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A Masterclass In Central Banking | Professor Jane Knodell
Forward Guidance
The Federal Reserve Banks
The idea behind the Federal Reserve banks is that they would be a source of currency when there was a shortage of currency. And as long as it has good collateral and the act defined what kind of paper could be discounted, they would take it to the Reserve Bank. The reason that they couldn't issue enough currency is because it had to be backed by a certain amount of gold and there just wasn't enough gold. It had to be actually backed by debt, US government debt.
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