Banks Create Money
A reader recommended this page as having lots of useful links:
payoffpilot.com/history-american-money/
A rather old article that has the goldsmith-to-banker story.
www.michaeljournal.org/plenty26.htm
(I have not yet found an appropriate entry for this topic.)
This link is the start of a series of pages from the Federal Reserve that show you the birth, life, and death of a check:
www.federalreserveeducation.org/fed101/services/check_intro.htm
And here is another page at the Fed that does the same thing in a different way:
www.federalreserveeducation.org/fed101/services/checklife/check_sim.htm
In the process of check clearing, something called "float" appears. Read this piece from the Federal Reserve Bank of New York to learn what it is:
www.newyorkfed.org/aboutthefed/fedpoint/fed08.html
This link to the Federal Reserve brings up a page of links. You need to follow these inks to learn about Federal Reserve monetary policy:
www.federalreserve.gov/policy.htm
Here is a fun site from the Federal Reserve that tries to explain monetary policy with little animations:
www.federalreserveeducation.org/fed101/policy/money.htm
This page from the Federal Reserve Bank of New York explains what is on the balance sheet of the Fed without ever showing you a balance sheet:
www.newyorkfed.org/aboutthefed/fedpoint/fed27.html
A brief statement from the Fed describing its new policy tool of paying interest on required reserve balances and excess reserves:
http://www.federalreserve.gov/monetarypolicy/reqresbalances.htm
These links were checked on July 5, 2008.
  
Copyright Robert Schenk
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