Fiat money (no intrinsic value, govt. decree) （无内在价值，政府法令）(paper money) 法定货币（纸币）
Commodity-backed money (gold standard or silver standard or copper standard or cow standard.) 商品担保货币（金本位 或 银本位 或 铜本位 或 牛本位）
Money of exchange
Unit of account + used to value something/ measure the worth of something
Store of value
Transferring purchasing power from now to later
Gold window closed: 1971
1960- USD supply ↑ but gold supply do not change
France think because the USA are fight with Vietnam, so France think USA are just printing money, and France want to change money to gold first. Then many country followed. Thus USA don't have enough gold.
1970s - Nixon stop the exchange from money to gold.
Before: 1oz gold == $20
Now: Gold price today
Gold Spot Price
Gold price per ounce
Function of FED:
Control the Money Supply
Supervise the bank（监督）
Bank accounts 银行账户
Savings Accounts 储蓄账户
Checking Accounts 支票账户
Money Market Accounts 货币市场账户
a check for a fixed amount that can be cashed or used in payment after endorsement with the holder's signature.
All things in M1
+ Saving account
Jerome Powell - the people who countral the central bank
There're three central bank in US (in history)
1st from 1791 to 1811
2nd from 1816 - 1836
Current 1913 - present
The president who don't like central bank:
Two Main Types
increased government expenditures
lower taxes to stimulate demand
pull the global economy out of the depression
Keynesian economics focuses on using active government policy to manage aggregate demand in order to address or prevent economic recessions.
Criticize those people who set the low interest rate artificially.