Federal Reserve System

of paper money for its worth in gold. This meant transactions no longer had to be done with heavy gold bars or coins, and could be easily handled with paper transactions. Countries had to separately elect to follow the rules of the gold standard system. This agreement, between participating countries, measured the value of one country’s national currency per an ounce of gold, to the value of the other participating countries’, which made it possible to create the exchange rates between the…

case with 15-20 pounds of powder (Manfreda J.). Underground the case was placed right above the oil reserve, the wire on land was connected, the bomb blew, and water was added to flood the borehole. His invention increased the production of oil by 1200% (Manfreda J.). In the 1930’s the explosive substance was replaced with a non-explosive acid that prevented the closing of the openings…

Alexander Hamilton was a brilliant man who had a keen insight on economic policies. He was a member of President Washington’s Cabinet and was the secretary of treasury. Hamilton always had an affinity towards the British Government because he believed that there government was well- run, and this affected the way he thought about economic engagement. Hamilton was an advocate for a federalist government, a government centered on a strong central government that made the main decisions for the…

company by the name California Arabian Standard Oil Company (Casoc) was created to manage the concession. The company’s search for oil reserves was repeatedly done, and drilling was done for five years to no avail until 1938 when the company finally struck ‘black Gold. ' This was commercial quantities…

The Chinese government has had a close and constant watch on their currency for many years. As mentioned in the readings, in 1994 the Chinese government had set a fixed rate on the value of the Yuan compared to the U.S. dollar, in addition to making it illegal to trade the Yuan outside of the boarders. Through China’s centralized government they have been able to predict and manage their economy in respects to growth and employment opportunities. Because of the stronghold control over the…

political reasons. An investor needs to protect itself from exchange rate risk by diversifying, hedging and other ways to prevent large losses in fluctuations of currency. Yuan’s Appeal Wanes as It Joins IMF’s Reserve-Currencies Club, Hunter & Vaishampayan, Sept. 30,…

of 1876 baseball players found themselves at the beginning of what could be considered a monopoly; where the owner’s controlled baseball for a quarter of a century (Baseball, 2010). This was due to William Hulbert and other owner’s creation of the reserve clause. As a result of this clause, baseball player’s salaries were kept low, and they were unable to leave their team unless their owner traded them. If a player did not abide by this legally binding clause they would more than likely be…

than about how much oil is really left, because we don’t know. Oil is a commodity, it’s an asset. You make loans based on what’s in the ground, so you have all these accounting terms: Possible reserves, proven reserves, ultimately recoverable reserves, verified reserves, estimated reserves, etc. But actual reserve estimates are made secrets. The Saudi’s don’t dare announce that they’ve passed their peak of oil production. Why? They have a very rested population that have been sold an expectation…

Oil plays an important economic and social role in Venezuela. The country earns $15 to $20 billion per year in oil revenues, constituting between 75 and 80 percent of Venezuela's total exports. Taxes, royalties and dividends from PDVSA represent roughly 50 percent of all government revenues. Oil activity directly and indirectly generates around 40 percent of national economic activity. (Giusti) The oil impacts on Venezuelas economy can be broken down into three concentric circles. The first…

Imagine a day when the air outside is wonderful. You can run outside, the air smells satisfying, and you can actually breathe and not have to cough. A world like this could be closer to achieving it every day if one thing happened: cars under 30 miles per gallon (mpg) were banned from roads and from being manufactured. If cars under 30 mpg were banned, the pollution would decrease, there would be more petroleum and gas for us, and the gas guzzlers are very expensive. Cars that have under 30…