Turkmenistan hosting seminar on Caspian Sea issues

The International Ocean Institute (IOI) with the support of Turkmenistan’s Foreign Ministry and the State Enterprise on Caspian Sea Issues under the President of Turkmenistan is holding a seminar in Avaza, titled “Caspian Sea – sustainable development and management”, which will last until March 16, the Turkmen government said in a message. Experts of various […]

Azerbaijan to send export mission to Kazakhstan in April

  The Ministry of Economy of Azerbaijan will send an export mission to Kazakhstan next month. The mission will visit Astana and Almaty from 23 to 26 April, the ministry said.   The export mission will include companies specializing in the fields of production of building materials, chemical industry, machinery, cosmetics, fruits and vegetables, alcoholic […]

Liquidity and Secrets

  Bank credit is an elemental thing consisting of purchasing power which a bank manufactures. This credit manifests itself in two forms, namely, bank notes and bank deposits.                                               Thomas Bruce Robb, The […]

Financial Crisis Part 4

  • The demands for cash are on such a scale often the whole banking system is run on that it is not possible to meet these demands because the assets of the banking system cannot be sold en masse without their prices plummeting. • Crises are sudden, unpredictable events, although the level of fragility […]

Financial Crisis Part 3

When the bankers of Oklahoma reached their offices Monday morning, October 28, 1907, they found that over Sunday the banks of St. Louis and Kansas City, following the example of New York al id ( had suspended cash payments, except in small amounts; and thdt Governor of Oklahoma, to give I he banks time to […]

Financial Crisis Part 2

  president of Riggs National Bank of Washington, DC, said the same thing in testimony before Congress: I have been forty years a banker, and I have passed through all of the panics during that time. We went through a condition here in November [19071 that you gentlemen could hardly appreciate, unless you were in […]

Financial Crisis

  Since 1793 panics have occurred [in the United States] in the following years: 1797, 1811, 1813, 1816, 1819, 1825, 1837, 1847, 1857, 1866, 1873, 1884, 1890, and 1893. The true name fora system with this record is the panic system. -Theodore Gilman, Federal Clearing Houses, 1899   Financial crises in market economies are common, […]

Federal Deposit Insurance

Even after the Federal Reserve System was established in 1914, the United States endured continual panics through the National Banking Era and during the Great Depression until federal deposit insurance legislation was passed in 1934, the second momentous financial legislation in U.S. history. Despite the experience of the extensive bank runs during the Great Depression, […]

Creating the Quiet Period Part 4 (last)

cycles, and tended to occur at or near business cycle peaks. Table  shows the business cycles of the time according to the National Bureau of Economic Research. The two columns in table  following the panic date show the percentage change in the currency deposit ratio and the percentage change in pig iron production. These are […]

Creating the Quiet Period, Part 3

  Figure  National Bank Note of South Reading and First National Bank of Seatik Federal Reserve Bank of San Francisco’s American Currency Exhibit. Courtesy of the Federal Reserve Bank of San Francisco. Was radical. Thousands of state banks were eliminated by essentially forcing them to become “national” banks and eliminating their profitable note-issuing business. A […]