bell work do you have a bank account? is it a saving or a checking account? do your bell work on...
TRANSCRIPT
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Bell Work
Do you have a bank account? Is it a saving or a checking account?
Do your bell work on your packet. There is room on the last page.
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NCSS and MDENCSS Standards:• 1 Culture• 6 Power, Authority, and Governance• 7 Production, Distribution, and Consumption
MDE Competencies:• 1• 2• 4• 5
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Chapter 5 Banking and Money
Oak GroveEconomics
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History Of The Banking System
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During the American Revolution
Continental Bills
Not This One
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Constitution
Levy Taxes
Coin Money
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Federalist VS. Anti-Federalist
Federalist favored centralized banks
Anit-Federalist favored state chartered banks
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Bank of the United States
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4 Functions 1. To hold tax funds collected by the federal
government.
2.To assist the federal government in tax collection, borrowing, and interstate trade regulation
3.To issue representative money in the form of bank notes.
4.To ensure that state-chartered banks held sufficient gold resources to cover bank notes that they issued.
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Say No To National Banks
What National Bank?
Mr. President we need you to renew the bank charter
National Bank?
http://www.youtube.com/watch?v=vYh7pato4uE
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United States Note
Representative money during the Civil War.
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Coinage Act 1873
The government no longer purchased silver and moved to the gold standard.
The Government Silver
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Gold Standard
I pity the fool who wants silver.
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Federal Reserve Act
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Federal Reserve Note
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Stock Market Boom
Stock prices were inflated and did not represent the worth of the company.
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Stock Market Crash October 29, 1929
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Bank Holiday
All banks were closed.
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Federal Deposit Insurance Coporation
Created to provide insurance for customer deposits.
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Lifted Bank Regulations
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Bank Bailout
http://www.youtube.com/watch?v=fr8EaOKKCNs
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Real Estate Bubble
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BarteringIn a series of trades, Kyle MacDonald traded this red paper clip for other items
until he ended up owning a house.
http://www.youtube.com/watch?v=BE8b02EdZvw
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Functions of Money
A medium of exchange.
A unit of account.
A store of value.
The functions of money is to not make it rain but is:
http://www.youtube.com/watch?v=yeTrIJphoSg
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A Medium of Exchange
As a medium of exchange, money acts as an intermediary or link
Not this kind of medium but:
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Unit of Account
The unit of the weights are measured in pounds or grams.
___
The unit of height are measured in feet or meters.
The unit of value is measured in money.
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A Store of Value
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Characteristics of Money
Durability
Portability
Divisibility
Uniformity
Limited Supply
Acceptability
http://www.youtube.com/watch?v=AQ5fWxF7LIA
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Durability
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Portability
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Divisibility
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Uniformity
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Limited Supply
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Acceptability
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Types of Money Commodity
Representative
Fiat
Electronichttp://www.youtube.com/watch?v=mmBSkTtGqf4
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Conclusion The National Bank in 1791 had 4 functions. The First National Bank and Second National Bank were
vetoed. The Coinage Act of 1873 put the U.S. on the gold standard. The Federal Reserve Act centralized banking but into
districts. A “run” on the bank happens when large number of people
withdraw money from the bank. The “Bank Holiday” closed all banks during the Great
Depression to allow the federal government to strengthen, reorganize, and reopen banks.
Questionable and illegal mortgage practice involved issuing mortgages to people who normally do not qualify for them. This caused many foreclosures on homes.
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BibliographyFor pictures of old money and federal reserve notes refer too:http://www.coinnews.net/2010/12/16/exceptional-notes-headline-heritage-tampa-fun-currency-auction/
For the pictures of the cows refer to:http://newsletters.creativecow.net/newsletters/2007/10-17/index.html
For pictures of the stock market crash and New Deal related photos refer to:http://www.stock-market-crash.net/1929-crash/
For real estate bubble cartoon refer to:http://www.intoon.com/cartoons.cfm/id/1787
For maps refer too:http://www.tlnt.com/2012/11/29/federal-reserve-hiring-is-improving-but-skilled-labor-is-in-short-supply/
For Revolutionary, Federalist and Anti-Federalist refer to:http://meettommerkey.com/fiat-money/