The treaties signed between May and October, 1648 were a result of a large, planned democratic congress, thereby initiating a new system of political order in central Europe, later called Westphalian sovereignty, based upon the concept of a sovereign state governed by a sovereign.
Sveriges Riksbank, or simply Riksbanken, is the central bank of Sweden and the world's oldest central bank.
The Bank was established to act as the Crown's banker. The Bank was privately owned and operated from its foundation. It was subordinated to the Treasury after 1931 in making policy and was nationalised in 1946. In 1998, it became an independent public organisation, wholly owned by the Treasury Solicitor on behalf of the Government, with independence in setting monetary policy.
John Law opens Banque Générale
Colonial Scrip Issued in US Debt free, fiat currency was printed in the public interest. As Benjamin Franklin said,
An Inquiry into the Nature and Causes of the Wealth of Nations, generally referred to by its shortened title The Wealth of Nations, is the magnum opus of the Scottish economist and moral philosopher Adam Smith. First published in 1776, it is a reflection on economics at the beginning of the Industrial Revolution and argues that free market economies are more productive and beneficial to their societies. The book is a fundamental work in classical economics.
The Pennsylvania Bank established by Benjamin Franklin, the first public bank in the United States
The Bank of North America was a private business chartered on December 31, 1781 by the Congress of the Confederation and opened on January 7, 1782, at the prodding of Superintendent of Finance Robert Morris. This was thus the nation's first de facto central bank.
The Constitution was adopted on September 17, 1787, by the Constitutional Convention in Philadelphia, Pennsylvania, and ratified by conventions in each U.S. state in the name of "The People". It has been amended twenty-seven times; the first ten amendments are known as the Bill of Rights.
The First Bank was a bank chartered by the United States Congress on February 25, 1791. The charter was set for a 20-year expiration date.
With its acceptance, Sec.11 of the Coinage Act of 1792 established: "That the proportional value of gold to silver in all coins which shall by law be current as money within the United States, shall be as fifteen to one, proportional value of gold to silver. according to quantity in weight, of pure gold or pure silver;" the proportion had slipped by 1834 to sixteen to one. Bimetallism was effectively abandoned by the Coinage Act of 1873, but not formally outlawed as legal currency until the early 1900s. The merits of the system were the subject of debate in the late 19th century. If the market forces of supply and demand for either metal caused its bullion value to exceed its nominal currency value, it tends to disappear from circulation by hoarding or melting down.
De Nederlandsche Bank founded.
The Second Bank of the United States was chartered in 1816, five years after the First Bank of the United States lost its own charter.
The Philadelphia Savings Fund Society (PSFS), originally called the Philadelphia Saving Fund Society, was a savings bank headquartered in Philadelphia, Pennsylvania. PSFS was the first savings bank to organize and do business in the United States. The bank would grow into being one of the largest savings banks in the United States and become a Philadelphia institution with generations of Philadelphians opening up accounts as children and becoming life-long depositors.
The first building and loan association, January 31, 1831, The Oxford Provident of Frankford (Philadelphia).
President Jackson Issues Executive Order to Stop Depositing Government Funds Into Bank of US. By September 1833, government funds were being deposited into state chartered banks.
Manufactured “boom” created by central bankers – money supply Increases 84%, Spurred by the 2nd Bank of the US. The total money supply rose from $150 million to $267 million.
343 of the 850 banks in the US closed entirely as largest banks consolidated wealth and power.
The Panic of 1837 was a financial crisis or market correction in the United States built on a speculative fever. The end of the Second Bank of the United States had produced a period of runaway inflation, but on May 10, 1837 in New York City, every bank began to accept payment only in specie (gold and silver coinage), forcing a dramatic, deflationary backlash. This was based on the assumption by former president, Andrew Jackson, that the government was selling land for state bank notes of questionable value. The Panic was followed by a five-year depression, with the failure of banks and then-record-high unemployment levels.
The Bank Charter Act established that Bank of England Notes, fully backed by gold, were the legal standard. According to the strict interpretation of the gold standard, this 1844 act marks the establishment of a full gold standard for British money.
The European Revolutions of 1848, known in some countries as the Spring of Nations, Springtime of the Peoples or the Year of Revolution, were a series of political upheavals throughout Europe in 1848. It was the first (and only) Europe-wide collapse of traditional authority, but within a year reactionary forces had won out and the revolutions collapsed.
The first successful credit unions began in Germany under the leadership of cooperative pioneer Hermann Schulze-Delitzsch. These credit unions would be recognizable today, since they adhered to the basic aspects of the co-operative identity: that is, they were “based on the values of self-help, self-responsibility, democracy, equality, equity and solidarity. In the tradition of their founders, co-operative members believe in the ethical values of honesty, openness, social responsibility and caring for others.”
The Panic of 1857 was a financial panic in the United States caused by the declining international economy and over-expansion of the domestic economy. Indeed, because of the interconnectedness of the world economy by the time of the 1850s, the financial crisis which began in the autumn of 1857 was the world's first world-wide economic crisis
The American Civil War was a war fought in the United States of America. In response to the election of Abraham Lincoln as President of the United States, 11 southern slave states declared their secession from the United States and formed the Confederate States of America ("the Confederacy"); the other 25 states supported the federal government ("the Union"). After four years of warfare, mostly within the Southern states, the Confederacy surrendered and slavery was outlawed everywhere in the nation. Issues that led to war were partially resolved in the Reconstruction Era that followed, though others remained unresolved.
Late in 1861, the United States federal government suspended specie payments, seeking to raise revenue for the American Civil War effort without exhausting its reserves of gold and silver. Early in 1862, the United States issued legal-tender notes, called greenbacks. By war's end, a total of $431 million in greenbacks had been issued, and authorization had been given for another $50 million in small denominations, known as fractional currency or "shin plasters.
Forts Jackson and St. Philip, isolated since being passed by Flag Officer Farragut's fleet and the fall of New Orleans, surrendered to the Navy, effectively prohibiting the Confederacy from shipping cotton, which guaranteed its bonds.
The Emancipation Proclamation is an executive order issued by United States President Abraham Lincoln, during the American Civil War using his war powers. It proclaimed the freedom of slaves in the ten states then in rebellion, thus applying to 3.1 million of the 4 million slaves in the U.S. at that time. The Proclamation immediately freed 50,000 slaves, with nearly all the rest (of the 3.1 million) freed as Union armies advanced.
In the history of the United States, the term "Reconstruction Era" has two senses: the first covers the entire nation in the period 1865–1877 following the Civil War; the second one covers the transformation of the Southern United States from 1863 to 1877, with the reconstruction of state and society in the former Confederacy.
Capital: Critique of Political Economy), by Karl Marx, is a critical analysis of capitalism as political economy, meant to reveal the economic laws of the capitalist mode of production, and how it was the precursor of the socialist mode of production.
The British Pound became the world's defacto reserve currency after most of the world active in international trade operated some sort of gold standard or pegged their silver currency to a gold exchange rate.
The Panic of 1873 triggered a severe international economic depression in both Europe and the United States that lasted until 1879, and even longer in some countries. The depression was known as the Great Depression until the 1930s, but is now known as the Long Depression. The panic was caused by the fall in demand for silver internationally, which followed Germany's decision to abandon the silver standard in the wake of the Franco-Prussian war.
The Resumption Act of January 14, 1875 provided for the replacement of the Civil War fractional currency by silver coins. It also reduced the greenback total to $300 million. The Secretary of the Treasury was directed to "redeem, in coin" legal-tender notes presented for redemption on and after 1 January 1879. The Resumption Act was hotly debated during the 1880 presidential election, with most western politicians opposed to it. Specie payments resumed during the presidency of Rutherford B. Hayes.
The Panic of 1893 was a serious economic depression in the United States that began in 1893. Similar to the Panic of 1873, this panic was marked by the collapse of railroad overbuilding and shaky railroad financing which set off a series of bank failures. Compounding market overbuilding and the railroad bubble, was a run on the gold supply (relative to silver), because of the long-established American policy of bimetallism, which used both silver and gold metals at a fixed 16:1 rate for pegging the value of the US Dollar. Until the Great Depression, the Panic of '93 was considered the worst depression the United States had ever experienced.
The Panic of 1907, also known as the 1907 Bankers' Panic, was a financial crisis that occurred in the United States when the New York Stock Exchange fell almost 50% from its peak the previous year. Panic occurred, as this was during a time of economic recession, and there were numerous runs on banks and trust companies. The 1907 panic eventually spread throughout the nation when many state and local banks and businesses entered bankruptcy. Primary causes of the run include a retraction of market liquidity by a number of New York City banks and a loss of confidence among depositors.
The Federal Reserve is the central banking system of the United States. It was created on December 23, 1913 with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907.
World War I, also called the Great War from its occurrence until 1939, and the First World War or World War I thereafter, was a major war centred in Europe. It involved all the world's great powers, which were assembled in two opposing alliances: the Allies (centred around the Triple Entente of Britain, France and Russia) and the Central Powers (originally centred around the Triple Alliance of Germany, Austria-Hungary and Italy). More than 70 million military personnel, including 60 million Europeans, were mobilised in one of the largest wars in history.
The Bank of North Dakota was established by legislative action in 1919 to promote agriculture, commerce and industry in North Dakota.
The Wall Street Crash of 1929, also known as the Great Crash, and the Stock Market Crash of 1929, was the most devastating stock market crash in the history of the United States, taking into consideration the full extent and duration of its fallout. The crash signaled the beginning of the 12-year Great Depression that affected all Western industrialized countries and that did not end in the United States until the onset of American mobilization for World War II at the end of 1941.
The bank declared bankruptcy on May 11, 1931. It has been said that this event resulted in a global financial crisis and ultimately the bank failures of the Great Depression.
Executive Order 6102 signed by U.S. President Franklin D. Roosevelt forbade ownership of Gold Coin, Gold Bullion, and Gold Certificates by U.S. citizens beyond a certain amount, effectively ending the convertibility of US dollars into gold.
Keynes's magnum opus. The work served as a theoretical justification for the interventionist policies Keynes favoured for tackling a recession. The General Theory challenged the earlier neo-classical economic paradigm, which had held that provided it was unfettered by government interference, the market would naturally establish full employment equilibrium.
World War II was a global conflict lasting from 1939 to 1945, involving most of the world's nations—including all of the great powers—eventually forming two opposing military alliances: the Allies and the Axis. It was the most widespread war in history, with more than 100 million military personnel mobilized.
The United Nations Monetary and Financial Conference, commonly known as the Bretton Woods conference, was a gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton Woods, New Hampshire, to regulate the international monetary and financial order after the conclusion of World War II.
The Nixon Shock was a series of economic measures taken by U.S. President Richard Nixon in 1971 including unilaterally cancelling the direct convertibility of the United States dollar to gold that essentially ended the existing Bretton Woods system of international financial exchange.
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