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ERIC Number: ED175743
Record Type: Non-Journal
Publication Date: 1977-Dec
Pages: 36
Abstractor: N/A
I Bet You Thought...
Friedman, David H.
The booklet lists and dispels 14 economic myths through a discussion of money, economic concepts, and the Federal Reserve System. The objective is to help secondary students or adults understand the economic system as related to money and banking. Topics focus on money, banking, gold and silver, credit, government role, financial concepts, and interest. For these topics historical background information is provided, terms and concepts are defined, relationships between government and the banks are pointed out, Federal Reserve functions and operations are outlined, and various types of banks are compared. Sample myths include "Money is simply coin and paper currency,""Gold and silver are the only perfect monies,""The Government reduces money's value by printing too much currency,""Checks are money,""Banks are part of the Government,""All banks are the same,""Wall Street banking interests established the Federal Reserve and control monetary policy,""The Federal Reserve controls the amount of currency in circulation," and "Banks borrow money from the Federal Reserve at the discount rate and lend the funds at a higher rate to make profit." Cartoon drawings illustrate the concepts discussed. (CK)
Public Information Department, Federal Reserve Bank of New York, 33 Liberty Street, New York, New York 10045 (free)
Publication Type: Guides - Classroom - Learner
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: Federal Reserve Bank of New York, NY.
Grant or Contract Numbers: N/A