Mt. Everest Research Paper

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Money and Banking Final Essay $15,000,000,000,000. Is that even comprehendible? Mt. Everest is the tallest mountain in America, and is just over 29,000 feet. If we were to stack up the fifteen trillion dollar debt, the top of the mountain would only reach eighty-one million dollars. The U.S government spends that kind of money in about eleven minutes or so. To reach fifteen trillion dollars there would have to be 185 mountain stacks of Mt. Everest. What does this say about our government? The Central Bank, or also known as the Federal Reserve, is the mastermind behind all this debt in today’s society. I believe the United States should not have a central banking system, and throughout this paper I am going to state my reasons why I believe this. The Federal Reserve supervises and regulates banks, implements monetary policy by buying and selling U.S. treasury bonds and steers interest rates. This gives the Federal Reserve a lot of room to control the economy.…show more content…
If America could not get it right the first two times what makes us be able to have the Federal Reserves be successful this time around.” The first bank of the United States was set into law on April 25, 1791. Over the next five years of the first bank, the American government borrowed more than $8 million and this made the prices raise an average of 72 percent” (Robinson, 103). After the charter ran out for the first bank, it was a debate to renew it. With the conflict with the British and creating the war of 1812, of course, America needed more money and creates the second bank of America. The first and second bank were similar, they both were created to issue currency and purchase government debt. Once again the government borrowed more money, $20 million, and the prices amplified and created inflation. When having central banks like these it brings on “booms and bust”, which creates fluctuations in the
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