By Jerry W. Markham
This accomplished monetary heritage of the U.S. specializes in the expansion and growth of banking, securities and assurance because the colonial interval. The publication breaks down into classes of frenzied hypothesis, quiet development, panics and livid enlargement.
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Extra resources for A Financial History of the United States (3-volume set) (1970-2001) From the Age of Derivatives to the New Millenium
NEP Some efforts were made to stabilize international finance. Special Drawing Rights (SDRs) were created by the Group of Ten in 1968. These were reserves that countries could keep or draw down from the International Monetary Fund, according to their quotas. The SDRs could be called upon when a country needed to bolster its reserves or needed hard currency. In another international action, the Council of Ministers for the European Economic Community declared in 1969 that the community should move toward a complete economic and monetary union.
The credit unions held assets of over $21 billion in 1972, but that figure was dwarfed by the over $170 billion in deposits held in S&Ls. By 1977, the S&Ls had assets of over $450 billion. Several states authorized checking accounts for savings banks during the 1970s. Commercial Banks and REITs Commercial banks held over $540 billion in deposits in 1972, up from $140 billion in 1946. All but about 200 of the 14,000 or so banks in the United States were insured by the FDIC. About 10,000 of the commercial banks had only one office in 1972.
The Dow Jones Industrial Average hit 1,000 on November 14, 1972, but then began a long decline that reached 577 by December of 1974. In a twenty-one-month period ending in September of 1974, Standard & Poor’s (S&P) index of 500 stocks dropped by over 40 percent. The bear market that ended in October of 1974 was the worst since the 1929 crash. ”14 It was accompanied by a recession. Hedge funds returned to obscurity, at least for a while. Closed-end investment companies were also declining. M. as a way of increasing business.