. nations first true central bank. |
|
|
thrift institution |
or thrifts. accepted the deposits of small investors but did not have DDAs until the mid-1970s. |
|
|
Mutual Savings Bank |
a depositor owned financial organization operated only for the benefit of its depositers. |
|
|
Credit union savings and loan associations |
a depository institution that invests the majority of its finds in home mortages. |
|
|
does the gov completely own the fed? |
No, privaetly owned banks own it |
|
|
the great depression |
the u.s. stock market crushed in october 29,1929 |
|
|
wat federal agency insures bank deposits in the event of a bank failure |
Federal Deposit Insurance Corporation |
|
|
Which is one of the oldest thrift institutions in the u.s.? |
Mutual Savings Bank is one of the oldest thrift institutions in the US. Most MSBs were located in the Mid-Atlantic and industrial Northeast regions of the United States. By 1910, there were 637 of these institutions. |
|
|
which institutions experienced serious crisis and reform during the 80s. |
savings and loan had a crisis in the 80s |
|
|
monetary standard |
the mechanism designed to keep the money supply portable, durable divisible, and limited in supply. |
|
|
legal tender |
fiat currency that must be accepted in payment for debts. |
|
|
treasure coins note |
paper currency isissued by the treasury that was redeemable in both gold and silver |
|
|
gold standard |
a monetary standard under which the basic currency unit is equal to and can be exchanged for a specific gold amount Two advantages: some ppl feel more secure about their money if they kno it can be converted to hold its suppose to prevent the gov from printing too much $$paper currency DISadvantage:gold stock may not grow ppl may suddenly decide to convert their currency to gold. |
|
|
inconvertible fiat money standard |
a monetary standard under which the fiat money supply cannot be converted into gold or silver by its citizens |
|
|
what current monetary standard does the u.s. operate under? |
the inconvertible fiat money standard |
|
|
gold standard |
remained in force till the depression of the 1930s. ppl began cashing dollars to gold foreign gov began doing the same roosevelt declared national emergency gold reverse act of 1934 required citizens and banks and businesses to turn their gold and certificate over to u.s. gov |
|
|
why were greenbacks issued |
the Union issued a large number of greenbacks to help finance the costly Civil War, but the currency led to high inflation |
|
|
national banking system |
Definition:* Paper currency issued during the Civil War were known as greenbacks.* National Banking System established to manage all revenue coming in and out.* Money was not backed up in gold standard. |
