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The First U.S. Currency was made
In order to finance the American Revolution, the first paper money was printed, named "continentals." But, there was so much produced, that it eventually lead to inflation, making the continental utterly worthless. -
The First Bank of the U.S. was made
This bank was created because the U.S. was in debt after the Revolutionary War, and each state has a different type of currency, so the bank created a standard form of currency. -
The Second Bank was Made
This bank was made because citizens thought it would help with paying the U.S's debt from war. -
The Creation of the Dollar Bill
The first dollar bill was issued in 1862. It had a portrait of Salmon P. Chase, who at the time, was the treasury secretary under Abraham Lincoln. -
Creation of the Federal Reserve System
The Federal Reserve System (Fed) was created in 1913 when the president at the time, Woodrow Wilson, signed the Federal Reserve Act into law. He did this because Congress wanted to make a more flexible and stable financial system. -
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The Great Depression
The great depression was a period where many people were unemployed, and generally a time of poverty in the United States. -
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The Great Inflation
In 1964, inflation was increasing by about 1 percent per year. But during the Great Inflation, inflation got so bad that in 1980, it was about 14 percent per year. -
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The Great Moderation
The Great Moderation was a time of calm after The Great Inflation. -
Beginning of Open Market Operations
Benjamin Strong made a large purchase of government securities, and this showed a clear evidence of the influence of open market operations influencing the availability of credit in the banking system.
