Personal Finance Summer Reading List

Personal Finance Lesson 175 Assignment

This is my personal finance reading list for the summer.

  1. What Has Government Done To Our Money? By Murray N. Rothbard ($1.99 on Kindle) https://www.amazon.com/What-Has-Government-Done-Money
  2. Rich Dad Poor Dad By Robert T. Kiyosaki ($6.82 on Kindle) https://www.amazon.com/Rich-Dad-Poor-Teach-Middle-ebook
  3. A Simple Path to Wealth By JL Collins ($14.99 on Kindle) https://www.amazon.com/Simple-Path-Wealth-Revised-Expanded-ebook
  4. Fables of Fortune By Richard Watts ($9.99 on Kindle) https://www.amazon.com/Fables-Fortune-What-Rich-People-ebook
  5. Economics for Real People By Gene Callahan ($2.99 on Kindle) https://www.amazon.com/Economics-Real-People-Introduction-Austrian-ebook
  6. The Creature from Jekyll Island By G Edward Griffin ($17.58 on Kindle) https://www.amazon.com/Creature-Jekyll-Island-Federal-Reserve-ebook
  7. Lessons for the Young Economist By Robert P. Murphy ($2.99 on Kindle) https://www.amazon.com/Lessons-Young-Economist-Robert-Murphy-ebook
  8. Economics in One Lesson By Henry Hazlitt ($5.49 on Kindle) https://www.amazon.com/Economics-One-Lesson-Shortest-Understand-ebook

The Federal Reserve and the Economy

Personal Finance Lesson 160 Assignment

In this assignment, I will be explaining what the Federal Reserve is and what it does to the economy.

The Federal Reserve

The Federal Reserve is the central bank of the U.S. In short, it is a super bank that connects all banks together. It is closely tied to the U.S. government. It was originally created to allow banks to extend more loans without having to worry about the consequences.

The Federal Reserve (often shortened to Fed) has many functions. It primarily controls the money supply, but it also issues new currency, serves as a last-resort lender, and is a bank for the government. The Fed can also collect data and do economic research.

The Fed was created by the Federal Reserve Act of 1913. Just a few years earlier, the nation had experienced the Panic of 1907, when many banks failed and the stock markets crashed. This scared a lot of people, eventually leading to the creation of the Federal Reserve.

One common misconception that some people have about the Fed is that it is a part of the government. Although the Fed is closely tied to the government, it is not technically a part or branch of the government.

The Federal Reserve impacts our economy by making policies and giving bailouts to banks. Some of these policies can restrict the economy, and are not helpful. The Fed can also increase the amount of money in circulation, although they don’t directly print it.

Thanks for reading, I hope you enjoyed it!