The Federal Reserve In this assignment I will be talking about the Federal Reserve and what’s it’s about then I will talk about how the Federal Reserve overstep biblical principles. The Federal Reserve is a central bank for the United States. This bank was made by the congress so that the nation would have a “safer, and stable financial system”. This idea was made on December 23,1913. They called it the Federal Reserve act and put it into the law. The Federal Reserve has four main areas that they focus on and they are.
• Conducting the nation's monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices.
• Supervising
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After it was signed in 1913 by the president Woodrow Wilson. The people did not take this as an efficient serious, “because the world is full of so –called economists who in turn are full of schemes for getting something for nothing”. (Hazlitt, 1979,p.31). Everything they said it would stand for would somehow benefit America but some things are still missing, for this banking system to be successful. Any disasters that have affected our economy only because they was greedy and wanted power. By changing thing like oil standard and having multiple deals with many foreign nations did a big effect on the U.S dollars because they begin to equivalent oil to the U.S dollars and also exchange for military support and armament. They created in U.S.econmy, by fixing they relationship of the U.S money to gold by the ounce. This was suppose to help the US gain interest and ultimately. Around the same time the war they was having was out of control and president Johnson invited a war on the poverty that then made the government pay billions of dollars. They kept expanding on the war and on the welfare, which lead the dollars “floating fiat currency”, by doing that it cause the economy to suffer due to inflation and trades, which later resorted in to