The Federal Reserve System is the central bank of the United States. The system includes 12 Federal Reserve Banks (and their associated branches) located throughout the country, with oversight by the Board of Governors in Washington, D.C. The diverse structure is designed to ensure that the interests of Main Street are represented along with those…

The global financial system appears to be heading for a major financial crisis. This crisis is being driven by a growing global debt. This crisis is not limited to nations that are heavily in debt such as Greece, Spain, Portugal, Ireland, Italy or Cyprus but to such others as the United States. While there has been a great deal of emphasis on…

Arguing that the benefits from borrowing abroad exceed the costs recently imposed on countries through debt-servicing difficulties, this paper defines debt as an engine of growth, forcing the borrower to produce goods efficiently, export them, and function competitively in the international market. Debt-servicing difficulties of developing nations…

This book examines the changed, and changing, international monetary system. It describes how the system has evolved under nine Presidents, from Franklin D. Roosevelt to Ronald Reagan. It also discusses the broader evolution of the world economy during this period, including the trade and investment issues to which international monetary policy is…