Part of the agreement's headline reads: "United States of America: Federal reserve notes
department in agreement with Kenya government under the authority of Kenya Central Bank."
Gold previously dispersed across private banks was to be centralized within the Federal Reserve System as a reserve against the note and deposit liabilities of the Reserve Banks, and national bank notes were to be replaced by Federal Reserve notes
. (22) There was no intention of displacing U.S.
Before passage of the Wyoming Legal Tender Act, the laws of that state required that all debts be paid in Federal Reserve notes
or in coins issued by the government of the United States.
was consolidated into Federal Reserve Notes
, United States Notes, and Silver Certificates; privately issued bank notes were eliminated.
In particular, Rogoff proposes that, at a minimum, large-denomination Federal Reserve notes
First, currency (Federal Reserve Notes
) increased from $758 billion to $1,407 billion, an average annual growth rate of about 6 percent.
Yet, we've seen four years of the Federal Reserve--now on its third quantitative-easing program--experimenting with its own type of greenback program, creating new money out of thin air in the form of credits in Federal Reserve Notes
to purchase trillions of dollars of bonds from big banks and hedge funds.
In the early twentieth century, Federal Reserve notes
were still redeemable for gold and gold coins still circulated in the US economy.
government redesigns Federal Reserve notes
to stay ahead of counterfeiters.
The liabilities consist mainly of Federal Reserve notes
in circulation (paper currency) and reserve accounts of banks located in the Reserve District.
Volume 2 of Allan Meltzer's monetarist History of the Federal Reserve notes
Bretton Woods "might have continued if price adjustment had occurred promptly in response to domestic policy choices, differences in productivity growth, changes in the extent of capital mobility, and the like." President Nixon had either to devalue the dollar versus other currencies or to deflate.
paper currency (e.g., silver certificates, Treasury notes, Federal Reserve notes