The Proposal for a Central Bank in the United States: A Critical View

1909 ◽  
Vol 23 (3) ◽  
pp. 363 ◽  
Author(s):  
O. M. W. Sprague
Keyword(s):  
United States ◽  
Central Bank ◽  
The United States ◽  
Critical View

Preconditions for a general-purpose central bank digital currency

FEDS Notes ◽  
2021 ◽  
Vol 2021 (2839) ◽  
Author(s):  
Jess Cheng ◽  
◽  
Angela N Lawson ◽  
Paul Wong ◽  
◽  
...  
Keyword(s):  
United States ◽  
Central Bank ◽  
The United States ◽  
Legal Framework ◽  
General Purpose ◽  
The Public ◽  
Digital Currency ◽  
Stakeholder Support ◽  
Policy Objectives ◽  
New Form

Over the last few years, interest in the potential issuance of a general-purpose central bank digital currency (CBDC) has increased. Introducing and operating a CBDC would require actions by many stakeholders and not just the central bank. In view of the far-reaching implications of introducing a new form of money to the public, the decision cannot be taken lightly. This paper outlines foundational preconditions and proposes areas of work that may help achieve them prior to the possible implementation of a potential future general-purpose CBDC in the United States. These foundational preconditions include clear policy objectives, broad stakeholder support, a strong legal framework, robust technology, and readiness for market acceptance and adoption.

What Is Stimulus without Debt?

2018 ◽  
Author(s):  
Laurence Seidman
Keyword(s):  
United States ◽  
Central Bank ◽  
Federal Reserve ◽  
Aggregate Demand ◽  
Government Debt ◽  
The United States ◽  
United States Congress ◽  
Fiscal Stimulus ◽  
Goods And Services ◽  
Stimulus Package

Stimulus without debt is a policy that would increase aggregate demand for goods and services in a recession without increasing government debt. Stimulus without debt consists of a transfer (not loan) from the central bank to the national treasury (or to national treasuries in the case of the eurozone) so that the treasury does not have to borrow to finance fiscal stimulus enacted by the legislature. In the United States, Congress would enact a fiscal stimulus package that consists mainly of cash tax rebates to households but also other temporary expenditures and temporary tax cuts; the fiscal stimulus would raise aggregate demand. The Federal Reserve would use new money to give a large transfer (not loan) to the Treasury equal to the fiscal stimulus package so that the Treasury does not have to borrow to pay for the package. Hence, there would be no increase in government debt.

Briefly Noted

2020 ◽  
Vol 59 (1) ◽  
pp. 180-182
Keyword(s):  
United States ◽  
Central Bank ◽  
The United States ◽  
Armenian Genocide ◽  
Ninth Circuit ◽  
Court Of Appeals ◽  
Legal Questions ◽  
The Republic ◽  
Republic Of Turkey

On August 8, 2019, the United States Court of Appeals for the Ninth Circuit issued an opinion in Bakalian v. Central Bank of Republic of Turkey, Case No. 13-55664. In this case, the Ninth Circuit affirmed the district court's dismissal of plaintiffs’ claims seeking compensation from the Republic of Turkey and two Turkish national banks for lands that they claim were unlawfully confiscated from their ancestors during what the Court refers to as the Armenian Genocide of 1915–1923. In 2006, California adopted a statute extending the statute of limitations for claims arising out of the Armenian Genocide to December 31, 2016. Thus, the claims filed by the plaintiffs in 2010 were not time-barred under the statute; however, the panel found that since the Court had previously found the statute to be unconstitutional, no statute existed to extend the statute of limitations and therefore the claims were time-barred. The panel held that since the claims were plainly time-barred, the Court need not address legal questions posed regarding Foreign Sovereign Immunities Act jurisdiction.

China will press on with financial reform and opening

2018 ◽  
Keyword(s):  
United States ◽  
Emerging Markets ◽  
Central Bank ◽  
Systemic Risk ◽  
Local Governments ◽  
Financial Sector ◽  
The United States ◽  
Financial Reform ◽  
Trade Disputes ◽  
Content Type

Subject Financial reform and opening in China. Significance Despite trade disputes with the United States and risks in emerging markets, China's leaders are showing determination to open the country's financial sector further to foreign businesses. Impacts Local governments and banks will come under pressure from waves of corporate defaults, but wider panic is unlikely. Struggling enterprises will be less able to rely on debt to survive. The strong supervision of the financial sector seen in 2017 will persist as the authorities seek to reduce systemic risk. The precise timeline given by the central bank shows policymakers' confidence that risks are adequately contained.

The Origins and Establishment of the First Bank of the United States

1956 ◽  
Vol 30 (4) ◽  
pp. 472-492 ◽  
Author(s):  
H.Wayne Morgan
Keyword(s):  
United States ◽  
Nineteenth Century ◽  
Central Bank ◽  
The United States ◽  
Industrial Economy ◽  
Great Hope ◽  
National Bank ◽  
The Republic ◽  
The Many

In the early days of the Republic, opposition to a national bank derived from fear, ignorance, and a basic cleavage of prophecy. To many persons banks were synonymous with speculation; others viewed them as “aristocratic engines” designed to advance the interests of the few over those of the many. Most important, however, was the discrepancy of viewpoints between those who envisaged an agricultural nation and those who already sensed the embryonic stirrings of a vast industrial economy. To the htter, a strong central bank seemed indispensable. The struggle to establish the First Bank of the United States emphasized the rural-urban cleavage that was to influence much nineteenth-century history. It was also a conspicuous early recourse to implied Constitutional powers, anathema to States' Rights defenders and a great hope of businessmen in a still feeble nation.

scholarly journals A Note On The Adoption Of The Euro Compared To The Adoption Of Federal Money In The United States

2011 ◽  
Vol 5 (2) ◽  
Author(s):  
George E. Nogler ◽  
John A. Armstrong
Keyword(s):  
United States ◽  
Member State ◽  
Central Bank ◽  
European Community ◽  
American Revolution ◽  
The United States ◽  
Member States ◽  
Monetary Unit ◽  
Two Factors ◽  
States Experience

This paper compares and contrasts the experience of the European Community in creating a single monetary unit (the Euro) from the currencies of a dozen participating member states to the experience of the United States in creating a single monetary unit (the dollar) across the former colonies after the American Revolution.  The European Community was able to merge the member state currencies in a period of 23 years, while the United States experience lasted over 75 years.  By extensively reviewing the experience of the United States through contemporaneous textbooks, two factors are identified which may account for this difference.  First, the existence of a central bank, and second, the universal adoption of decimal currencies, which began with the United States experience.

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