Timeline of Money

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Chronology: http://www.ex.ac.uk/~RDavies/arian/amser/chrono17.html
Coin Collecting:
http://rare-coin-collecting-guide.info/
US Treasury History: http://www.ustreas.gov/education/history/events/1900-present.shtml#8

3000BC    Banking developed in Mesopotamia about this time.
    (Econ, 2/25/12, SRp.4)

640BC    The 1st coins were minted in Lydia (later part of Turkey) about this time, and featured face to face heads of a bull and lion.
    (SSFC, 12/3/00, WB p.2)(Econ, 2/25/12, SRp.4)

296CE    Roman Emp. Diocletian ordered the burning of alchemical manuscripts for fear their discoveries would debase his coinage. This may have set back the science of distillation.
    (Econ, 12/20/03, p.68)

269BC    The Roman system of coinage was established.
    (http://eawc.evansville.edu, p.14)

32BC        A Roman coin dating from this time bore the images of Cleopatra on one side and Marc Antony on the reverse. It represented one three hundredth of a Roman soldier's salary and was probably minted to pay the wages of those stationed in Egypt.
    (AFP, 2/14/07)

697        The first Arab Islamic currency was struck in Damascus by the Umayyad ruler Abd al-Malik ibn Marwan (697-698 A.D.)
    (http://tinyurl.com/6c6dlco)

794        Charlemagne created a single currency for his empire.
    (Econ, 6/18/11, p.30)

800-1000    At the beginning of the ninth century, Arabian merchants frequented Lithuania to purchase fine furs, beeswax and precious amber. Brisk trading between Arabians and Lithuanians went on for about two hundred years.
    (VilNews, 12/17/10)

1012        The Arabian trade with Europe abruptly ceased and no more Cufic coins streamed into Europe.
    (VilNews, 12/17/10)

1023        In China a government agency was formed to print paper money.
    (WSJ, 1/11/99, p.R42)

1024        In China the first state-backed paper money was introduced.
    (Econ, 2/25/12, SRp.4)

1311        Oct 16, The general Council of Vienne opened just south of Lyons. During the 2-year council Pope Clement V made the belief in the right to usury heresy and abolished all secular legislation which allowed it.
    (Econ, 1/7/12, p.60)(http://en.wikipedia.org/wiki/Vix_Pervenit)

1228        A record in the Livonian Statute of A.D. 1228 stated that the death penalty will be imposed on those attempting to debase silver by adding to it even 1/16 part of other base metals. This is the reason why silver bar kapas / roubles, whenever found in Baltic States, are always nearly pure.
    (VilNews, 12/17/10)

1303        The avoirdupois pound was invented by London merchants. As of 1959 the international pound, abbreviation "lb" or sometimes # in the US, became the mass unit defined as exactly 0.45359237 kilogram (or 453.59237 grams).
    (www.spiritus-temporis.com/pound/measurement-systems.html)(http://tinyurl.com/8j8cp8)

1339        King Edward III of England repudiated his debt to Florentine bankers.
    (Econ, 1/24/09, p.79)

1399        Russian chronicles state that when Kiev was threatened by the Tartars, Kiev citizens had to pay to Khan Timur Kutluk a contribution of 3000 Lithuanian roubles.
    (VilNews, 12/17/10)

1401        A Giro Bank was established in Barcelona, making it Europe’s first bank. At this time Barcelona was the capital of the Aragon Kingdom.
    (Econ, 1/10/09, p.74)

1410        Russian chronicles say that Novgorod adopted Lithuanian money as legal tender, and the use of marten skins as money was discontinued.
    (VilNews, 12/17/10)

1519        Prussia experienced a monetary crises.
    (ON, 2/11, p.6)

1542        Britain’s 1st bankruptcy laws were crafted under Henry VIII.
    (Econ, 3/6/04, p.53)

1602        Mar 20, The Dutch East India Company was chartered to carry on trade in the East Indies. The company traded to 1798 whereupon its possessions were dissolved into the Dutch empire. In 2010 a student found a share in the company issued to an official named Pieter Harmenz dating to Sep 9, 1606. As a result, continuous trade in company stock emerged on the Amsterdam Exchange.
    (SFC, 9/10/10, p.A2)(http://en.wikipedia.org/wiki/Stock_market)(Econ, 2/25/12, SRp.4)

1652        A silver sixpence minted in colonial New England was set for auction in 2003 with an estimated value of $33-31k.
    (SFC, 10/10/03, p.B2)
1652        Massachusetts produced a silver colonial coin that was found with a metal detector in 1989 in a potato field. In 2012 it was auctioned off for $430,000.
    (SFC, 11/24/12, p.A5)

1654        The earliest circular coin bearing the inscription "rouble" on it in Russia was struck by Czar Alexiei Mikhailovitch.
    (VilNews, 12/17/10)

1659        In Britain a check was written and made out for 400 pounds (equivalent to around 42,000 pounds in 2009). It was signed by Nicholas Vanacker, made payable to a Mr Delboe and drawn on Messrs Morris and Clayton, scriveners and bankers of the City of London. As of 2009 it was the oldest surviving British check.
    (AP, 12/16/09)
1659        Mar 22, The Warsaw parliament decided to issue metal currency, shillings, for Lithuania and Poland.
    (LHC, 3/22/03)

1661        Sweden became the first European country to introduce bank notes.
    (AP, 3/17/12)

1667        The first insurance company was formed in London.
    (Econ, 2/25/12, SRp.4)

1668        The first central bank was founded in Sweden.
    (Econ, 2/25/12, SRp.4)

1687        Dec 16, William Petty (b.1623), English designer, inventor and pioneering economist, died in London. He came up with the “quantity theory of money” and was the first to measure gross domestic product (GDP).
    (Econ, 12/21/13, p.116)(http://en.wikipedia.org/wiki/William_Petty)

1690        Feb 3, The first paper money in America was issued by the colony of Massachusetts. The currency was used to pay soldiers fighting a war against Quebec.
    (SFC, 4/30/97, p.B3)(AP, 2/3/97)

1694        Jul 27, The Bank of England received a royal charter as a commercial institution. The mission of the bank was to provided war finance. Financiers agreed to lend the crown £1.2 million in return for a partial monopoly on the issue of currency.
    (SFC, 5/7/97, p.C2)(AP, 7/27/97)(Econ, 1/10/09, p.49)(Econ, 11/5/11, p.92)

1720        Jan-Aug, Speculators in London bid up the price of the South Sea Co., which had been granted a trading monopoly with South America and the Pacific. The South Sea Bubble burst and London markets crashed. Speculation in government chartered trading companies had led to artificially inflated equity prices with high leverage. The average stock dropped 98.5%. It reportedly took 100 years for markets to recover. In 1999 Edward Chancellor published "Devil Take the Hindmost: A History of Financial Speculation." In 2002 Malcolm Balen authored “The Secret History of the South Sea Bubble.”
    (SFEC, 8/16/98, p.B2)(WSJ, 1/11/99, p.R42)(WSJ, 6/1/99, p.A20)(Econ, 1/3/04, p.42)

1720        Mar 24, In Paris, banking houses closed in the wake of financial crisis. The "Mississippi Bubble" burst as panicked investors withdrew their money from John Law's bank and Mississippi Company. [see South Sea Bubble, Jan, 1720]
    (WSJ, 1/11/99, p.R8)(HN, 3/24/99)(WSJ, 7/19/00, p.B4)

1764        Apr 19, The English Parliament banned the American colonies from printing paper money.
    (HN, 4/19/97)

1770        Prussia issued the first covered bonds. They were paid back from the issuer’s cash flow and were secured against a pool of assets.
    (Econ, 9/13/08, p.80)

1772        In Germany the silver and most of the silver-gilt in the Green Vault of Dresden was melted down and made into coin.
    (Econ, 9/16/06, p.95)

1772-1823    David Ricardo, English Economist and stockbroker. He postulated that landlords become rich at the expense of society.
    (V.D.-H.K.p.253)(WSJ, 1/11/99, p.R20)

1773        A group of English traders broke away from Jonathan's coffee house and moved to a new building. This became the forerunner of the London Stock Exchange (f.1801).
    (Econ, 12/20/03, p.89)

1774        A Dutch merchant cobbled together the earliest mutual-style fund, Eendragt Maakt Magt (Unity creates Strength). The first modern mutual fund was launched in Boston in 1924.
    (Econ, 4/21/07, p.83)

1775        Jul 25, Maryland issued currency depicting George III trampling the Magna Carta.
    (SC, 7/25/02)

1778        Apr 1, Oliver Pollock, a New Orleans businessman, created the "$" symbol.
    (HN, 4/1/98)(OTD)

1782        Jan 7, The 1st US commercial bank, Bank of North America, opened in Philadelphia.
    (MC, 1/7/02)

1786        Jan 8, Nicholas Biddle, head of the first United States bank, was born.
    (HN, 1/8/99)

1786        Aug 8, The US Congress adopted the silver dollar and decimal system of money.
    (MC, 8/8/02)

1787        Ephraim Brasher, a goldsmith living in the Cherry Hill district of NYC, began minting gold doubloons, valued at $15, as currency for the new United States. In 1947 the film The Brasher Doubloon” was made based on a detective by novel Raymond Chandler. In 2011 a Brasher doubloon was sold for $7.4 million.
    (SFC, 12/15/11, p.A1)

1788        Jul 19, Prices plunged on the Paris stock market.
    (HN, 7/19/98)

1789         Feb 4, Electors unanimously chose George Washington to be the first  president of the United States and John Adams as vice-president. The results of the balloting were not counted in the US Senate until two months later. Washington accepted office at the Federal Building of New York. His first cabinet included Thomas Jefferson, Alexander Hamilton as first secretary of the Treasury, Henry Knox, and Edmund Randolph.
    (A & IP, ESM, p.10)(WSJ, 3/12/97, p.A18)(AP, 2/4/07)

1789        Sep 2, The Treasury Department, headed by Alexander Hamilton, was created in New York City.
    (AP, 9/2/97)(HN, 9/2/98)

1790        Apr 3, Revenue Marine Service (US Coast Guard) was created.
    (MC, 4/3/02)

1790        Jul 26, US Congress passed Alexander Hamilton’s Assumption plan making it responsible for state debts.
    (http://en.wikipedia.org/wiki/First_Report_on_the_Public_Credit)

1791        Mar 3, The 1st Internal Revenue Act taxed distilled spirits and carriages.
    (SC, 3/3/02)

1791        Dec, The 1st Bank of the US opened under Alexander Hamilton.  It did the work of a central bank even though private investors held most of its shares. James Madison opposed the plans of Alexander Hamilton for a National Bank. [see 1780-1792, Banning book on Madison] It was dissolved in 1811.
    (WSJ, 12/20/95, p.A-12)(WSJ, 11/19/04, p.A8)(Econ, 12/24/05, p.91)(Econ, 4/12/14, p.50)0

1792        Mar/Apr, Speculator William Duer defaulted on Hamilton’s freshly exchanged "Stock in the Public Funds," and caused the first American stock market crash. Hamilton injected liquidity, asked the banks not to call in loans and allowed merchants to pay customs duties with short-term notes.
    (WSJ, 3/24/97, p.A16)(WSJ, 8/14/01, p.A12)0

1792        Apr 2, Congress passed the Coinage Act, which authorized establishment of the U.S. Mint. It established the US dollar defined in fixed weights of gold and silver. State chartered banks issued paper money convertible to gold or silver coins to ease business transactions. U.S. authorized $10 Eagle, $5 half-Eagle & 2.50 quarter-Eagle gold coins & silver dollar, dollar, quarter, dime & half-dime.
    (HFA, '96, p.28)(AP, 4/2/97)(WSJ, 1/13/98, p.A1)(HN, 4/2/98)

1792        Apr 14, Pres. George Washington appointed David Rittenhouse, the foremost scientist of America, the first director of the US Mint at a salary of $2000 per annum. Rittenhouse was then in feeble health and lived at the northwest corner of Seventh and Arch Streets, then one of the high places of Old Philadelphia, where he had an observatory and where he later died and was first buried.
    (http://tinyurl.com/per3q6f)

1792        Jul 31, The foundation-stone was laid for the US Mint by David Rittenhouse, Esq. The property was paid for and deeded to the United States of America for a consideration of $4266.67 on July 18, 1792. The money for the Mint was the first money appropriated by Congress for a building to be used for a public purpose.
    (http://tinyurl.com/per3q6f)

1793        The 1st US half-cent and one cent coins were minted. For almost 6 decades the obverse side carried an image of Lady Liberty. The first coins were related to the silver dollar. The half-dollar contained half as much silver, the quarter had one-fourth as much. The dime had a 10th and the half dime has a 20th as much silver as the dollar. Only the penny was made of copper. In 1866 the Mint decided to produce a larger five-cent coin. In 2012 a one-cent copper coin minted this year fetched $1 million at a Florida auction.
    (SFC, 9/11/96, p.A4)(WSJ, 12/12/03, p.W15)(SSFC, 9/27/09, Par p.25)(AP, 1/8/12)

1794        Oct 15, US moneymakers minted some 2,000 silver dollars of which 1,750 were deemed good enough to go into circulation. The press initially used was designed for a smaller coin and large scale production on a bigger press began a year later.
    (SFC, 7/27/05, p.C8)

1795        Jul 9, James Swan paid off the $2,024,899 US national debt.
    (MC, 7/9/02)

1797        Feb 26, Bank of England issued 1st £1-note.
    (SC, 2/26/02)

1797        The Bank of England suspended the convertibility of its notes to gold in order to better finance Britain’s war with France. This continued to 1821.
    (Econ, 11/5/11, p.92)

1799        Sep 1, Bank of Manhattan Company opened in NYC. It was the forerunner to Chase Manhattan.
    (MC, 9/1/02)

1801        The London Stock Exchange formed.
    (Econ, 4/2/05, p.70)

1811        In the US politics killed the Bank of the United States established by Hamilton as a central bank and a mechanism for government borrowing.
    (WSJ, 3/12/97, p.A18)

1813        Thomas De La Rue (1793-1866) launched a newspaper in Guernsey. He moved to London in 1821 and established a printing firm. It grew to become the world’s largest commercial banknote printer.
    (Econ, 8/11/12, p.50)(http://lunaticg.blogspot.com/2010/03/who-is-thomas-de-la-rue.html)

1816        The Second Bank of the US was chartered. The charter lapsed in 1836.
    (WSJ, 11/19/04, p.A8)

1817        Britain banned private coins. They had been issued to address a major shortage of government coinage. From 1787 to 1797 and again from 1811 to 1818, the greater part of Great Britain's stock of coins came not from the Royal Mint in London but from a score of private mints in Birmingham.
    (WSJ, 1/5/09, p.A11)(http://mises.org/story/3168)

1825        A financial panic ensued in the US and Europe following over-investment in mining firms in South America.
    (Panic, p.6)(Econ, 4/12/14, p.50)
1825        The Bank of England began lending money aggressively and continued to 1826 to help stabilize a financial crisis, despite lacking the legal authority to do so.
    (Econ, 11/5/11, p.92)

1830-1837    Some 347 new banks were chartered in the US. The value of real estate rose 150%.
    (Panic, p.13,18)

1831        Mar 19, The first recorded bank robbery occurred at the City Bank, in New York. Some $245,000 is stolen.
    (HN, 3/19/98)

1832        Jul 10, President Andrew Jackson vetoed legislation to re-charter the Second Bank of the United States.
    (AP, 7/10/97)

1832        Dec 5, Andrew Jackson was re-elected US president. The US anti-Mason Party with William Wirt drew 8% of the vote against Henry Clay and the eventual winner, Andrew Jackson. Clay led the Whig Party which coalesced against the power of Andrew Jackson. The Whigs came from the conservative, nationalist wing of the Jeffersonian Republicans. The election served as a referendum on Jackson’s position against the 2nd Bank of the US.
    (Hem, 8/96, p.86)(WSJ, 7/8/99, p.A16)(Panic, p.3)

1832        The Girard Bank of Pennsylvania was founded.
    (Panic, p.16)

1833        Aug 13, The Bank of the US under Nicholas Biddle began to contract its loans.
    (Panic, p.4)
1833        The first clearing house to exchange checks was built in London, England. Prior to this checks were exchanged informally in coffee houses.
    (AP, 12/16/09)

1834        Jan 29, President Jackson ordered the 1st use of US troops to suppress a labor dispute. Jackson ordered the War Department to put down a "riotous assembly" near Willamsport, Maryland, among Irish laborers constructing the Chesapeake and Ohio Canal.
    (HNQ, 1/23/99)(MC, 1/29/02)

1834        Jan, New of the failure of business houses and banks in Philadelphia, NY, and Washington heralded the newspapers.
    (Panic, p.4)

1834        Mar 28, The US Senate voted to censure Pres. Jackson for the removal of federal deposits from the Bank of the United States. The Senate declared that Pres. Andrew Jackson: "in the last executive proceedings in relation to the public revenue, has assumed upon himself authority and power not conferred by the constitution and laws, but in derogation of both."
    (AP, 3/28/97)

1834        Sep 16, The Bank of the US abandoned its policy of loan curtailment as Nicholas Biddle moved to secure a new charter from the state of Pennsylvania.
    (Panic, p.4)

1834        Pres. Jackson had special 1804 silver dollars minted for the sultan of Muscat (later Oman) and the King of Siam (later Thailand) for trade treaties negotiated by Edmund Roberts.
    (SFEC, 8/8/99, p.A6)

1834        New York’s Gov. Marcy warned the state not to enlarge the banking superstructure without strengthening its foundation.
    (Panic, p.17)

1834-1861    The Citizens Bank of Louisiana, a predecessor of J.P. Morgan Chase & Co., secured loans with mortgages and thousands of slaves. Bernard de Marigny, plantation owner and one of the richest men of the epoch, put 62 slaves into the banks books as collateral for borrowed money to support his gambling habit.
    (WSJ, 5/10/05, p.A1)

1834-1910    Leon Walras, French economist. He founded the marginalist school of economic thought, which held that prices depend on the level of customer demand. He developed a mathematical formulation of the mechanics of the price system with equations that tied together theories of production, exchange, money and capital. His general equilibrium theory is called "Walrasion general equilibrium" and is still part of modern economic theory.
    (WSJ, 1/11/99, p.R20)

1835        Mar 3, Congress authorized a US mint at New Orleans, LA.
    (SC, 3/3/02)

1835        Oct 29, In NYC Tammany Hall radicals lit candles with the new self-igniting friction matches, known as loco-focos, and continued to nominate their own ticket and formulate their program. The radical urban wing of the Democratic Party, which emerged in New York in opposition to Andrew Jackson‘s banking policies, thus became known by the nickname Loco-Focos. Also known as Equal Rights men, the Loco-Focos fought those financial interests aided by the regular Democratic Party in applying for bank and corporation charters from the legislature.  They also advocated hard money, elections by direct popular vote, direct taxes, free trade, abolition of monopolies and Jeffersonian strict construction. They got the name Loco-Focos from an incident that occurred at a party primary meeting in Tammany Hall. After party regulars pushed through a ticket over the objections of the Equal Rights men, the radicals refused to vacate the hall. To get them to leave, the party regulars turned out the gas lights.
    (HNQ, 12/17/99)

1835        Pres. Andrew Jackson succeeded in retiring the national debt largely through the sale of public land.
    (WSJ, 2/6/97, p.C18)(Panic, p.6)

1836        Jul 11, Pres. Jackson, alarmed by the growing influx of state bank notes being used to pay for public land purchases, issued the Specie Circular shortly before leaving office. This order commanded the Treasury to no longer accept paper notes as payment for such sales. This led to the financial panic of 1837.
    (www.u-s-history.com/pages/h967.html)(Panic, p.6)

1837        Mar 4, When Pres. Jackson left office there followed a financial crash and a bitter depression and the government was again forced to borrow money. Pres. Jackson had returned surplus government funds to the state governments as bonuses.
    (WSJ, 2/6/97, p.C18)(WSJ, 6/26/00, p.A1)

1837-1841    Martin Van Buren became 8th President of the US. His term was marred by depression and financial panic.
    (A&IP, ESM, p.96b, photo)(HFA, ‘96, p.46)

1837-1863    More than 700 US banks could issue their own notes during this period and as many as one-third of all bills were fake.
    (Econ, 2/23/08, p.104)

1838        New York passed the Free Banking Act and the idea of state-chartered banks spread across the country. Each bank issued its own bills in various shapes and sizes. [see 1863, the National Bank Act]
    (WSJ,11/24/95, p.A-8)

1838        Francis Drexel founded a bank that later developed into Drexel Burnham Lambert Corp. His son, Joseph Drexel, later partnered with J.P. Morgan and in 1876 went on to serve as the director of the New York Metropolitan Museum of Art.
    (SFC, 3/24/00, p.W4)

1839        The Republic of Texas issued the so-called Texas "redbacks." It printed over two million dollars in redbacks, which were initially worth about 37 cents to a US dollar. By 1842, the redbacks had become virtually worthless and had lost the power of legal tender. Once again Texans used bank notes from other states and shinplasters instead of the Texas money.
    (www.tsl.state.tx.us/treasures/republic/currency-01.html)

1840        A US no-bail-out policy forced some state into default. Several US states had loaded up on unsustainable debt following an extended period of easy credit. These states consequently found payments on their existing bonds increasingly unaffordable. Between 1841 and 1843 Arkansas, Illinois, Indiana, Louisiana, Maryland, Michigan, Mississippi, Pennsylvania and one territory – a proto-state called Florida – defaulted.
    (Econ, 2/11/12, p.57)(http://tinyurl.com/6pgf4wq)

1848        Mar 1, Augustus Saint-Gaudens, US sculptor, designer (1907 $20 gold piece), was born.
    (SC, 3/1/02)

1849        Mar 3, Gold Coinage Act authorized the $20 Double Eagle gold coin.
    (SC, 3/3/02)

1850        Pres. Fillmore recommended a federal mint in SF to replace the 20 private mints.
    (SSFC, 1/28/03, p.E1)
1850        The US Treasury contracted Moffat & Company, a private mint firm in San Francisco, to mint American government stamped coins.
    (Economist, 9/8/12, p.18)

1851        Mar 3, Congress authorized the smallest US silver coin, a 3¢ piece. The trine obverse side depicted a shield over a six-pointed star.
    (SC, 3/3/02)(WSJ, 12/12/03, p.W15)

1851-1873    The US minted a 3-cent piece called a trine.
    (SFC, 4/8/00, p.B4)

1853        Mar 3, US Assay Office in NYC was authorized.
    (SC, 3/3/02)

1854        Apr 3, The SF Mint opened at 608 Commercial St. It issued $4 million in gold coins this year. An Indian princess appeared on gold dollars.
    (SFC, 8/21/01, p.A12)(SSFC, 1/28/03, p.E1)(WSJ, 12/12/03, p.W15)(SFC, 4/2/04, p.F3)

1856        Sep 3, The Royal British Bank announced a suspension of business. In 1858 eight directors of the bank were put on trial for conspiracy to defraud the public. A jury found each of the defendants guilty of the charges. They were given sentences ranging from a nominal fine of one shilling to imprisonment for up to one year.
    (http://tinyurl.com/mefkksp)(http://tinyurl.com/m78b3q3)(Econ, 6/22/13, p.60)

1857        Aug 24, The New York branch of the Ohio Life Insurance and Trust Co. failed, sparking the Panic of 1857. The sharp but short 1857-58 financial crash in the US was touched off by the failure of the New York branch of the Ohio Life Insurance and Trust Company. Over speculation in real estate and railroad securities fed the panic. Financial crashes spread to Liverpool, Glasgow, Paris, Hamburg, Copenhagen and Vienna.
    (AP, 8/24/07)(WSJ, 9/28/95c, p.A-18)(Econ, 4/12/14, p.51)

1857        Sep 12, A wooden-hulled steamship, the SS Central America under Capt. William L. Herndon, sank off the coast of Georgia. The ship carried 21 tons of gold from California to New York. The brig Marine and the Norwegian bark Ellen rescued some 141 people. 425 (428) of 528 (578) passengers were drowned. The survivors included Ansel Ives Easton (d.1868) and his new wife Adeline. The wreck was in 8,000 feet of water and in 1987-1988 salvage operations were begun by Tommy Thompson. He hauled in $500 million worth of gold bars, coins and nuggets. After a court battle he was awarded 92% of the gold. The story is told in the 1998 book "Ship of Gold in the Deep Blue sea" by Gary Kinder. The loss of the gold sparked "The Panic of 1857." The SS Central America sank off Cape Romain, SC.
    (WSJ, 5/22/98, p.W3)(WSJ, 6/19/98, p.W9)(SFEC, 6/28/98, BR p.3)(WSJ, 12/3/99, p.W16)(WSJ, 1/28/00, p.B1)(ON, 7/01, p.2)(Ind, 12/1/01, 5A)

1857        Nov 7, Dennistoun, Cross and Co., an American bank with branches in Liverpool, Glasgow, New York and New Orleans, collapsed taking with it the Western Bank of Scotland with 98 branches. In the last three months of this year there were 135 bankruptcies.
    (Econ, 4/12/14, p.52)

1857        The US ditched its half-cent. Its value approximated the dime of 2013.
    (Econ, 3/2/13, p.34)
1857        A court case in New York, Livingstone v Bank of New York, held that a bank could not be deemed insolvent merely because, during a general panic, it could not redeem its notes in specie.
    (Econ, 12/1/12, p.90)

1858        Canada developed its own currency.
    (Econ, 5/12/12, p.78)

1859-1909    The Indian-head penny was minted over this time.
    (WSJ, 12/12/03, p.W15)

1861        Aug 5, The US federal government levied an income tax for the first time to finance the Civil War. It was 3% of incomes over $800. The law expired in 1872.
    (AP, 8/5/97)(HN, 8/5/98)(MC, 8/5/02)(WSJ, 6/4/03, p.B1)

1861        Dec 30, Banks in the United States suspended the practice of redeeming paper money for metal currency, a practice that would continue until 1879.
    (HN, 12/30/98)

1862        Jan 22, Confederate government raised the premium for volunteers from $10 to $20.
    (MC, 1/22/02)

1862        Feb 25, Congress formed the US Bureau of Engraving & Printing. Greenbacks were introduced.
    (MC, 2/25/02)

1862        Mar 10, First U.S. paper money was issued in denominations of $5, $10, $20, $50, $100, $500 & $1000.
    (HN, 3/10/98)(MC, 3/10/02)

1862        Apr 21, Congress established the U.S. Mint.
    (HN, 4/21/98)

1862        Jul 1, Abraham Lincoln instituted an income tax to pay for the Civil War. The US Internal Revenue Service (IRS) was founded. Internal Revenue Law imposed federal taxes on inheritance, tobacco & a progressive rate on incomes over $600.
    (SFC, 11/2/96, p.D1)(WSJ, 12/15/95, p.A-1)(MC, 7/1/02)

1862        The Choctaw Indians issued a 75 cent note and the Cherokee Indians issued a $1 bill.
    (SFEC, 1/25/98, Z1 p.8)

1862        The San Francisco Stock and Bond Exchange was established by 19 founding members as a marketplace for mining company stocks following the Comstock Lode strike.
    (SSFC, 1/25/04, p.I3)

1863        Feb 26, Pres. Lincoln signed a National Currency Act.
    (SC, 2/26/02)

1863        Mar 3, Congress authorized a US mint at Carson City, NV, and Gold certificates as currency.
    (SC, 3/3/02)

1863        Feb 25, The Office of the Comptroller of the Currency (OCC) was created as a bureau of the US Department of the Treasury by the National Currency Act. The OCC was charged with responsibility for organizing and administering a system of nationally chartered banks and a uniform national currency. It was passed to create a market in government bonds needed to finance the Civil War. The act required that bank notes issued by commercial banks be uniform in appearance and that 90% be backed by collateral consisting of US Treasury securities. [see 1881-1890, currency decline] Prior to the Civil War virtually the only currency was local and issued by banks. The government issued "greenbacks" to finance the Civil War." The 1863 NCA was superseded by the National Bank Act of 1864.
    (http://en.wikipedia.org/wiki/National_Bank_Act)(WSJ,11/24/95, p.A-8)(WSJ, 6/27/96, p.B1)(Wired, 10/96, p.143)(WSJ, 1/13/98, p.A1)

1864        Apr 22, Congress authorized the use of the phrase "In God We Trust" on for the 1st time on a 2 cent coin.
    (AP, 4/22/97)(www.treasury.gov/about/education/Pages/in-god-we-trust.aspx)

1864        The National Bank Act of this year superseded the National Currency Act of 1863.
    (http://en.wikipedia.org/wiki/National_Bank_Act)

1865        Oct 25, The S.S. Republic was carrying 59 passengers and 20,000 $20 gold coins from New York to New Orleans when it sank in a hurricane off Savannah, Ga. All the passengers boarded life boats and got off alive. In 2003 Odyssey Marine Exploration found the ship. The company recovered some 52,000 silver and gold coins.
    (AP, 8/17/03)(AP, 11/29/03)(SFC, 6/11/12, p.E2)

1865        Dec 23, France, Belgium, Italy and Switzerland formed the Latin Monetary Union (LMU). It was a 19th century attempt to unify several European currencies into a single currency that could be used in all the member states, at a time when most national currencies were still made out of gold and silver. Spain and Greece joined in 1868. It quickly weakened as members pursued their own economic policies. It was disbanded in 1927.
    (WSJ, 1/13/98, p.A1)(http://en.wikipedia.org/wiki/Latin_Monetary_Union)

1865-1900    In 2007 Jack Beatty authored “Age of Betrayal: The Triumph of Money in America, 1865-1900,” a look at the failures of American government during the Gilded Age.
    (SFC, 5/8/07, p.E2)

1866        May 16, US Congress authorized the minting of the first five-cent piece, also known as the "Shield nickel." The Shield nickel was quite effective in replacing the half dime, as its base metal composition discouraged hoarding and caused it to circulate very widely.
    (AP, 5/16/07)(http://en.allexperts.com/q/Coin-Collecting-2297/dime-small.htm)

1866        The US coined some silver dollars without the inscription "In God We Trust." Only 2 coins were known to exist in 2004. In Oct 1867, one was stolen along with some 7,000 other rare coins from the Florida collection of Willis H. du Pont. It turned up in 2004.
    (ST, 3/2/04, p.A8)

1868        The "Ohio Idea," promulgated by Ohio congressman George Pendleton, called for payment of the national debt with greenbacks. This position was adopted by the Democrats at their 1868 convention. The "Ohio Idea" was in opposition to the "hard money" proponents who called for payments in gold. The 1869 Public Credit Act officially repudiated the "Ohio Idea" with its provision for the payment of government obligations in gold.
    (HNQ, 5/14/99)

1868        Britain’s first fully diversified managed fund (mutual fund), appeared. Foreign & Colonial was established to invest in foreign bonds.
    (WSJ, 1/3/07, p.R6)(Econ, 3/17/12, p.85)

1869        Sep 13, Jay Gould and James Fisk attempted to control the US gold market.
    (MC, 9/13/01)

1870        Feb 12, An official proclamation set April 15 as last day of grace for US silver coins to circulate in Canada.
    (MC, 2/12/02)

1870        The US surpassed Britain about this time as the world’s largest economic power, but it was not until about 1925 that the dollar overtook sterling in international importance.
    (Econ, 1/22/11, p.98)

1873        Feb 12, The US Congress abolished bimetallism and authorized $1 & $3 gold coins.
    (MC, 2/12/02)

1873        Mar 3, US Congress and government raised their own salary, retroactively.
    (SC, 3/3/02)

1873        Sep 20, A financial panic hit the NY Stock Exchange when the high-flying bond dealer, Jay Cooke, granted too many loans to the railroads. Panic spread to Europe as London and Paris markets crashed and the New York Stock Exchange closed for the first time for 10 days. The economy went into a 6 year depression. Philadelphia banker and newspaperman Anthony Drexel teamed up with J.P. Morgan to depose a rival bank run by Jay Cooke. They published allegations to undermine confidence and cause a run that led to a panic.
    (WSJ, 2/27/95, p.A-10)(WSJ, 7/8/96, p.C1)(WSJ, 10/7/98, p.A22)(SSFC, 7/14/02, p.G2)

1873-1879    A US economic recession took place over this period.
    (WSJ, 11/29/08, p.B2)

1874        The San Francisco Federal Mint building opened at 5th and Mission. It was designed by Alfred Mullett, the Treasury’s supervising architect.
    (SFC, 7/5/97, p.A13)(SSFC, 1/28/03, p.E1)

1875        Mar 3, Congress authorized a 20¢ coin. It lasted only 3 years.
    (SC, 3/3/02)

1876        Oct, George T. Morgan joined the US Mint and soon created a sketch for a $100 gold coin, which was never made.
    (WSJ, 11/29/08, p.B2)

1877         Congress passed an Act prohibiting the counterfeiting of any coin, gold or silver bar.
    (http://www.ustreas.gov/usss/history.shtml)

1878        Feb 16, The silver dollar became US legal tender.
    (MC, 2/16/02)

1879      James Ritty (1836-1918) and his brother invented the 1st cash register. It was to combat stealing by bartenders in his Dayton, Ohio, saloon. The first model looked like a clock, but instead of the hands indicating hours and minutes, they indicated dollars and cents. Behind the dial two adding discs accumulated the total of the amounts recorded. Known as "the incorruptible cashier," with no cash drawer, it would show anyone within sight how much had been recorded. They received a patent Jan 30, 1883.
    (www.inventors.about.com)(www.uspto.gov/go/kids/kidjan.htm)

1883        Jan 30, James Ritty and John Birch received a U.S. patent for the first cash register.
    (AP, 1/30/07)

1884        May 4, Ferdinand Ward came by the NYC home of Pres. Ulysses S. Grant and told him that the Marine National Bank was having temporary difficulties because of a large unexpected withdrawal by one of its clients. He asked Grant if he could come up with $150,000 for only 24 hours and by Monday or Tuesday the situation would be all cleared up. Grant, that same day, limped from his home and went to see his friend William Henry Vanderbilt. He asked Vanderbilt to lend him $150,000, telling him the same story Ward had fabricated. Vanderbilt told Grant he did not care one bit about the Marine National Bank, but that he would be pleased to make a personal loan to Grant for the amount requested.
    (http://faculty.css.edu/mkelsey/usgrant/lastyears.html)

1884        May 6, Buck Grant told his father, former Pres. Ulysses S. Grant, that a loan to Ferdinand Ward had gone bad and that Ward had absconded with the money. The Grants were wiped out, as were other trusting investors, including friends and family of the Grants. Ward’s Ponzi scheme led to the collapse of major financial institutions on Wall Street and around the country. In 2012 Geoffrey C. Ward, the grandson of Ferdinand Ward, authored “A Disposition to Be Rich: How a Small-Town Pastor’s Son Ruined an American President, Brought on a Wall Street Crash, and Made Himself the Best-Hated man in the United States.
    (http://faculty.css.edu/mkelsey/usgrant/lastyears.html)(SFC, 5/21/12, p.E3)

1884        Jul 3, The 1st Dow Jones average included 11 stocks: Chicago & North Western, Union Pacific Delaware, Lackawanna & Western, Missouri Pacific, Lake Shore, Louisville & Nashville, New York Central, Pacific Mail, St. Paul, Western Union, and Northern Pacific preferred.
    (SFC, 2/2/06, p.A13)(www.cftech.com/BrainBank/FINANCE/DowJonesAvgsHist.html)

1884        In Dayton, Ohio, John H. Patterson founded the National Cash Register Company (NCR), maker of the first mechanical cash registers. In 1974 the company changed its name to NCR Corp. From 1991 to 1996 it was part of AT&T.
    (www.ncr.com/history/history.htm)(SFC, 5/21/08, p.G7)

1889        Andrew Carnegie, Scottish-born American industrialist, authored his essay “Gospel of Wealth,” a primer on why some people had so much money and how to give it away.
    (SSFC, 10/22/06, p.M3)

1891        Aug 5, The 1st travelers checks were issued by American Express.
    (MC, 8/5/02)

1893        Mar 3, Columbian Isabella silver quarter was authorized.
    (SC, 3/3/02)

1893        A US commemorative half-dollar featured Christopher Columbus.
    (WSJ, 12/12/03, p.W15)

1894        Aug 24, Congress passed the first graduated income tax law, which was declared unconstitutional the next year. It imposed a 2% tax on incomes over $4000. The Supreme Court ruled it unconstitutional. [see Aug 27]
    (WSJ, 3/11/98, p.A20)(HN, 8/24/98)

1894        Aug 27, Congress passed the Wilson-Gorman Tariff Act, providing for a graduated income tax that was down by the Supreme Court May 20, 1895. Pres. Grover Cleveland enacted the tax to cope with the deficit.
    (AP, 8/27/99)(WSJ, 9/25/02, p.D8)

1894        The SF Mint struck 24 Liberty dimes (1894-S). Philadelphia minted 1.3 million and New Orleans produced 720,000. The SF dimes were produced by the mint director as a special gift for visiting big shots. In 1980 a SF minted 1894-S dime sold for $160,000. In 2007 an 1894-S dime sold for $1.9 million.
    (SFC, 9/23/05, p.F3)(SFC, 7/27/07, p.A11)

1895        May 20, The US income tax was declared unconstitutional.
    (SFEC, 1/25/98, Z1 p.8)

c1895    Capital flows between Europe and America reversed with a net credit to America. In 2003 Thomas Kessner authored "Capital City," the story of New York’s rise to a world financial center.
    (WSJ, 4/2/03, p.D8)

1898        Jul 1, The US Congress passed legislation regarding bankruptcy. The Bankruptcy Act of 1898, also known as the "Nelson Act," was the first Act of Congress involving bankruptcy that gave companies an option of being protected from creditors. Previous attempts at federal bankruptcy laws had lasted at most a few years.
    (http://en.wikipedia.org/wiki/Bankruptcy_Act_of_1898)

1898        Knut Wicksell, Swedish economist, authored “Interest and Prices,” in which he introduced the concept of the credit cycle.
    (Econ, 3/16/13, p.73)
1898        Charles Fey built the 3-reeled Card Bell, the first machine to dispense coins as prizes.
    (Econ, 7/10/10, SR p.10)

1899        Mar 3, Congress authorized the Lafayette silver dollar.
    (SC, 3/3/02)

1900        Mar 14, Congress ratified the Gold Standard Act for U.S. currency.
    (AP, 3/14/97)(HN, 3/14/98)

1900        Louis Bachelier (1870-1946), financial economist, wrote a  dissertation in Paris, "Theorie de la Spéculation." This and his subsequent work (esp. 1906, 1913) anticipated much of what was to become standard fare in financial theory: efficient market hypothesis, random walk of financial market prices, Brownian motion and martingales. He was a student of French mathematician Henri Poincare.
    (WSJ, 7/16/03, p.D8)

1901        Jan 7, New York stock exchange trading exceeded two million shares for the first time in history.
    (HN, 1/7/99)

1905        Edith Wharton authored her 2nd novel "The House of Mirth," in which Lily Bart attempts to monetize her beauty and gambles on Wall Street.  
    (SSFC, 1/14/01, BR p.8)(WSJ, 3/14/09, p.W8)

1906        Charles F. Kettering designed the first cash register powered by an electric motor.
    (www.ncr.com/history/history.htm)

1907        Feb 26, Members of US Congress raised their own salaries to $7500.
    (SC, 2/26/02)

1907        Oct 21, The Panic of 1907 began with a run on the Knickerbocker Trust Co. of New York. News soon emerged that it was caught up in a scam by bankers Augustus Heinze and Charles Morse, who had borrowed and embezzled vast sums to corner the market in shares of United Copper.
    (AP, 10/21/07)(Econ, 4/12/14, p.53)

1907        Dec, The US stock market, spurred by a "bear raid," took a nose-dive and set off a widespread panic. Many banks failed.
    (SFC, 9/30/99, p.E5)
1907        Dec, There was stock market panic this year when the Knickerbocker Trust Co. failed. J.P. Morgan took charge and forbade the NY stock market to close and raised $25 million in 15 minutes to add liquidity. He summoned the most important bankers to devise a plan to abort the panic and no depression was induced. Morgan also called on clergymen to preach sermons of confidence. The crises led the government to create the Federal Reserve System (1913). Morgan got bankers to agree to settle accounts among themselves with clearinghouse certificates rather than cash and thus increased the money supply. The story was later recounted by John Steele Gordon in his 1999 book "The Great Game."
    (SFC,10/27/97, p.B2)(WSJ, 10/7/98, p.A22)(WSJ, 1/11/99, p.R42)(WSJ, 12/13/99, p.A32)
1907        Dec, Banker J.P. Morgan saved the US financial system by putting his own money on the line in the Panic of 1907. In the Panic of 1907 J.P. Morgan, who ran US Steel, bought the Tennessee Coal, Iron & Railroad Co. and trustbuster Theodore Roosevelt agreed not to object to the buyout. Elbert H. Gary was the chairman of US Steel.
    (WSJ,2/13/97, p.A18)(WSJ, 5/28/96, R45)(WSJ, 7/16/01, p.A10)

1907        Frank Aleamon Leach, head of the San Francisco Mint, was promoted to director-general of all US mints.
    (ON, 8/12, p.4)
1907        The US $10 gold coin featured the head of Victory wearing an Indian headdress designed by Augustus Saint-Gaudens.
    (WSJ, 12/12/03, p.W15)

1909        Apr 6, 1st credit union formed in US.
    (MC, 4/6/02)

1909        Aug 2, The 1st Lincoln head pennies were minted. It was 95% copper and was the first US coin to depict the likeness of a president.
    (SFEC, 9/8/96, Par p.21)(SFC, 12/29/96, Z1 p.2)(WSJ, 12/12/03, p.W15)

1909        Congress proposed the 16th Amendment to the Constitution, which proposed an income tax. It was ratified in 1916.
    (WSJ, 6/4/03, p.B1)

1910        Financiers in support of federal supervision of the banking system in the US held a clandestine meeting at the exclusive Jekyll Island Club off the coast of Georgia that eventually led to the formation of the Federal Reserve System.
    (WSJ, 5/8/95, p.A-14)

1911        Jul 1, A proclamation removed "Dei Gratia" from Canada's coins.
    (MC, 7/1/02)

1911        Irving Fisher, American Economist, authored “The Purchasing Power of Money.”
    (Econ, 2/26/05, p.76)

1912        The 1912-1913 "Money Trust" investigations were spearheaded by Wall Street lawyer-turned-reformer Samuel Untermeyer.
    (WSJ, 8/1/03, p.W10)

1912        Engraver George T. Morgan is believed to have produced 5 Liberty Head V nickels at the Philadelphia Mint with a 1913 stamped date. In 2004 one sold for $3 million.
    (WSJ, 5/20/04, p.C1)(SFC, 4/27/13, p.A4)

1913        Feb 3, The 16th Amendment to the Constitution, providing for a federal income tax, was ratified. The new income tax laws included an exemption on life insurance to help widows and orphans. The 1st $3,000 was exempted. The top rate on incomes over $500,000 was 6%.
    (AP, 2/3/00)(SSFC, 7/28/02, p.A3)(WSJ, 6/4/03, p.B1)

1913        Mar 1, The US Federal income tax took effect (16th amendment).
    (SC, 3/1/02)

1913        Dec 23, The Federal Reserve Act (Owen-Glass Act) was signed by Pres. Wilson. It established the decentralized, government-controlled banking system in the US known as the Federal Reserve. It repealed the gold standard and replaced it with a system that ensured that the US dollar would be a better store of value than gold. The goal was to strive for maximum employment and price stability. The act guarded against inflation but allowed deflation. It was the first thorough reorganization of the national banking system since the Civil War. A compromise split monetary policy between politically appointed governors in Washington, DC, and the presidents of 12 regional banks, with boards appointed in part by private bankers.
    (WSJ, 3/7/97, p.A14)(HNQ, 10/16/99)(SSFC, 11/28/04, p.D1)(Econ, 11/28/09, p.37)

1913        The US buffalo nickel, also known as the Indian head nickel, went into circulation. It continued to 1938.
    (SFC, 4/25/03, B3)(WSJ, 12/12/03, p.W15)

1914        Apr 2, Federal Reserve Board announced plans to divide country into 12 districts. [see Nov 16, 1914]
    (HN, 4/2/98)

1916-1931    The Indian rupee was the legal tender of Iraq.
    (WSJ, 11/7/03, p.A10)

1917        Mar 1, 1st federal land bank was chartered.
    (SC, 3/1/02)

1917        Mar 3, Congress passed the 1st excess profits tax on corporations.
    (SC, 3/3/02)

1919        Estonia established the kroon as its currency. It continued until Soviet occupation in 1940 and was restored following independence in 1992.
    (Econ, 1/1/11, p.44)

1920        Charles Ponzi (37), an immigrant from Italy, began selling notes in Boston with 50% interest payments payable in 45 days. In 1921 he pleaded guilty to mail fraud. He was released from prison in 1924 and went to Florida for the land boom offering investors profits of 200%. He again spent time in jail and was eventually deported and died broke. In 2005 Michael Zuckoff authored “Ponzi’s Scheme.”
    (WSJ, 3/4/05, p.W6)

1922        George S. Clason authored “The Richest Man in Babylon,” financial advice provided as a set of parables set in Babylon.
    (SFC, 5/21/04, p.F1)

1923        Jun 9, Brinks unveiled its 1st armored security vans.
    (MC, 6/9/02)

1923        Nov 6, European inflation soared and one loaf of bread in Berlin was reported to be worth about 140 Billion German Marks. Germany suffered a terrible economic inflation. Hyperinflation eventually made 4.2 trillion marks worth $1.
    (MT, Fall ‘96, p.7)(HN, 11/6/98)(WSJ, 1/11/99, p.R42)

1923        Nov 15, Germany introduced the gold mark. Its issuance was severely restricted by the new Rentenbank. This allowed paper money to settle down to a rate of 4.2 trillion to the dollar by the end of the year.
    (Econ, 9/14/13, p.91)

1923         Edwin Lefevre authored "Reminiscences of a Stock Operator." It was fictional account based on interviews with real-life trader Jesse Livermore.
    (USAT, 7/16/03, p.2B)

1924        Three Boston securities executives pooled their money together to create Massachusetts Investors Trust, the first modern US mutual fund. A Dutch merchant had cobbled together the earliest mutual-style fund, Eendragt Maakt Magt (Unity creates Strength) in 1774.
    (Econ, 4/21/07, p.83)(http://mutualfunds.about.com/cs/history/a/fund_history.htm)(WSJ, 1/3/07, p.R6)

1924-1930    Germany sold bond in the US during this period. The Dawes bonds raised $110 million and the Young bonds raised over 98 million. Hitler later defaulted on the bonds and ordered that none be repaid. Germany began buying them for pennies on the dollar  before the start of WWII and stashed thousands in bank vaults and resold others. In 2010 a half dozen US bondholders filed suit to force Germany to make good on the debts.
    (SFC, 9/7/10, p.D6)

1925        Winston Churchill returned the British pound to a gold standard.
    (Econ, 12/1/07, p.31)

1926        Sir Montagu Norman, governor of the Bank of England, got Britain back on the gold standard with help by a loan organized by Benjamin Strong, head of the US Federal Reserve of New York.
    (Econ, 1/10/09, p.73)

1927        May 13, "Black Friday" on Berlin Stock Exchange.
    (MC, 5/13/02)

1929        Sep, The London Stock Exchange crashed when Clarence Hatry, a fraudulent financier, was arrested. Stock sell-offs followed leading to the crash of 1929.
    (Econ, 4/12/14, p.54)
1929        Sep, The inevitable market corrections began and stock prices fluctuated for a month. The prosperous Jazz Age came to a close and the Great Depression began when the stock market crashed in October. In the late 1920s, the American economy had never looked better, but the danger signs were there. More products were being produced than could be purchased. In addition, more and more people played the ever-soaring stock market, borrowing on their borrowings to buy nothing but paper profits.
    (HNPD, 10/29/98)

1929        Oct 24, Black Thursday, the first day of the stock market crash, began the Great Depression. Dow Jones was down 12.8%. Stock values collapsed and 13 million shares changed hands as small investors frantically tried to sell off their holdings. Thousands of confused investors and brokers were ruined and banks, which had also invested heavily in the market, failed when they could not produce enough cash on demand for angry depositors. The 3 cent Brooklyn Daily Eagle reported the crash along with a story on the trial of a former banking superintendent for taking a $10,000 bribe for not inspecting some insolvent banks.
    (HN, 10/24/98)(HNPD, 10/29/98)(SFEC, 7/11/99, p.D9)(AH, 10/04, p.15)

1929        Oct 25, Former Interior Secretary Albert B. Fall was convicted of accepting a $100,000 bribe in connection with the Elk Hills Naval Oil Reserve in California and Teapot Dome, Wyoming. Fall served under Pres. Warren Harding
    (AP, 10/25/97)(SFEC, 3/8/98, BR p.7)(SFEC, 7/11/99, p.D9)

1929        Oct 28, The DJIA dropped 12.8%. Dow Jones plummeted 38.33 pts (13%) to 260.64. Just before the Great Crash the Ladies Home Journal proclaimed: "Everyone Ought to Be Rich."
    (WSJ, 9/9/96, p.A1)(SFC,10/17/97, p.B2)

1929        Oct 29, The DJIA dropped 11.7%. "Black Tuesday" was the worst day of the market crash as panicked survivors dumped 16 million shares on the market. Clerical workers stayed up all night to find that $30 billion in paper value had been wiped out in one day. Prices collapsed amid panic selling and thousands of investors were wiped out as America's Great Depression began. On Wall street prices plunged $14 million. By mid- November $30 billion of the $80 billion worth of stocks listed in September were been wiped out. Stocks continued to slide until 1932, but the fear caused by the crash made Americans unwilling to buy or invest and the economy slowly worsened into the Great Depression. In 1994 daily trades average 200-300 million shares. In 2001 Maury Klein authored “Rainbow’s End: The Crash of 1929.”
    (V.D.-H.K.p.253,292)(HFA, '96, p.40)(TMC, 1994, p.1929)(SFC,10/17/97, p.B2) (HNPD, 10/29/98)(HN, 10/29/98)(WSJ, 10/26/01, p.A20)

1929        In the wake of the stock market crash Andrew Mellon, treasury secretary under Pres. Hoover, preached a policy of liquidation to “purge the rottenness out of the system.” This helped to plunge the economy into the Great Depression.
    (Econ, 9/27/08, p.46)

1930        Mar 11, Silvio Gesell (b.1862), German merchant and theoretical economist, died. He was an ethical vegetarian, considered himself a world citizen and believed Earth should belong to all people, regardless of race, gender, class, wealth, religion. Based on his theories the Bavarian coalmining village of Schwanenkirchen created an alternative currency in 1931 called the wara, which obligated its holder to pay a tax. This encouraged all users of the currency to get rid of it as soon as possible.
    (http://en.wikipedia.org/wiki/Silvio_Gesell)(Econ, 1/24/09, p.81)

1931        Sep 21, Britain went off the gold standard. The pound devalued 20%.
    (AP, 9/21/97)(WSJ, 1/10/09, p.W8)

1931        The Capital Research & Management mutual fund was founded in Los Angeles. By 2008 it was the largest US manager of stock and bond mutual funds with over $1.1 trillion under management.
    (WSJ, 1/16/08, p.A10)
1931        In Austria a run on Credit Anstalt bank set off a chain of events that took Britain off the gold standard and raised fears that America might follow. Its failure rippled around the world and intensified the Depression.
    (Econ, 10/04/08, p.83)(Econ, 9/12/09, p.86)

1932        Feb 27, The Glass-Steagall Act was passed, giving the Federal Reserve the right to expand credit in order to increase money circulation. It separated regular banks from investment banks. Senator Carter Glass (d.1946 at 88) of Virginia and Rep. Henry Steagall (d.1943 at 70) of Alabama sponsored it. The act had two measures. The 1932 act was a bookkeeping provision that allowed the Treasury to balance its account. [see 1933]
    (SFC, 4/7/97, p.A4)(WSJ, 8/8/97, p.A11)(HN, 2/27/98)(WSJ, 4/10/98, p.A1,6)

1932        Jul 31, The George Washington quarter went into circulation as a 200 year commemorative of G. Washington’s birth. It has been in use ever since.
    (WSJ, 7/12/96, p.B5B)(MC, 7/31/02)

1933        Mar 1, Bank holidays were declared in 6 states to prevent run on banks.
    (SC, 3/1/02)

1933        Mar 4, The US Federal Reserve refused to lend and shut its doors. NYC bankers had turned to the Federal Reserve for funds as failing inland state banks called in inter-bank deposits.
    (Econ, 4/12/14, p.54)

1933        Mar 5, Franklin D. Roosevelt ordered a four-day bank holiday in order to stop large amounts of money from being withdrawn from the banks.
    (HN, 3/5/98)

1933        Mar 6, A nationwide bank holiday declared by President Roosevelt went into effect. Overseas deposits shrank by just 2% as a result of the closure.
    (AP, 3/6/98)(Econ, 5/15/10, SR p.13)

1933        Mar 13, Banks began to re-open after a holiday declared by President Roosevelt.
    (AP, 3/13/97)

1933        Apr 19, The United States went off the gold standard by presidential proclamation. FDR tied this with orders that 445,000 newly minted gold $20 "Double Eagle" coins be destroyed. Ten coins escaped and one was scheduled for auction in 2002. The coin fetched $7.59 million. [see Jun 5]
    (TMC, 1994, p.1933)(PCh, 1992, p.819)(AP, 4/19/97)(SSFC, 3/29/02, Par p.6)(SFC, 7/31/02, p.A2)

1933        Jun 16, US Federal Deposit Insurance Corporation (FDIC) became effective. The initial deposit insurance level was set at $2,500.
    (www.fdic.gov/regulations/laws/rules/1000-200.html)(WSJ, 7/21/08, p.A10)

1933        Jul 12, Congress passed the 1st minimum wage law (33 cents per hour).
    (MC, 7/12/02)

1933        The US Glass-Steagall Act, actually the Bank Act of 1933, banned banks from underwriting stocks. It separated regular banks from investment banks. It was the 2nd act of the same name. Mr. Glass agreed to attach Mr. Steagall’s pet amendment, which authorized bank deposit insurance for the first time. [see 1932]
    (SFC, 4/7/97, p.A4)(WSJ, 8/8/97, p.A11)(WSJ, 4/10/98, p.A1,6)

1934        Jun 26, The Federal Credit Union Act was passed.
    (HFA, ‘96, p.32)

1934        Jun 27, The US Federal Savings & Loan Association created. [see Jun 26]
    (SC, 6/27/02)

1936        Sep 25-1936 Oct 13, The Tripartite Agreement between the US, the UK, and France established that the subscribing nations agree to buy and sell gold freely with each other in exchange for their own currency.
    (www.reserveasset.gold.org/monetary_history/key_documents/after/)

1936        John Maynard Keynes published "The General Theory of Employment, Interest and Money." It taught that the classic model of Adam Smith was a special case and only applied in times of full employment. At other times he asserted that the economy needed a large and activist government to steer it on the road of full employment. He advised governments to increase money supply to overcome Depression. His theories played a part in Roosevelt's New Deal which helped revive the US economy.
    (WSJ, 10/9/97, p.A18)(WSJ, 1/11/99, p.R20)(WSJ, 1/11/99, p.R14)

1936        John Dos Passos authored the “The Big Money,” the third volume of his “U.S.A.” trilogy.
    (WSJ, 3/20/09, p.W10)

1937        Mar 1, US Steel raises workers' wages to $5 a day.
    (SC, 3/1/02)

1937        May 12, In San Francisco over 1,000 tons of gold were moved from the old to the new US Mint. The Old Mint stopped being an actual mint and was just used for federal offices. It had once stored a third of the nation’s gold supply. The new mint opened on upper Market near the Castro District.
    (SFC, 8/2/01, p.A14)(SSFC, 1/28/03, p.E6)(SSFC, 5/13/12, p.42)

1938        The US government established the Federal National Mortgage Association (Fannie Mae - FNMA) to expand the flow of money to mortgage lenders.
    (WSJ, 9/27/04, p.A1)

1938        The Jefferson and Monticello images replaced those on the buffalo nickel.
    (SFC, 4/25/03, B3)

1938        John Burr Williams, American securities analyst, argued that the price of financial assets reflects a measurable intrinsic value.
    (SSFC, 2/5/06, p.J4)

1939        Sir John Templeton purchased shares in 104 almost worthless NY stockbrokers in anticipation of a strong recovery due to impending war. Within 3 years he turned a profit on 100 of the 104 purchases.
    (Econ, 12/18/04, p.110)

1940        The US Investment Company Act (IAA) included a requirement for the disclosure of debt. The act also defined mutual fund operations.
    (SSFC, 2/24/02, p.D1)(Econ, 2/19/05, p.63)

1940s    US Sec. Henry Morgenthau held that every country should have its own central bank and unique currency. He deemed it a clever way to tap into nationalist sentiments.
    (WSJ, 11/7/03, p.A10)

1941        Pres. Franklin Roosevelt invoked the Trading With the Enemy Act of 1917 to authorize the Fed to restrict consumer installment loans in order to suppress consumption and free resources for the war effort.
    (Econ, 6/1/13, p.75)

1942        The US Federal Reserve agreed, at the Treasury’s request, to hold Treasury notes to 2.5% or below. This continued to 1951.
    (Econ, 11/5/11, p.92)

1943        Jun 9, "Pay-as-you-go" (withholding) US income tax deductions were authorized. [see Jul 1, 1943]
    (MC, 6/9/02)

1943        Jul 1, In the US "pay-as-you-go" income tax withholding began.
    (AP, 7/1/97)

1944        Jul 1, Delegates from 44 countries began meeting at Bretton Woods, N.H., where they agreed to establish the International Monetary Fund and the World Bank. The US hosted an international conference at Bretton Woods, N.H., to deal with international monetary and financial problems. The talks resulted in the creation of the International Monetary Fund (IMF) and the World Bank in 1945. The agreement was a gold exchange standard and only the US was required to convert its currency into gold at a fixed rate, and only foreign central banks were allowed the privilege of redemption. In 1983 Michael Moffitt authored “The World’s Money: Int’l. Banking from Bretton Woods to the Brink of Insolvency.” In 1997 Catherine Caufield wrote "Masters of Illusion: The World Bank and the Poverty of Nations."
    (SFC, 1/13/98, p.A4)(WSJ, 10/15/98, p.A22)(AP, 7/1/04)(WM, 1983, p.13)

1945        Dec 27, The International Monetary Fund and the Int’l. Bank for Reconstruction and Development (World Bank) were created. 28 nations signed an agreement creating the World Bank. The IMF was created to promote healthy international trade and began transactions in 1947. The World Bank was designed by Englishman John Maynard Keynes and American Harry Dexter White. The IMF and WB were originally intended to part of the UN, but this link was abandoned under American pressure. WB chronology @ (http://tinyurl.com/2f6tgw).
    (AP, 12/27/97)(HN, 12/27/98)(HNQ, 12/27/00)(Econ, 7/24/04, p.63)(Econ, 6/22/13, p.18)

1945        British currency forged in Germany, measured by face value, accounted for 12% of all pound sterling bills. Early this year SS leaders switched their attention to forging US dollars. Forging operations, using Jewish and other war prisoners, had begun at the Sachsenhausen concentration camp under SS officer Bernhard Kruger a few years earlier. Nearly 133 million pounds was forged during Operation Bernhard.
    (WSJ, 1/22/07, p.A1,13)

1946        Jan 30, The 1st issue of Franklin Roosevelt dime.
    (MC, 1/30/02)

1946        Apr 21, John M. Keynes (62), English economist, died. He had recently negotiated a  loan from the US to keep Britain afloat. One condition of the $5 billion loan was that Britain make sterling fully convertible into dollars.
    (http://en.wikipedia.org/wiki/John_Maynard_Keynes)(WSJ, 6/20/08, p.A11)

1946        Jul, Hungary’s hyperinflation peaked at 42 quadrillion per cent a month.
    (http://goldnews.bullionvault.com/inflation_history_Zimbabwe_USA_101620073)(Econ, 7/19/08, p.57)

1946        Georges Doriot (1899-1987), a French-born Harvard professor, took public his Boston-based American Research & Development Corporation, America’s first venture fund.  In 1972 ARD was taken over by Textron. In 2008 Spencer E. Ante authored “Creative Capital: Georges Doriot and the Birth of Venture Capital.”
    (WSJ, 5/21/08, p.A17)(Econ, 3/14/09, SR p.9)

1947        Jul 15, Convertibility of British sterling into US dollars, negotiated as part of a $5 billion US loan to Britain in 1946, came into effect. It caused an immediate run on the pound and was abandoned on August 20.
    (WSJ, 6/20/08, p.A11)

1947        Mar 1, International Monetary Fund began operations.
    (SC, 3/1/02)

1947        Joseph Schumpeter authored “Can Capitalism Survive?” and argued that the answer to that question is probably “no.”
    (Econ, 8/10/13, p.59)
1947        The General Agreement on Tariffs and Trade (GATT) was first signed to supplement the IMF. The agreement was designed to provide an international forum that encouraged free trade between member states by regulating and reducing tariffs on traded goods and by providing a common mechanism for resolving trade disputes.
    (WM, 1983, p.20)(www.ciesin.org/TG/PI/TRADE/gatt.html)
1947        The family-owned Olayan Group was founded in Saudi Arabia and grew to became one of the country’s largest private conglomerates.
    (WSJ, 1/16/08, p.A10)

1947-1966    India banned gold imports during this period. It then used a licensing system but smuggling soared.
    (Econ, 1/12/13, p.65)

1948        The US half-dollar began to feature an image of Ben Franklin, which replaced the Walking Liberty.
    (WSJ, 12/12/03, p.W15)

1949        Alfred Winslow Jones founded the first investment fund (hedge fund) that sold short some stocks while buying others, thus hedging some of the market risk. His intent was to guard against a stock market slump.
    (http://en.wikipedia.org/wiki/Hedge_fund)(WSJ, 1/3/07, p.R22)

1950        Mar 1, USSR issued golden rubles.
    (SC, 3/1/02)

1950        Feb, Frank McNamara paid for a meal at Major’s Cabin Grill in NYC with his newly invented Diners Club card. The cardboard card was the first charge card that could be used at multiple establishments.
    (WSJ, 2/5/99, p.A1)(Econ, 12/10/05, p.88)

1950        May 13,  Diner's Club issued its 1st credit cards.
    (SS, Internet, 5/13/97)

1951        Mar 4, The US Treasury and Federal Reserve announced an accord. The agreement restored independence to the Federal Reserve. In 2001 Martin Mayer authored "The Fed: The Inside Story of How the World’s Most Powerful Financial Institution Drives the Markets."
    (WS, 6/27/01, p.A14)(http://tinyurl.com/2exjk8f)

1952        Mar 1, In SF Municipal Railway workers received a wage increase of 9.4 cents effective July 1. This raised their hourly rate to $1.73.
    (SFC, 3/1/02, p.G8)

1952        Apr 15, Franklin National Bank issued the 1st bank credit card.
    (MC, 4/15/02)

1952        The US Congress stripped the Fed of its authority to use credit controls.
    (Econ, 6/1/13, p.75)

1953        Aug 21, The SF Chamber of Commerce reported that the city's 1951 per capita gross income was $1,512, 40.8% above the state average.
    (SFC, 8/15/03, p.E9)

1953        The Kuwait Investment Authority (KIA) was founded. In 2008 its assets were estimated at $200 billion.
    (WSJ, 1/16/08, p.A10)

1954        Mar 22, The London gold market reopened for the first time since 1939.
    (HN, 3/22/97)

1954        The US Treasury began keeping daily records on Treasury Bills.
    (Econ, 9/20/08, p.86)

1955        Jan 6, The SF Mint announced that it would cease coin production before June 30, but continue as the nation’s largest refiner of gold and silver and as an assay office and repository.
    (SFC, 1/7/05, p.F6)

1955        Mar 1, Chase National (the 3rd largest US bank) and Bank of the Manhattan Company (15th largest bank) merged and were renamed as Chase Manhattan.
    (http://www.dfs.ny.gov/about/histh.txt)

1955        Apr 22, Congress ordered all U.S. coins to bear motto "In God We Trust".
    (HN, 4/22/98)

1955        May, The first leveraged buy-out deal took place. The first LBO may have been the purchase by McLean Industries, Inc. of Waterman Steamship Corporation.
    (Econ, 2/25/12, SRp.5)(www.associatepublisher.com/e/l/le/leveraged_buyout.htm)

1955        Aug 12, Pres Eisenhower raised the minimum wage from $0.75 to $1 an hour.
    (SC, 8/12/02)

1955        Sep 26, The New York Stock Exchange suffered $44 million loss, the heaviest one-day loss since 1929 following word that Pres. Dwight D. Eisenhower had suffered a heart attack.
    (AP, 9/26/03)

1956        The US Fair Isaac Corp. was founded. FICO scores became a standard measure to determine the creditworthiness of American consumers.
    (SFC, 1/23/12, p.D1)

1957        Oct 1, The motto "In God We Trust" began appearing on US paper currency.
    (AP, 10/1/07)

1957        Alex Guinness, William Holden and Jack Hawkins starred in the film "Bridge on the River Kwai." Carl Foreman was the screenwriter. It premiered at the RKO Palace Theater in New York City on Dec 18 and later won multiple Oscars. It was rated #13 by the Amer. Film Inst. in 1998. Holden was the 1st Hollywood actor to earn a $ 1 million for a film.
    (WSJ, 2/27/96, p.A19)(SFEC, 9/8/96, DB p.8)(AP, 12/18/97)(USAT, 6/17/98, p.9D)(WSJ, 4/6/00, p.A20)

1958        Oct 1, American Express launched its first credit card.
    (www.bostonapartments.com/loans/american_express_credit_card.html)

1960        The British farthing went out of circulation.
    (Econ, 5/12/12, p.78)

1962        Milton Friedman and his wife Rose published "Capitalism and Freedom," a good summary of Friedman’s economic thinking.
    (WSJ, 5/27/98, p.A20)(Econ, 3/6/04, p.74)

1963        Dec 30, Congress authorized the Kennedy half dollar.
    (MC, 12/30/01)

1963        Milton Friedman (1912-2006) and Anna Jacobson Schwartz authored “A Monetary History of the United States, 1867-1960.” They argued that the US depression of the 1930s was the result of an inept Federal Reserve.
    (WSJ, 12/7/05, p.A15)(Econ, 11/25/06, p.80)

1963        Ezra Solomon (d.2002 at 82), Stanford economics professor, authored "The Theory of Financial Management."
    (SFC, 12/21/02, p.A22)

1963        The film "Cleopatra" starred Elizabeth Taylor, Richard Burton and Roddy McDowall and ran for 243 minutes. Taylor was the 1st Hollywood actress to earn a $ 1 million for a film.
    (SFEC, 1/26/97 Par, p.16)(SFEC, 10/4/98, p.B10)(SSFC, 4/6/03, Par p.2)

1964        Mar 24, Kennedy half-dollar was issued.
    (MC, 3/24/02)

1965        Eugene Fama (b.1939), American economist, first proposed his efficient market hypothesis at the University of Chicago Booth School of Business as an academic concept of study through his published Ph.D. thesis.
    (Econ, 8/8/09, p.67)(www.e-m-h.org/history.html)

1966        The American government extended the 1933 Regulation Q. Ceiling rates effectively constrained the rates paid by commercial banks and thrifts on at least some categories of their deposit liabilities. It encouraged investors to hold a lot of their dollars offshore.
    (http://tinyurl.com/dm5vh4)(Econ, 12/19/09, p.125)

1967        May 18, Silver hit a record $1.60 an ounce in London.
    (SC, 5/18/02)

1967        Jun 27, The first recognizably automated teller machine (ATM) was placed outside the Barclays PLC branch in Enfield, a north London suburb.
    (AP, 6/27/07)

1967        The US introduced the concept of the SDR (special drawing right) as an alternative to the dollar and gold as an int'l. reserve currency to finance global trade.
    (SSFC, 8/31/03, p.A29)

1968        Mar 15, The U.S. mint halted the practice of buying and selling gold.
    (HN, 3/15/98)

1968        Mar 18, Pres. Johnson signed Public Law 90-269 removing gold backing from US paper money.
    (www.peterdavidbeter.com/docs/txt/dbal33.txt)

1969        Dec 23, US Congress restored the Fed use of credit controls with the Credit Control Act.
    (Econ, 6/1/13, p.75)(http://tinyurl.com/m9zk3db)

1968        The Federal National Mortgage Association (Fannie Mae - FNMA), established by the government in 1938, became a private, shareholder-owned company.
    (WSJ, 9/27/04, p.A1)

1969        The IRS eliminated author donations of their papers as a tax break.
    (WSJ, 4/18/03, p.W13)

1969        The Federal Deposit Insurance Corp. (FDIC), established in 1933, raised its limit to $20,000 from the initial $2,500.
    (WSJ, 7/21/08, p.A10)

1969        The Special Drawing Right (SDR) was created by the IMF to support the Bretton Woods fixed exchange rate system. It was created to supplement the existing official reserves of member countries. SDRs are allocated to member countries in proportion to their IMF quotas. The SDR also serves as the unit of account of the IMF and some other international organizations. Its value is based on a basket of key international currencies.
    (www.imf.org/external/np/exr/facts/sdr.htm)

1969        The old British ten-shilling note disappeared. It was replaced by a new 50-pence piece.
    (Econ, 5/12/12, p.78)

1970        Feb, The US Department of Housing and Urban Development created the first transaction using a mortgage-backed security. The Government National Mortgage Association (GNMA or Ginnie Mae) sold securities backed by a portfolio of mortgage loans.
    (http://en.wikipedia.org/wiki/Securitization)

1970        Jun 1, The Canadian dollar was allowed to float.
    (http://tinyurl.com/5n8ufg)

1970        Dec 31, Congress authorized the Eisenhower dollar coin.
    (http://eisenhowerdollarguide.com/)

1970        The US government created Freddie Mac as a 2nd buyer of home loans.
    (WSJ, 9/27/04, p.A1)

1970        The over-the-counter stock market exchange was transformed into the NASDAQ, or National Association of Securities Dealers Automated Quotation market. It is an electronic network of some 500 dealers who trade a list of about 4,800 stocks.
    (Hem, 8/95, p.78)

1970        Bruce Bent created The Reserve Fund, the first money fund. In 2008 the Reserve Primary Fund, in the wake of the Lehman Brothers failure, became the 2nd money fund to fall below $1. The first fund to fall below $1 was Community Bancshares in 1994. It was liquidated with a loss of 4 cents on the dollar.
    (Econ, 6/14/08, p.87)(http://en.wikipedia.org/wiki/Bruce_R._Bent)(SFC, 9/17/08, p.C1)

1970s    Stagflation, a period of rising inflation, high oil prices and weak labor markets, marked the global economy.
    (Econ, 5/7/05, p.13)

1971        Jan 25, The Philadelphia mint made its 1st trial strike of the Eisenhower dollar.
    (www.usmint.gov/search/index.cfm?flash=yes&criteria=&hf=1&group=166)

1971        Feb 15, Britain abandoned the unit of the penny on Decimal Day, February 15, 1971, replacing the shilling with five new pence, so that one pound sterling became divided into 100 new pence.
    (http://en.wikipedia.org/wiki/%C2%A3sd)

1971        Aug 13, Britain requested to exchange US dollars for gold. This prompted Pres. Nixon on August 15  to suspend such conversions.
    (Econ, 3/27/10, p.86)

1971        Aug 15, Pres. Nixon suspended conversion of dollars to gold and imposed a 90-day price, wage and rents freeze and 10% import charge. He also cut various taxes and expenditures. This became known as the “Nixon Shock” and marked the end of the gold standard and fixed exchange rates. The Bretton Woods agreement, that defined the post World War II economic environment, collapsed under the weight of US deficit spending. In the wake of this exchange rates were allowed to float under the watchful eye of central bankers.
    (WSJ, 5/28/96, p. R-44)(WSJ, 8/15/96, p.A12)(AP, 8/15/97)(WSJ, 10/1/98, p.A16)(WSJ, 1/11/99, p.R42)(Econ, 3/27/10, p.86)

1971        Nov 1, The Eisenhower dollar was put into circulation.
    (www.coinresource.com/guide/photograde/pg_$1ike.htm)

1971        Dec 18, Pres. Nixon devalued the dollar, and even though the devaluation was effective immediately, only Congress could officially change the gold value of the dollar. The US dollar went off the gold standard and was devalued by 7.9%. The 10% import surcharge was lifted.
    (WUD, 1994, p. 1688)(www.richmondfed.org/faqs/index.cfm?faq=Gold%20and%20Silver)

1971        Freddie Mac, a US government mortgage agency, began tracking mortgage rates.
    (WSJ, 7/2/10, p.A1)
1971        The kwacha became the currency of Malawi, replacing the Malawian pound. It is divided into 100 tambala.
    (http://en.wikipedia.org/wiki/Malawian_kwacha)

1972        The International Monetary market opened. The Chicago futures market first began trading financial derivatives. Leo Melamed, a former lawyer, launched currency futures on the Chicago Mercantile Exchange.
    (WSJ, 11/19/04, p.A8)(Econ, 10/18/08, p.79)(Econ, 1/24/09, SR p.10)

1972        Henry B.R. Brown (1926-2008) and Bruce Bent opened their Reserve Fund, the first money market mutual fund.
    (WSJ, 8/16/08, p.A7)

1973        Oct 18, Congress authorized a bicentennial quarter, half-dollar and dollar coin.
    (http://tinyurl.com/6q449j)

1973        The market for traded uncertainty came into being with the publication of a paper by Myron Scholes and Fischer Black (the Black-Scholes model).
    (Econ, 7/24/04, p.67)

1974        Jan 31, Gold hit a record high of $195.5 an ounce.
    (www.finfacts.ie/Private/curency/goldmarketprice.htm)

1974        May 1, The US Federal Hourly Minimum Wage was set at $2.00 an hour.
    (www.dol.gov/ESA/minwage/chart.htm)

1974        Oct 28, A US law banned discrimination of sex or marital status in credit application.
    (www.fdic.gov/regulations/laws/rules/6500-1200.html)

1974        Dec 31, Private US citizens were allowed to buy and own gold for the first time in more than 40 years.
    (AP, 12/31/97)

1974        Jack Bogle founded the mutually owned Vanguard group.
    (Economist, 9/15/12, p.67)

1975        Jan 1, The Federal Hourly Minimum Wage rose to $2.10 an hour.
    (www.dol.gov/esa/minwage/coverage.htm)

1975        John Kenneth Galbraith authored “Money,” a history of currency in America.
    (WSJ, 3/14/09, p.W8)
1975        The US began minting a special 1976 Bicentennial quarter with a colonial drummer on the reverse side of the G. Washington face.
    (SFC, 7/12/96, p.A11)
1975        John Bogle founded the Vanguard 500 mutual fund after research showed few mutual funds performed well enough to justify their fees. It was the world’s first index mutual fund.
    (Economist, 10/6/12, p.86)(Econ, 11/2/13, p.20)

1976        Apr 13, The US Federal Reserve began issuing $2 bicentennial notes. The last $2 series was discontinued in 1966 after low production and the concomitant unpopularity of the bill resulted in insufficient use.
    (http://wcdc42.com/2dollar/economic_reviews.html)(HN, 4/13/98)

1976        Sep 21, Benjamin Graham (b.1894), London-born economist and professional investor, died. He is known as the father of value investing and founder of modern security analysis. His books included “Security Analysis” written with David Dodd (1934), and “The Intelligent Investor” (1949). Warren Buffett studied under him at Columbia Univ. In 2012 Joe Carlen authored “The Einstein of Money: The Life and Timeless Financial Wisdom of Benjamin Graham.”
    (http://en.wikipedia.org/wiki/Benjamin_Graham)(Econ, 10/22/11, p.90)(Econ, 7/7/12, p.79)

1976        A typical American CEO earned 36 times as much as the average worker. By 2008 average CEO pay increased to 369 times that of the average worker.
    (SFC, 4/29/08, p.E2)
1976        Canada’s Alberta province set up the Heritage Savings Trust Fund, a sovereign wealth fund (SWF). In 2014 it was valued at $15.3 billion.
    (Econ, 1/25/14, p.61)
1976         Te Development Bank of Central African States (BDEAC) was established and included six members of the Economic and Monetary Community of Central Africa: Cameroon, the Central African Republic, Chad, Congo, Equatorial Guinea and Gabon.
    (AP, 9/23/09)

1977        The US Congress gave the Federal Reserve a dual mandate of stable prices and full employment.
    (Econ, 12/21/13, p.113)
1977        The International Monetary Fund (IMF) drafted rules regarding currency exchange rates following the collapse of the int’l. gold standard and the fixed-exchange-rate system (1971).
    (WSJ, 6/19/07, p.A4)

1978        Jul 28, Price of gold topped the $200 per oz level for 1st time. Spot gold closed at $201.30.
    (www.the-privateer.com/gold/week189.html)

1979        Aug 6, Paul Volcker (b.1927), appointed by Pres. Carter, took over as the new chair of the US Federal Reserve Board.
    (http://en.wikipedia.org/wiki/Paul_Volcker)

1978        Nov 1, The Carter administration announced a multipart support package for the US dollar. The Treasury planned to use gold sales, foreign borrowing and a draw on reserves with the IMF to defend the dollar. The Federal Reserve raised the discount rate a full point.
    (WSJ, 1/18/05, p.A1)

1978        Nov 6, The US Bankruptcy Reform Act revised bankruptcy regulations to allow companies to reorganize under Chapter 11 of the law, rather than liquidate under Chapter 7. It replaced the Bankruptcy Act of 1898, sometimes called the nelson act, and became effective as of Oct 1, 1979.
    (http://en.wikipedia.org/wiki/Bankruptcy_Reform_Act_of_1978)

1978        Dec 13, The Philadelphia Mint began stamping the Susan B. Anthony dollar, which went into circulation the following July. This was the 1st US coin to honor a woman.
    (AP, 12/13/97)(http://tinyurl.com/377b2l)

1978        Charles P. Kindleberger (d.2003), economist, authored "Manias, Panics, and Crashes: A History of Financial Crises.
    (WSJ, 7/25/02, p.A1)(NW, 7/28/03, p.45)

1978        The US Supreme Court ruled in Marquette vs. First Omaha Service Corp. that  national banks can charge customers throughout the country any interest rate allowed by the institution’s home state. This led financial institutions to move credit offices to states with no or very high interest caps.
    (SFC, 5/4/05, p.C1)
1978        US states began to allow interstate banking.
    (WSJ, 11/19/04, p.A8)

1978        US net foreign assets in 1978 equaled 9% of GDP. By 2005 this dropped to net liabilities of 25% GDP.
    (WSJ, 1/18/05, p.A13)

1979        Jan 1, The US Federal Hourly Minimum Wage was set at $2.90 an hour.
    (http://tinyurl.com/2udkrd)

1979        Mar 13, European Monetary System (EMS) entered into force.
    (http://europa.eu.int/abc/history/1961/index_en.htm)

1979        Apr 26, The US Treasury failed to redeem $122 million of Treasury bills on time. The Treasury was also late in redeeming T-bills which become due on May 3 and May 10, 1979.
    (http://tinyurl.com/4ylmaz5)(Econ, 6/25/11, p.83)

1979        Jul 1, The Susan B. Anthony dollar was issued. It was the 1st US coin to honor a woman. The 1st coin was struck Feb 2 in San Francisco. The SF mint produced 100 million of the coins. Another 400 million were made in Philadelphia and Denver. It was not widely accepted and production stopped in 1981.
    (WSJ, 7/12/96, p.B5B)(MC, 7/1/02)(SFC, 1/30/04, p.E6)(SFC, 7/2/04, p.F9)

1979        Oct 6, Paul Volcker, new chairman of the Federal Reserve, raised interest rates sharply to clamp down on inflation knowing that it would send interest rates soaring. Volcker held his position until Aug, 1987
    (WSJ, 12/13/99, p.C23)(Econ, 6/19/04, p.11)(WSJ, 1/18/05, p.A13)

1979        Gold, fine art, and antiques rose in value under the inflationary economy. America’s core inflation, which excludes oil and food, rose at a 7% rate.
    (TMC, 1994, p.1979)(Econ, 5/7/05, p.13)

1980        Jan 21, Gold peaked in NY at $875 a troy ounce. By mid-March gold prices fell to below $500 per ounce.
    (SFC, 3/18/05, p.F2)(www.321gold.com/editorials/wong/wong010104.html)

1980        Mar 31, President Carter deregulated the banking industry.
    (HN, 3/31/98)

1980        Jun 1, Ted Turner's Cable News Network (CNN), providing round-the-clock TV newscasts, made its debut as television's first all-news service, vowing to stay on the air until the world ends. James Earl Jones, the voice of Darth Vader, identified the station: "This is CNN." In 2001 Reese Schonfeld, the man who cofounded CNN, authored "Me and Ted Against the World.” "Moneyline" TV Financial News debut on CNN.
    (AP, 6/1/97)(WSJ, 2/23/00, p.W10)(http://en.wikipedia.org/wiki/CNN)

1980        The US Monetary Control Act deregulated interest rates.
    (WSJ, 11/19/04, p.A8)

1980        The Federal Deposit Insurance Corp. (FDIC), established in 1933, raised its limit to $100,000. The previous limit, set in 1969, was $20,000.
    (WSJ, 7/21/08, p.A10)

1980        A group of banks led by J.P. Morgan made massive bailout loans of $1 billion to the Hunt brothers who had allegedly tried to corner the silver market.
    (WSJ, 9/24/98, p.A16)

1980-1981    There was a world-wide recession.
    (Econ, 2/18/06, p.82)

1981        US over-the-counter derivatives were born with the 1st currency “swap.”
    (WSJ, 11/19/04, p.A8)

1981        Singapore implemented a managed float for its currency. It pegged its dollar to a basket of currencies that mirrored its trading patterns. The Monetary Authority of Singapore does not announce the contents of the basket. It just tweaks the mix as needed.
    (WSJ, 5/23/05, p.C16)
1981        The Government of Singapore Investment corp. was founded to run the nation’s foreign-exchange reserves. By 2008 it had well over $100 billion in assets.
    (WSJ, 1/16/08, p.A10)   

1982        Mar 1, New York Times raised its price from 25¢ to 30¢.
    (SC, 3/1/02)

1982        The US government stopped selling fixed-rate savings bonds just as interest rates were embarked on a long, steep decline.
    (SFC, 4/5/05, p.C6)

1983        Feb 18, The Venezuelan bolivar suffered a serious devaluation. Pres. Luis Herrera initiated a round of currency devaluations. The Herrera government was forced to devalue the currency, which at 4.3 bolivars to the US dollar had been underwriting a lifestyle the country could no longer afford. By 2000 the bolivar lost 16,185% to the dollar.
    (www.guardian.co.uk/news/2007/nov/13/guardianobituaries.venezuela)(WSJ, 1/05/00, p.A11)

1983        Oct, Hong Kong pegged its currency to the US dollar. Hong Kong adopted a currency board. The board is a type fixed exchange rate system that requires currency in circulation to be fully matched by the country’s foreign exchange reserves. The Hong Kong dollar was pegged at 7.8 to the US dollar.
    (SFC, 2/16/98, p.A10)(WSJ, 8/10/98, p.A10)(Econ, 6/30/07, SR p.10)

1983        Dec 12, Australia’s labor government under Bob Hawke allowed its dollar to float.
    (http://intl.econ.cuhk.edu.hk/exchange_rate_regime/index.php?cid=28)(Econ, 5/28/11, SR p.3)

1983        In Bangladesh Muhammad Yunus opened the Grameen Bank, dedicated to provided small loans to rural villagers. The bank was very successful and was copied as a model for similar programs in the US and elsewhere.
    (SFEC, 8/17/97, Par p.4)
1983        Britain introduced the one-pound coin.
    (WSJ, 7/24/98, p.W11)

1984        In Chicago J.S.G. Boggs (b.1955) exchanged the sketch of a dollar bill for a cup of coffee and received 10 cents change. This began his career drawing money for a living. In 1999 Lawrence Wechsler published "Boggs: A Comedy of Values."
    (WSJ, 8/11/99, p.A16)(WSJ, 3/14/09, p.W8)

1985        Pres. Reagan signed into law the Gold Bullion Coin Act that authorized the government to mint gold coins.
    (SFC, 7/14/04, p.C1)

1985        Sep 22, In NYC ministers of America, Japan, West Germany, France and Britain (the Group of Five, G-5) unified and adopted the Plaza Accord for currency intervention and struggled to control capital exchange-rate movements. Led by the US Treasury's Sec. James Baker, it was the first effort to restore some semblance of order to the monetary system since the collapse of the postwar Breton Woods gold-anchored finance systems in the early 1970s. In the wake of the accord the dollar lost almost 30% of its value.
    (www.g7.utoronto.ca/finance/fm850922.htm)(WSJ, 3/8/04, p.A2)(Econ, 10/9/04, p.72)

1986        Jan 3, The British Banker’s Association started publishing the London inter-bank offered rates  (LIBOR), a measure of interest rates banks pay when they borrow from one another. The rate is subjective by design and not a statistical measure.
    (http://mortgage-x.com/general/indexes/wsj_libor_history.asp?y=1986)(Econ, 3/10/12, p.84)

1986        Apr 3, US national debt hit $2,000,000,000,000 (2 trillion).
    (MC, 4/3/02)

1986        Jul 7, Supreme Court struck down Gramm-Rudman deficit-reduction law.
    (MC, 7/7/02)

1986        Sep, China’s 1st stock market opened in Shanghai.
    (SFC, 2/20/96, p.A4)

1986        Oct 30, US Treasury Sec. James Baker struck the first American Eagle silver coin at the US Mint’s San Francisco Assay office. The coins went on sale on Nov 24. Silver at this time was selling for $5.58 an ounce.
    (SSFC, 10/30/11, DB p.42)

1986        Brazil chopped 3 zeroes off its currency in the Cruzado Plan as part of an attempt to reduce inflation. The official name was the Economic Stabilization Plan but it was popularly known as the Cruzado Plan because it involved a change in the name of the currency from Cruciero to the Cruzado, with 1000 crucieros being equal to one cruzado.  Its main measures were a general price freeze, a wage readjustment and freeze, readjustment and freeze on rents and mortgage payments, a ban on indexation, and a freeze on the exchange rate.
    (Econ, 11/14/09, SR p.5)(www.applet-magic.com/cruzado.htm)

1987        Feb 22, The Finance Ministers and Central Bank Governors of six major industrial countries (Canada, France, Germany, Japan, United Kingdom, United States, G6) met in Paris and agreed in the Louvre Accord to bring down the value of the dollar.
    (Econ, 4/29/06, p.82)(www.g7.utoronto.ca/finance/fm870408.htm)

1987        Jun 2, President Reagan announced he was nominating economist Alan Greenspan to succeed Paul Volcker as chairman of the Federal Reserve Board.
    (AP, 6/2/97)

1987        Jun 30, Canada introduced a one dollar coin that was soon nicknamed the Loonie.
    (WSJ, 11/6/97, p.A22)(http://en.wikipedia.org/wiki/Loonie)

1987        Sep, Eamonn Fingleton authored an article in Euromoney titled “Why Japanese Banks Are Shaky.”
    (www.fingleton.net/about_ef.php)

1987        Oct 19, Black Monday, the stock market crashed as the Dow Jones Industrial Average, amid frenzied selling, plunged 508 points, 22.6%,-- its biggest-ever one-day decline. The crash was preceded by legislation to block tax deductions for debt incurred in corporate takeovers which were fueling the market. It was also preceded by plunges in other international markets. Hong Kong suffered a 46% decline in October.
    (V.D.-H.K.p.253)(TMC, 1994, p.1987)(AP, 10/19/97)(SFC,10/27/97, p.B2)

1987        The US government slashed interest rates following the stock market crash.
    (WSJ, 11/19/04, p.A8)

1987        The US government gave banks permission to sell bonds.
    (WSJ, 11/19/04, p.A8)

1987        Andy Krieger sold short more kiwis than the entire money supply of New Zealand. The kiwi collapsed and Krieger banked his profits.
    (Econ, 12/18/04, p.108)

1988        Mar 8, In San Francisco at least 3 people made off with more than half a million dollars after the loot spilled from a Loomis Armored Inc. truck onto Third Street. An additional $1.3 million was left on the street. Louis A Lopez of Daly City picked up two bundles containing $40,100 and took them to the Loomis offices.
    (SSFC, 3/3/13, DB p.42)

1988        The Museum of American Finance was founded in NYC and housed on Broadway. On Jan 11, 2008, it opened in new quarters at 48 Wall Street, the former headquarters of the Bank of New York.
    (Econ, 1/19/08, p.93)(www.financialhistory.org/)

1988        George Soros, billionaire financier, traded shares of French bank Societe Generale prior to a takeover. A court in 2002 alleged insider knowledge and fined him $2.2 million. Soros had declined to participate in takeover deal but bought shares that gained him $2.28 million.
    (SFC, 12/21/02, p.B1)

1988        Australia pioneered the use of plastic money.
    (Econ, 2/5/05, p.71)

1989        Apr 1, A Japanese 3 percent consumption, or sales tax, took effect. It earned Sadanori Yamanaka (d.2004) the nickname "Mr. Consumption Tax." Yamanaka led the ruling Liberal Democratic Party's tax commission for eight years, beginning in 1979.
    (AP, 2/20/04)

1989        Aug 17, The Commerce Department reported the U.S. trade deficit had shrunk to $8.7 billion in June.
    (AP, 8/17/99)

1989        Dec 31, The Japanese Nikkei Index peaked at 38,915. The DJIA was at 2753.
    (WSJ, 9/5/01, p.C1)

1989        The Financial Action Task Force (FATF) came into existence on the initiative of the G7. The inter-governmental body’s purpose was the development and promotion of policies, both at national and international levels, to combat money laundering and terrorist financing.
    (http://en.wikipedia.org/wiki/Financial_Action_Task_Force_on_Money_Laundering)
1989        The central bank of Argentina suffered losses in Q2 worth 23.5% of GDP.
    (Econ, 4/30/05, p.74)
1989        New Zealand became the 1st country to introduce inflation targets.
    (Econ, 2/26/05, p.76)
1989        The central bank of Nicaragua suffered losses worth 13.8% of GDP.
    (Econ, 4/30/05, p.74)

1990        Apr 1, The US Federal Hourly Minimum Wage was set at $3.80 an hour.
    (www.dol.gov/esa/minwage/chart.htm)

1990        May 23, Neil Bush, son of the president, denied any wrongdoing as a director of a failed Denver savings-and-loan in testimony before Congress. The cost of rescuing US savings & loan failures was put at up to $130 billion.
    (AP, 5/23/00)(www.mof.go.jp/english/f_review/fr51e.htm)

1990        Aug 17, The Commerce Department reported the US trade deficit shrank to $8.17 billion
    in June.
    (AP, 8/17/00)

1990        Inflation in Chile hit 26%.
    (Econ, 4/30/05, p.74)

1990        Japan raised its interest rates and ordered banks to curtail property lending. This resulted in a major crash in land values. Speculation in domestic real estate, stocks, overpriced overseas investments, and foreign pressure to force the value of the yen upward causes a collapse of the "bubble economy."
    (WSJ, 11/30/95, p.A-1)(Jap. Enc., BLDM, p. 217)

1990-1992    In the US 834 banks failed during this period.
    (WSJ, 7/14/08, p.A1)

1991        Apr 1, Argentina maintained a currency board regime this day through January 6, 2002, under which the Argentine peso was pegged one for one to the U.S. dollar.
    (http://www.frbsf.org/publications/economics/letter/2002/el2002-25.html)

1991        Jun 6, Sylvia Porter (77), economist, author (Money Book), died.
    (MC, 6/6/02)

1991        Jul 17, The US Senate voted 53-to-45 to give itself a $23,200 pay raise while at the same time banning outside speaking fees.
    (AP, 7/17/01)

1991        Seth Klarman authored “Margin of Safety: Risk Averse Value Investing Strategies for the Thoughtful Investor.” He founded (1982) and led the Baupost Group, a Boston-based private investment partnership.
    (Econ, 7/7/12, p.68)
1991        In the US 124 FDIC-insured banks failed this year. By the end of the year the FDIC insurance fund was insolvent.
    (WSJ, 7/21/08, p.A10)
1991        The European Bank for Reconstruction and Development (EBRD) was founded to help free markets take root in the ex-communist countries of central and eastern Europe.
    (Econ, 5/21/05, p.78)

1991-1998    James Johnson served as CEO of Fannie Mae. During this period he lobbied Congress, eviscerated regulators and courted mortgage lenders to increase home ownership feathering his and fellow executive nests along the way.
    (Econ, 10/15/11, p.99)(http://en.wikipedia.org/wiki/James_A._Johnson_%28businessman%29)

1992        Mar, The Hearst Corp. and Dow Jones launched SmartMoney, The Wall Street Journal Magazine of Personal Business. Hearst and MediaOne started New England Cable News. In 2010 News Corp., the owner of Dow Jones, announced that it was buying out Hearst’s 50% stake.    
    (SFC, 8/7/99, p.A9)(http://tinyurl.com/382usyx)

1992        Sep 14, Germany cut key interest rates for the first time in five years, an action the United States and European Community nations had been urging to help spur a world economic recovery.
    (AP, 9/14/97)
1992        Sep 14, The Italian Lira was devalued 7%. This forced Italy to withdraw from the Exchange Rate Mechanism (ERM), a pre-euro system of semi-pegged currencies.
    (http://tinyurl.com/eh943)(Econ, 7/16/11, p.79)

1992        Sep 16, Britain under John Major devalued the pound and the economy soared. The day became known as “Black Wednesday.” George Soros pocketed $2 billion on his short sale of $10 billion. The event is documented in Robert Slater's Soros: "The Life, Times and Trading Secrets of the World's Greatest Investor." Britain’s Conservative government was forced to withdraw the Pound from the European Exchange Rate Mechanism (ERM) due to pressure by currency speculators.
    (http://en.wikipedia.org/wiki/Black_Wednesday)(WSJ, 10/16/98, p.A1)(Econ, 3/25/06, p.62)


1992        Barry Eichengreen, int’l. monetary historian, authored “Golden Fetters: The Gold Standard and the Great Depression, 1919-1939.”
    (Econ, 1/22/11, p.98)

1994        Mar 22, The Federal Reserve for fear of inflation announced it was raising short-term interest rates from 3.25 to 3.5 percent, the second such boost of the year. By Nov the 10-year bond rate rose to 8% from about 5.4% the previous September.
    (AP, 3/22/99)(SSFC, 7/6/03, p.I1)

1994        Apr 4, On Wall Street stocks plummeted in violent spasms of selling that sent the Dow industrial down more than 40 points to a six-month low.
    (AP, 4/4/99)

1994        Jun, The idea of a credit default swap (CDS), a financial swap agreement that the seller of the CDS will compensate the buyer in the event of a loan default or other credit event came out of a JP Morgan meeting off-site in Boca Raton. The first credit-default swap transaction took place when the European Bank for Reconstruction and Development contracted for a modest sum to assume the risk that Exxon (XOM) wouldn’t repay a $4.8 billion line of credit it had borrowed from Morgan in order to pay the fine for its 1989 Exxon Valdez oil spill.
    {Banking, Money, USA, Oil}
    (http://tinyurl.com/8447k8f)(http://en.wikipedia.org/wiki/Credit_default_swap)(Econ, 2/25/12, SRp.5)

1994        Jul 1, Brazil under finance minister Henrique Cardoso adopted the Real Plan, named for a new currency fixed to the US dollar with a "crawling peg."
    (WSJ, 4/26/96, p.A-15)(WSJ, 6/12/97, p.A19)

1994        Jul 8, Leaders of the Group of Seven nations opened their 20th annual economic summit in Italy. Silvio Berlusconi hosted the G-7 summit in Naples.
    (SFC, 2/13/98, p.A12)(AP, 7/8/99)(Econ, 1/22/05, p.46)

1994        The US Riegle-Neal act allowed banks to branch out across state borders.
    (Econ, 5/21/05, Survey p.8)

1994        China established a unified official exchange rate and pegged the yuan, also known as the renminbi (people's money), at about 8.28 to the US dollar.
    (SFC, 7/5/03, p.B1)(Econ, 9/25/10, p.87)

1995        Mar 2, Ted Truman, a top int’l. staffer at the Federal Reserve, reported to Alan Greenspan that massive dollar sales were driving down the US currency. In response the Fed and Treasury bought $600 million in marks and yen and repeated the action next day joined by 13 central banks.
    (WSJ, 1/18/05, p.A13)

1995        Mar 3, The dollar plunged to a new low against the Japanese yen. In response the Fed and US Treasury bought more yen and were joined by 13 central banks. American and Japan intervened in 1995 to halt the dollar’s slide against the yen. The dollar stabilized.
    (AP, 3/3/00)(Econ, 3/29/08, p.100)

1995        Mar 28, In Japan, Mitsubishi Bank and the Bank of Tokyo agreed to a merger to create what was then the world's largest bank.
    (AP, 3/28/00)

1995        May 3, The government reported that its Index of Leading Economic Indicators dropped half a percentage point in March 1995, its biggest tumble in two years.
    (AP, 5/3/00)

1996        Mar 25, The redesigned $100 bill went into circulation.
    (AP, 3/25/97)

1996        May 16, The US Treasury Dept. announced planned to issue a new type of government bond that would protect investors from inflation and help government finance the national debt. The new bond would offer returns that would rise and fall in line with inflation.
    (SFC, 5/17/96, p.A-1)
1996        May 16, The government announced a plan to pay debt-strapped home-owners up to 30% of their monthly mortgage payments thus easing the pressure on the country’s bleeding banks.
    (SFC, 5/17/96, p.A-15)

1996        Aug 1, In Somalia Mohamed Farrah Aidid died from wounds in a gun battle with a faction headed by his brother. General Muhammad Aideed (Mohamed Aidid) had employed a printing press to reproduce the country’s 1,000 shillings note. The value of the note fell from $.13 to $.03, or about the cost of producing an additional note. Forging stopped as the profit margin disappeared.
    (www.cnn.com/WORLD/9608/02/aideed/)(Econ, 4/21/12, p.22)

1996        Peter Bernstein authored "Against the Gods: the Remarkable Story of Risk."
    (WSJ, 8/27/03, p.A1)
1996        Canada began replacing its two-dollar notes with $2 coins called "toonies."
    (WSJ, 7/13/99, p.B1)(Econ, 3/16/13, p.75)
1996        Ludovico Filotti, a former employee of Barings, persuaded his new employer, a large Japanese bank, to purchase Italian zero coupon postal bonds in an arbitrage scheme under falling interest rates. Other bankers followed and within days $3.6 billion worth of bonds were sold. They matured after the euro deadline and were not counted as current debt.
    (Econ, 12/18/04, p.108,110)

1997        Mar 25, The Federal Reserve nudged interest rates higher for the first time in two years, hoping to stifle any threat of rising inflation.
    (AP, 3/24/98)

1997        May 6, British PM Tony Blair, on the first full working day of the new Labor government, gave the Bank of England the right to set interest rates. Labor had won power pledging that it would by the party of welfare reform. In October the Bank of England lost its supervisory powers over banks to the new Financial Services Authority.
    (SFC, 5/7/97, p.C2)(Econ, 3/25/06, p.63)(Econ, 3/10/07, p.52)(Econ, 6/14/08, p.70)

1997        Jul 1, Thailand let its currency, the baht, float and it devalued about 20%. This event marked the beginning of the Asian economic crises. In 1999 Thailand sought to extradite Rakesh Saxena, a currency trader, from Canada for his role in an alleged fraud that drained over $2 billion from the Bangkok Bank of Commerce, which led to the devaluation of the baht. Pin Chakkaphak was blamed for the collapse of the currency and fled Asia. He was ordered back from Britain in 2001 to face accounting and theft charges. In 2009 Saxena (57) arrived in Thailand after his extradition from Canada to face charges he embezzled $88 million from the Bangkok Bank of Commerce, which collapsed in 1995.
    (SFC, 7/3/97, p.D4)(WSJ, 7/21/97, p.A1)(SFEC, 5/31/98, p.D1)(WSJ, 5/7/99, p.A1)(SFC, 3/9/01, p.A16)(Econ, 3/25/06, p.80)(AP, 10/30/09)

1997        "The History of Money" by Jack Weatherford was published.
    (SFEC, 1/19/97, Par p.5)

1997        Eritrea introduced its own currency, the nakfa, and sought to make it directly exchangeable with the Ethiopian burr in cross-border transaction. The currency was named after the site of a major victory over Ethiopian forces in March, 1988.
    (SFC, 6/10/98, p.A10)(SSFC, 4/15/12, p.P3)

1997        A Swiss federal law made money laundering and abetting it a criminal offense.
    (Econ, 2/14/04, Survey p.12)

1998        May 11, A French mint produced the first coins of Europe's single currency, the euro.
    (AP, 5/11/99)

1998        Jul 31, The Canadian dollar hit a historical low of 66.10 cents to $1US.
    (SFC, 8/1/98, p.A10)

1998        Aug 17, The Federal Reserve Board approved the megamerger of NationsBank and BankAmerica.
    (AP, 8/17/99)
1998        Aug 17, Russia devalued its ruble and allowed the ruble's value to drop by up to 34 percent. It also imposed delays in the repayment of billions of dollars in debt. The government defaulted on $40 million in debt and provoked a stampede of capital from emerging markets. In 2010 Martin Gilman authored “No Precedent, No Plan: Inside Russia’s 1998 Default.”
    (WSJ, 8/18/98, p.A1)(AP, 8/17/99)(WSJ, 10/4/00, p.A10)(Econ, 11/27/10, p.95)

1998        Oct 3, The G-7 finance ministers agreed to explore Pres. Clinton's proposed strategy for early IMF intervention to support weak economies. Masaru Hayami, governor of the Bank of Japan, said that capital supporting 19 major banks had dwindled to dangerously low levels.
    (SFEC, 10/4/98, p.A1)(SFEC, 10/5/98, p.A3)

1999        Jan 1, The BAFFLING countries, Belgium, Austria, France, Finland, Luxembourg, Ireland, the Netherlands and Germany were expected to begin using the new "euro" currency. Public use began Jan 1, 2002.  [see Jan 4]
    (SFC, 3/7/96, p.A12)(SFC, 1/1/02, p.A2)

1999        Jan 4, The US mint began distributing a new series of commemorative state quarters. The first one from Delaware marked the 1776 ride of Caesar Rodney from Dover to Philadelphia to vote for the Declaration of Independence. Rep. Michael Castle of Delaware dreamed up the program in 1996.
    (SFC, 1/5/99, p.A2)(WSJ, 12/29/03, p.A4)
1999        Jan 4, The euro, the new money of 11 European nations, got off to a strong start on its first trading day, rising against the dollar on world currency markets and closed in New York at $1.181.
    (SFC, 1/5/99, p.C2)(AP, 1/4/00)(HN, 1/4/01)

1999        Jan 11, Hillary Clinton unveiled a new silver commemorative dollar in honor of Dolly Madison. The coin, designed by Tiffany, was the first to honor a first lady but was not legal tender.
    (SFC, 1/12/99, p.A3)

1999        Jul 15, The US House voted to give Congress a pay raise of $4,600 in January and to double the next president's salary to $400,000.
    (WSJ, 7/16/99, p.A1)

1999        Aug 24, The Federal Reserve raised borrowing costs for millions of Americans, increasing its target for the federal funds rate by a quarter point to 5.25 percent, and hiking the discount rate a quarter point to 4.75 percent.
    (SFC, 8/25/99, p.A1)(AP, 8/24/00)

1999        Oct 13, Robert A. Mundell (66), a Canadian born professor at Columbia Univ., won the Nobel Prize in Economics for his study of cross-border capital flows, flexible foreign exchange rates, and supply side economics. A 1961 paper by Mundell had pioneered the theory of an “optimal currency area,” which later helped shape the euro zone.
    (WSJ, 10/14/99, p.A2)(Econ, 6/13/09, SR p.10)

1999        Nov 12, Pres. Clinton signed a measure knocking down Depression-era barriers and allowing banks, investment firms and insurance companies to sell each other’s products. Clinton signed into law the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act.
    (SFC, 11/13/99, p.D1)(www.moneymanagerservices.com/News/02-01-2000-1.cfm)

1999        The IMF put $4 billion into Turkey.
    (WSJ, 4/2/03, p.A14)

2000        Feb 2, The US Federal Reserve raised short-term interest rates by .25%.
    (SFC, 2/3/00, p.A1)

2000        Mar 23, Horst Koehler (57) of Germany, president of the European Bank for Reconstruction and Development, became the new president of the 182-nation IMF following endorsement by the 24-member board of directors.
    (SFC, 3/24/00, p.D4)

2000        Mar, EU leaders met in Lisbon, Spain, and agreed to turn Europe into the world’s most competitive economy by 2010.
    (Econ, 3/19/05, p.15)

2000        Apr 16, In Washington DC police blocked some 10,000 protesters from disrupting the meetings of the World Bank and the IMF. Finance ministers and central bankers issued a statement that pledged to seek greater debt relief for the poorest countries and to reform the IMF to prevent future financial crises.
    (SFC, 4/17/00, p.A1)(AP, 4/16/01)

2000        May 3, The Euro fell below 90 cents to the dollar for the first time.
    (WSJ, 5/4/00, p.A18)

2000        May 6, The Chiang Mai Initiative (CMI) was set up to help East Asian cash strapped countries defend their currencies in times of trouble. The initiative came in response to the 1997 East Asian financial crises. ASEAN, China, Japan, and South Korea launched the multilateral arrangement of currency swaps (CMI).
    (WSJ, 5/5/05, p.A12)(http://en.wikipedia.org/wiki/Chiang_Mai_Initiative)

2000        May 16, The Federal Reserve raised its federal funds rate by one-half point, the biggest increase in five years.
    (SFC, 5/17/00, p.A1)(AP, 5/16/01)

2000        May 24, New US $5 and $10 bills were scheduled to be shipped to banks. The engravings of Lincoln and Hamilton would be larger and off center.
    (WSJ, 4/27/00, p.A1)

2000        Jun 19, EU leaders in Portugal approved Greece’s bid to join the euro beginning Jan 1, 2001.
    (WSJ, 6/20/00, p.A23)

2000        Sep 22, The US Federal Reserve joined counterparts in Europe and Japan to intervene in currency markets in support of the euro. G7 action supported the euro.
    (SFC, 9/23/00, p.D1)(Econ, 3/29/08, p.100)

2000        Dec 4, The Turkey stock market fell 8% and marked a 2-week drop of 40% as interest rates soared to 1,200%. Officials began talks with the IMF for a $5 billion loan.
    (SFC, 12/5/00, p.A15)

2000        Dec 6, The IMF agreed to grant Turkey $7.5 billion in emergency loans.
    (SFC, 12/7/00, p.C12)

2001        Jan 1, Greece became the 12th country to join the euro. Greece’s public debt at this time was more than 100% of GDP.
    (Econ, 2/6/10, p.75)(www.oanda.com/help/euro)

2001        Jan 3, The US Federal Reserve under Alan Greenspan, outside its normal schedule of meetings, reduced interest rates by a half % and sent the NASDAQ up 324 points to 2616. The Dow rose 299 to 10,945.
    (SFC, 1/4/01, p.A1)(Econ, 10/20/07, SR p.16)

2001        Feb 22, A financial crises in Turkey forced the government to let the lira float and it dropped 40% to 960,000 to the US dollar. By the end of the year the economy sank 9.4%.
    (SFC, 2/23/01, p.D4)(WSJ, 2/23/01, p.A11)(WSJ, 4/2/03, p.A14)

2001        Apr 18, The US Federal Reserve lowered short term interest rates by a half point to 4.5%. The DJIA rose 399 to 10,615. NASDAQ rose 156 to 2079.
    (SFC, 4/19/01, p.A1)

2001        May 15, The US Federal Reserve lowered the short term federal funds interest rate .5% to 4%.
    (SFC, 5/16/01, p.A1)

2001        Jul 1, In the US lower tax rates went into effect for some middle and upper-income taxpayers.
    (SSFC, 7/1/01, p.A10)

2001        Jul 31, The US Treasury began issuing new 4-week T-bills.
    (SFC, 12/10/08, p.C4)(http://money.cnn.com/2001/08/30/expert/expert/index.htm)

2001        Aug 21, The US Federal Reserve announced another .25% lowering of the short-term federal funds interest rate.
    (SFC, 8/22/01, p.C1)

2001        Oct, The US Treasury stopped selling 30-year bonds.
    (WSJ, 3/15/05, p.C5)

2001        Nov 6, The Federal Reserve lowered interest rates for the 10th time this year. The half point drop put the benchmark fed funds rate to 2% and the discount rate to 1.5%, its lowest level in 40 years. The DJIA rose 150 to 9591. The NASDAQ rose 41 to 1835.
    (SFC, 11/7/01, p.B1)(WSJ, 11/7/01, p.A2)(AP, 11/6/02)

2001        Nov, The 2001 US recession, the 1st since the early 1990s, ended after 8 months according to a 2003 report by the National Bureau of Standards.
    (SFC, 7/18/03, p.B1)

2001        Dec 14, European nations began distributing a "Eurokit" of euro coins in advance of the Jan 1 day when the euro becomes legal tender.
    (SFC, 12/15/01, p.A3)

2001        Dec 30, Colombia seized $41 million in counterfeit US currency.
    (WSJ, 12/31/01, p.A1)

2002        Jan 1, In Europe 50 billion new euro coins and 14 billion new euro notes began circulating in 12 participating countries in the most ambitious currency changeover in history.
    (SFC, 1/2/02, p.A8)(AP, 1/1/03)

2002        Richard Duncan authored the first edition of “The Dollar Crisis.” He argued that the Bretton Woods financial system had led to huge global imbalances and a credit bubble that would end in collapse.
    (Econ, 7/7/12, p.67)
2002        Jason Goodwin authored "Greenback," historical anecdotes on US currency.
    (WSJ, 1/9/03, p.D10)
2002        The average CEO in the US earned 282 times the salary of an average worker. In 1982 the ratio was 42 to 1.
    (WSJ, 4/12/04, p.R11)
2002        Tencent Holdings PLC, a Chinese Internet company, designed a virtual currency payment system for users in its virtual world. The system caught on and users began trading it at a discount to the yuan. In 2007 Chinese ministries and the central bank waged a crackdown on the QQ coin in order to prevent money laundering.
    (WSJ, 3/30/07, p.B1)
2002        Malaysia issued the world’s first sovereign sukuk, an Islamic bond.
    (Econ, 1/5/13, p.60)

2003        Jan 15, The Bush administration said the 2003 budget deficit will exceed $200 billion and probably go over $300 billion in 2004.
    (SFC, 1/16/03, p.A7)

2003        Jan 24, State Street, a US financial services group, registered an exchange traded fund that tracked the S&P 500 share index with the ticket code SPDR.
    (Econ, 1/26/12, p.66)

2003        May 13, The US government unveiled a new $20 bill with color added to help thwart counterfeiters. $130 million of counterfeit US money was estimated to be circulating globally. It began circulating in October.
    (USAT, 5/13/03, p.1B)(SFC, 10/10/03, p.A1)

2003        Jun 9, Freddie Mac, a US government-sponsored mortgage company, ousted 3 top officials. The 4th largest US financial company had assets of $722 billion at the end of 2002.
    (WSJ, 6/10/03, p.A1)

2003        Jun 25, The US Federal Reserve cut short-term interest rates by one-quarter percent. The new 1% rate was the lowest since 1958.
    (BS, 6/26/03, 1A)

2003        Jul 15, The Bush administration reported that this year's deficit will reach $445 billion.
    (SFC, 7/16/03, p.A1)

2003        Sep 4, The US House agreed to a 2.2 percent pay raise for Congress, enough to boost lawmakers' annual salaries to about $158,000 next year.
    (AP, 9/4/03)

2003        Oct, 9 The new peach and blue redesigned US $20 bill made its debut.
    (WSJ, 10/10/03, p.C3)

2003        Oct 20, The US deficit doubled to $374 billion in fiscal 2003 and was on track to exceed $500 billion for the year.
    (WSJ, 1/2/04, p.R12)

2003        Richard Duncan authored “The Dollar Crises.”
    (Econ, 1/16/10, p.73)
2003        Michael Watts edited "The Literary Book of Economics."
    (WSJ, 8/13/03, p.D4)

2003        Bavaria originated a local currency called the chiemgauer, named after the region where it originated. The currency was created to lose value every month and could be renewed for a sticker costing 2% of its value, which encouraged quick spending.
    (Econ, 1/24/09, p.81)
2003        Jamie King, a robotics doctoral student at Memorial Univ. in Newfoundland, co-founded Verafin to sift bank data for patterns that could indicate fraud, drug trafficking or terrorist financing. By 2011 over 700 banks used the service.
    (SFC, 6/27/11, p.D2)
2003        PayPal, an online payments company acquired by eBay, set up an office in Ireland with 25 people. In 2004 eBay announced plans to move customer operations to Ireland and by 2014 their combined operations employed some 2,000 people there.
    (SSFC, 3/9/14, p.9)
2003        Saudi Arabia’s Tadawul All-Share Index posted a 76% gain for the year.
    (WSJ, 4/4/05, p.C18)

2004        Feb 18, The US federal debt passed the $7 trillion mark.
    (WSJ, 2/19/04, p.A1)

2004        Feb 24, Alan Greenspan warned of too much concentration of financial risk in the books of mortgage giants Fannie Mae and Freddie Mac.
    (WSJ, 2/25/04, p.A1)

2004        Mar 4, It was reported that new nickels honoring the 1803 Louisiana Purchase have been shipped to the Federal Reserve. A new Jefferson nickel was set for 2005.
     (SFC, 4/25/03, B3)(SFC, 11/7/03, p.A2)(AP, 3/4/04)(SFC, 9/14/04, p.D3)

2004        Mar 20, The Economist reported that a Goldman Sachs study found consumers in Australia and Spain to be the most vulnerable, of 19 countries, to higher interest rates or recession.
    (Econ, 3/20/04, p.85)

2004        Mar 29, Gov. Schwarzenegger unveiled a new California quarter to be minted in Jan 2004. It featured John Muir and Yosemite's Half Dome along with a flying condor.
    (SFC, 3/30/04, p.B3)

2004        Apr 26, The US unveiled a new $50 bill to make counterfeiting more difficult.
    (SFC, 4/27/04, p.C1)

2004        Apr 28, The US monetary policy subcommittee approved a bill to put the faces of US presidents on new dollar coins.
    (SFC, 4/29/04, p.C3)

2004        May 3, Production began for the US Mint’s Texas quarter, designed by Daniel Miller. The unveiling was set for June 10.
    (USAT, 5/18/04, p.17A)

2004        May 17, India's stock market took the biggest one-day plunge in its 129-year history as investors panicked over how communist parties would influence the new government. An investigation followed into the alleged murky dealings by a dozen foreign firms.
    (AP, 5/17/04)(Econ, 5/28/05, p.76)

2004        May, Brian Knutson, professor of neuroscience at Stanford Univ., used an fMRI imaging machine to study brain patterns and found that the same neural networks in the brain responded to orgasm, cocaine and stock trading. He also found that these networks can and often do override the frontal cortex, our seat of reason.
    (SSFC, 2/5/06, p.J4)

2004        Jun 30, The US Federal Reserve raised interest rates by a quarter point.
    (SFC, 7/1/04, p.A1)

2004        Jul 17, Japan’s NTT DoCoMo launched a wallet phone aimed to combine cash and cell phones with a small embedded chip that can store money and personal information.
    (Reuters, 7/18/04)

2004        Aug 10, The US Federal Reserve Open Market Committee (FMOC) hiked the federal funds target rate, to 1.50 percent from 1.25 percent.
    (AFP, 8/11/04)

2004        Sep 11, The US fiscal gap, measured as future receipts minus future obligations, was reported to be between $40 and 72 trillion. The debt portended a severe economic decline or financial collapse.
    (SSFC, 9/11/04, p.A1)

2004        Sep 21, The US Federal Reserve raised the overnight federal-funds interest rate a quarter point to 1.75%.
    (SFC, 9/22/04, p.C1)

2004        Sep 28, The US Treasury issued a new $50 bill with touches of red, blue and yellow.
    (AP, 9/28/04)

2004        Sep 30, US fiscal year 2004 ended. The CBO soon estimated a budget deficit for the year of about $415 billion.
    (WSJ, 10/7/04, p.A9)

2004        Oct 2, IMF and World Bank officials in Washington DC failed to resolve their differences over debt relief for the world's poorest countries and Iraq while expressing concern about the impact high oil prices would have on a strengthening global economy.
    (AP, 10/3/04)

2004        Oct 7, It was reported that municipal tax shelters would cost the US government an estimated $4.4 billion in uncollected taxes for fiscal year 2004.
    (WSJ, 10/7/04, p.A1)

2004        Oct 14, The US Treasury reported that the federal deficit surged to $413 billion in 2004.
    (SFC, 10/15/04, p.A3)

2004        Oct 19, Canada raised its interest rates .025% from 2.25 to 2.50%.
    (WSJ, 10/20/04, p.A15)

2004        Oct 26, India’s central bank announced it was raising its overnight repo rate for the first time in more than four years, citing concerns about a sharp rise in inflation in Asia's fourth-largest economy. The rate went up .25% to 4.75%.
    (AP, 10/26/04)(WSJ, 10/27/04, p.A15)

2004        Oct 28, China's central bank raised interest rates for the first time in 9 years in a surprise move that was aimed at guiding a heated economy onto a path of slower growth. The rate increase .25% to 5.6%.
    (Reuters, 10/28/04)(Econ, 11/6/04, p.12)

2004        Nov 5, The US dollar fell to an all-time low against the euro as EU political leaders signaled they have no unified plan to stem the rise in their five-year-old currency.
    (AP, 11/5/04)

2004        Nov 9, A NY state Supreme Court ruled that National Collector’s Mint engaged in a deceptive advertising campaign in selling its 2004 Freedom Tower silver dollar. The coin was worth less than 1 ½  cents in metal, but sold at $19.95.
    (SFC, 11/10/04, p.C4)

2004        Nov 10, The US Federal Reserve raised the overnight federal-funds interest rate a quarter point. Another raise was expected Dec 14.
    (SFC, 11/11/04, p.C1)

2004        Nov 12, It was reported that Japan and China owned about a quarter of outstanding US Treasury debt. They held $723 and $172 billion respectively.
    (WSJ, 11/12/04, p.C4)

2004        Nov 14, It was reported that since 2002 the dollar has lost about 20% against a broad basket of currencies and over 40% against the euro.
    (SSFC, 11/14/04, p.A1)

2004        Nov 19, Federal Reserve Chairman Alan Greenspan warned about spiraling deficits and the impact on the declining dollar. The Dow Jones fell 115 to 10456.9.
    (SFC, 11/20/04, p.C1)

2004        Nov 26, The dollar reached a new low against the euro at 1.3288 euros per dollar. The euro peaked at 1.3329.
    (SFC, 11/27/04, p.C1)(WSJ, 11/29/04, p.A1)

2004        Dec 4, The euro closed at a record $1.3460. Over the next few years “it seems an excellent bet that there will be a large drop in the dollar.”
    (SFC, 12/7/04, p.D3)(Econ, 12/4/04, p.71)

2004        Dec 8, China’s Premier Wen Jiabao repeated that China will move gradually to a flexible exchange rate.
    (WSJ, 12/9/04, p.A14)

2004        Dec 14, The US Federal Reserve raised its federal funds rate .25% to 2.25%. The Commerce Dept. reported that the US trade deficit in October swelled to $55.5 billion.
    (SFC, 12/15/04, p.C1,3)

2004        Dec 17, It was reported that China paid out $15 billion per month to keep the yuan fixed at 8.277 to the US dollar.
    (WSJ, 12/17/04, p.A14)

2004        Dec 27, The euro reached an intraday high of $1.364.
    (WSJ, 12/28/04, p.C2)

2004        Dec 30, Taiwan increased interest rates by .125% pushing the discount rate to 1.75%.
    (WSJ, 12/31/04, p.A6)

2004        Dec 31, Bulgarian authorities picked up Suleyman Demirel, one-time owner of Egebank and nephew of former pres. Demirel, and returned him to Turkey for trial. Egebank’s collapse had caused financial losses of $1.2 billion.
    (Econ, 3/19/05, Survey p.14)

2004        Dec, Turkey signed a $10 billion 3-year economic agreement with the IMF.
    (Econ, 3/19/05, Survey p.12)

2004        A US government found that some $700 million from Equatorial Guinea was held at Washington's Riggs Bank, making the country the bank's biggest customer. Riggs was fined millions of dollars in money-laundering fines. Nothing was done against Equatorial Guinea’s Pres. Obiang. Human rights groups have accused Obiang of using the oil wealth to make his family fabulously rich while most of his countrymen live in squalor.
    (AP, 11/3/09)

2004        Saudi Arabia’s Tadawul All-Share Index posted a 85% gain for the year.
    (WSJ, 4/4/05, p.C18)

2004        South Africa launched the Mzansi bank account, a basic account designed to bring citizens into the nation’s financial system. In May, 2005, it won its millionth customer.
    (Econ, 5/28/05, p.77)

2004        Inflation in the Ukraine hit a 4-year high of 12.3%.
    (WSJ, 3/28/05, p.A14)

2005        Jan 1, Japan’s currency opened at 102.41 yen to the dollar. Rising oil prices pushed it down in April to 108.91 to the dollar.
    (WSJ, 4/7/05, p.C16)
2005        Jan 1, The New (yeni) Turkish Lira (YTL), will begin circulating, wiping out six zeroes from the current money. The old lira will keep circulating until Dec 31.
    (AP, 9/23/04)(Econ, 8/28/04, p.67)(SSFC, 12/5/04, p.F2)

2005        Jan 9, In Basel, Switzerland, central bankers, joined by commercial counterparts and financial regulators from around the globe, opened a 2-day meeting to discuss ways to ensure smooth economic growth amid worries over widening U.S. deficits.
    (AP, 1/10/05)

2005        Jan 19, The US Bureau of Labor Statistics reported that the consumer price index rose 3.3% in 2004, the largest gain since 2000.
    (WSJ, 1/20/05, p.A2)

2005        Jan 19, Brazil raised its reference lending rate for a 5th consecutive month by a half point to 18.25% in an effort to curb inflation.
    (WSJ, 1/20/05, p.A12)

2005        Jan 22, Turkey’s large debt was reported to amount to about 74% of its GDP.
    (Econ, 1/22/05, p.47)

2005        Jan 26, The World Economic Forum, the global business meeting that attracts world leaders and Hollywood stars, opened in Davos, Switzerland. A Chinese economist said that China has lost faith in the stability of the US dollar and would seek to broaden the exchange rate for the yuan to a more flexible basket of currencies.
    (AP, 1/26/05)(SFC, 1/27/05, p.C1)

2005        Jan 31, The Bond Market Association (BMA) began displaying prices of municipal bond trades within 15 minutes of completion. Real time for virtually all corporate bond prices was expected by Feb 7.
    (Econ, 2/5/05, p.70)

2005        Feb 2, The US Federal Open Market Committee, for the 6th straight meeting, increased its target for overnight interest rates by a quarter percentage point to 2.50% and signaled that rates will rise further in coming months.
    (AP, 2/2/05)

2005        Feb 25, Argentina’s debt swap offer, to cover a total debt of $102.6 billion, closed. Argentina planned to issue $35.2 billion in new bonds to those who accepted the swap.
    (WSJ, 3/28/05, p.A14)

2005        Feb 20, An estimate of the total US debt, public and private, amounted to $37 trillion.
    (SSFC, 2/20/05, p.C3)

2005        Feb 22, The DJIA fell 174 points to 10,611 as oil prices soared to $51.15 per barrel. The Euro closed up at $1.326.
    (SFC, 2/23/05, p.C1)

2005        Feb 28, The US Mint began distributing new buffalo nickels to banks. The reverse side showed a bolder profile of Thomas Jefferson.
    (SFC, 2/26/05, p.A3)

2005        Mar 2, It was reported that the Palm Beach, Fla., hedge fund KL Financial, with assets of $200 million, had run out of funds.
    (WSJ, 3/2/05, p.C1)

2005        Mar 2, Alan Greenspan warned that US federal budget deficits are unsustainable and urged Congress to cut spending.
    (SFC, 3/3/05, p.A1)
2005        Mar 2, The US Treasury proposed rules for a new Roth 401(k).
    (SFC, 3/3/05, p.C1)

2005        Mar 11, The US Commerce Dept. reported the US trade deficit for January hi $58.3 billion. It was just below the all-time high set in Nov, 2004.
    (SFC, 3/12/05, p.C1)

2005        Mar 16, It was reported that the US deficit had widened to 6.3% of GDP in the 4th quarter and that America would have to borrow a net $750 billion to sustain it.
    (Econ, 3/19/05, p.78)
2005        Mar 16, China's central bank tightened mortgage lending rules to raise the cost of borrowing for home loans in an effort to cool the sizzling property market.
    (AP, 3/17/05)(WSJ, 3/31/05, p.A9)

2005        Mar 22, The US Federal Reserve raised its fed funds rate a quarter point to 2.75%.
    (SFC, 3/23/05, p.C1)

2005        Mar 24, In a move to further strengthen Cuba's national currency, Cuban President Fidel Castro announced that one of two types of money accepted on the island will no longer be automatically traded 1-1 to the US dollar. Beginning April 9, the exchange rate for the Cuban convertible peso will no longer be on par with the American dollar and instead will be tied to several foreign currencies, initially marking an 8 percent revaluation. The move will also help raise the value of the regular peso.
    (AP, 3/24/05)

2005        Mar 24, US 30-year mortgages climbed just above 6% reflecting concerns in the financial markets about the threat of inflation.
    (SFC, 3/25/05, p.C1)

2005        Mar 28, It was reported that Japanese consumer prices had fallen in February at their fastest pace in nearly 2 years. Japan’s deflation was now almost 6 years old. The Ministry of Finance said government debt hit a new record high of $7.062 trillion as of the end of Dec.
    (WSJ, 3/28/05, p.A14)

2005        Mar 30, The US Bureau of Economic Analysis final estimate of inflation adjusted GDP indicated 3.8% growth for the 4th quarter of 2004.
    (www.bea.gov/bea/dn1.htm)

2005        Mar, The US Senate passed the Bankruptcy Abuse Prevention and Consumer Protection Act. It imposed a means test that would force people who earn more than their state’s median income into Chapter 13, requiring debtors to submit a repayment plan.
    (Econ, 3/12/05, p.36)

2005        Apr 1, Saudi Arabia’s Tadawul All-Share Index reached a record 10853, up 28% for the year this far.
    (WSJ, 4/4/05, p.C18)

2005        Apr 4, The US Treasury Dept. said all Series EE bonds sold after May 1 will pay interest rates that are fixed for at least 20 years.
    (SFC, 4/5/05, p.C1)

2005        Apr 5, The IMF warned that the growing market for credit derivatives and other complex securities could suffer a rapid selloff if conditions turned negative.
    (WSJ, 4/6/05, p.A6)

2005        Apr 6, The World Bank warned that the global economic recovery has peaked and that the severity of the coming slowdown depended on how skittish foreign investors are about buying US-dollar denominated assets.
    (WSJ, 4/7/05, p.A2)
2005        Apr 6, South Korea, faced with ballooning foreign-exchange reserves, announced plans to drive companies to invest excess dollars abroad rather than at home.
    (WSJ, 4/5/05, p.A15)

2005        Apr 12, The US Commerce Dept. said the US trade deficit, aggravated by surging imports of oil and textiles, soared to an all-time high of $61.04 billion in February.
    (AP, 4/12/05)

2005        Apr 20, The US government said consumer prices jumped 0.6 percent in March, the biggest inflation surge in 5 months, as the costs of energy, clothing and airline fares all rose sharply.
    (AP, 4/20/05)

2005        Apr 19, The US Mint said it will produce its 1st 24-karat gold coin in 2006.
    (WSJ, 4/20/05, p.D2)

2005        Apr 20, Pres. Bush signed new legislation to make individual bankruptcy more difficult.
    (SFC, 4/21/05, p.A3)
2005        Apr 20, The NYSE, in a move toward computerized trading, agreed to buy Archipelago Holdings of Chicago in a reverse merger. The new company, to be called NYSE Group was valued at $3.5 billion.
    (WSJ, 4/21/05, p.A1)
2005        Apr 20, The US government said consumer prices jumped 0.6 percent in March, the biggest inflation surge in 5 months, as the costs of energy, clothing and airline fares all rose sharply. The DJIA fell 115.5 to 10,012.36.
    (AP, 4/20/05)(SFC, 4/21/05, p.C1)

2005        Apr 28, India’s central bank raised its key interest rate to 5% to stem inflation.
    (WSJ, 4/29/05, p.A15)

2005        Apr 30, “With all of its liabilities in dollars and most of its assets in foreign currencies, America gets a wealth boost when the dollar drops.” The Bank of Japan and other central banks have amassed $2 trillion in foreign-exchange reserves, perhaps 70% in dollars. Should the dollar fall, these central banks will be exposed to heavy capital losses.
    (Econ, 4/30/05, p.70,74)

2005        May 2, Brazil posted a record trade surplus for the month of April. During the month its currency rose 5% against the dollar.
    (WSJ, 5/3/05, p.A14)

2005        May 3, The US Federal Reserve hiked the fed funds target rate by a quarter-point to an even 3%, marking a cumulative increase of two full percentage points in the past 10 months. That increase was matched by a quarter-point increase in commercial banks' prime lending rate, the benchmark rate for millions of consumer and business loans, which moved up to 6 percent, the highest that rate has been since the fall of 2001.
    (AP, 5/4/05)

2005        May 18, Hong Kong said it would place a cap on its currency's exchange rate to the U.S dollar, but an official denied that the move signaled China would soon revalue its currency.
    (AP, 5/18/05)

2005        May 19, J.P. Morgan Chase introduced a no-swipe plastic credit card that used an embedded chip and RFID technology as well as the usual magnetic strip.
    (SFC, 5/20/05, p.C1)

2005        Jun 30, The US Federal Reserve raised interest rates by a quarter point. It marked the 9th increase since tightening began in 2004.
    (SFC, 7/1/04, p.A1)

2005        Jul 21, China scrapped the yuan's peg to the US dollar and tied it to a basket of currencies revaluing the yuan by 2.1 percent and leaving the door open to further rises.
    (Reuters, 7/21/05)

2005        Aug 9, The US Federal Reserve raised interest rates by a quarter point to 3.5%. It marked the 10th increase since tightening began in 2004.
    (SFC, 8/10/05, p.C1)

2005        Nov 1, The US Federal Reserve raised its benchmark interest rate another quarter point for the 12th time to 4%.
    (SFC, 11/2/05, p.D1)

2005        Dec 14, The US Federal Reserve raised its benchmark interest rate for the 13th time a quarter point to 4.25%. it also indicated that it was close to ending the 18-month long increases.
    (SFC, 12/14/05, p.C1)

2005        Tim Parks, British novelist, authored “Medici Money: Banking, Metaphysics, and Art in Fifteenth-Century Florence.”
    (Econ, 12/17/11, p.148)
2005        Malawi Pres. Bingu wa Mutharika (1934-2012) fixed the exchange rate. Administrative measures were put in place to control the exchange rate with other currencies. Mutharika steadfastly refused to make a major devaluation, which he argued would hurt the poor.
    (AFP, 5/8/12)(http://en.wikipedia.org/wiki/Malawian_kwacha)

2006        Jan 31, Alan Greenspan (79) served the last day of his 18-year tenure as chairman of the US Federal Reserve. Ben Bernanke (52), Princeton Univ. prof. of economics, was scheduled to replace him. At Greenspan's final meeting, the central bank voted to boost its target for the federal funds rate to 4.5 percent. It was the 14th quarter-point move in a credit-tightening campaign that began 19 months ago.
    (SFC, 1/31/06, p.E1)(Econ, 9/3/05, p.63)(AP, 1/31/06)

2006        Mar 28, The US Federal Reserve under new chairman Ben Bernanke raised its key federal funds rate by a quarter percentage point to 4.75%, in the 15th increase since June 2004.
    (SFC, 3/29/06, p.C1)

2005        William Brittain-Catlin authored “Offshore: The Dark Side of the Global Economy.” It focused on the Cayman Islands, the 5th largest banking center in the world.
    (SSFC, 7/10/05, p.E3)

2005        Charles Rossotti, former IRS commissioner (1997-2002), authored “Many Unhappy Returns: One Man’s Quest to Turn Around The Most Unpopular Organization in America,” wherein he says that the IRS “picks on the little guy” while “largely overlooking an ocean of money hidden in business entities…”
    (SSFC, 4/10/05, p.C6)

2006        Jun 20, The US Mint at West Point, NY, staged a promotion for the nation’s first 24-karat, pure gold one-ounce coin, the American Buffalo. The design was based on the 1913 buffalo nickel designed by James Earle Fraser. Orders for the bullion version began June 19, and orders for the proof coin would begin June 22 at $875 per proof coin.
    (WSJ, 6/16/06, p.C3)

2006        Jul, Interpol, at the request of the Bush administration, assembled central bankers, police agencies and banknote industry officials to make the US case against counterfeiting by North Korea. In 2008 a 10-month investigation by the McClatchy newspapers found that evidence supporting charges was uncertain at best.
    (SFC, 1/10/08, p.A13)

2006        Nov 28, A US federal judge said the government discriminates against blind people by printing money in bills that all feel the same, and ordered the Treasury Dept. to fix the problem.
    (SFC, 11/29/06, p.A2)

2007        Jan 1, Slovenia adopted the euro, becoming the 13th EU nation to use the single European currency. The transition to the euro included a 14-day period for dual use of the euro and Slovene tolar.
    (WSJ, 12/30/06, p.A4)(AP, 1/1/07)

2007        Jan 11, The US government said Canadian coins with tiny radio frequency transmitters hidden inside were found planted on US contractors with classified security clearances on at least three separate occasions between October 2005 and January 2006 as the contractors traveled through Canada.
    (AP, 1/11/07)

2007        Feb 15, A new version of the US $1 coin, paying tribute to American presidents, went into general circulation. A unknown number were mistakenly struck without their edge inscription “In God We Trust.” George Washington appeared on the first coin.
    (AP, 2/15/07)(SFC, 3/8/07, p.A2)(AH, 4/07, p.10)

2007        Jul 24, The US minimum wage rose 70 cents to $5.85 an hour, the first increase in a decade.
    (AP, 7/24/07)

2007        Aug 16, A new Jefferson one dollar coin went into circulation nationwide. It followed the Washington coin, which was introduced in February, and the John Adams coin, introduced in May. The coin honoring James Madison was scheduled to go into circulation in November.
    (AP, 8/15/07)

2007        Aug 29, A new report said CEOs of American companies made an average of $10.8 million last year, more than 364 times the average pay of American workers. The 14th annual study was a joint report from the Institute for Policy Studies and United for a Fair Economy.
    (SFC, 8/30/07, p.C3)

2007        Sep 18, The US Federal Reserve lowered interest rates by half a point triggering a rise in the DJIA of 336 points. The Dow close at 13,739.39. The federal funds rate was lowered to 4.75% and the discount rate was lowered to 5.25%.
    (SFC, 9/19/07, p.C1)(WSJ, 9/19/07, p.A1)

2007        Sep 20, A new US five-dollar bill with high-tech security features and new colors made a digital debut, the first time the US government has exclusively used the Internet to unveil its paper money.
    (AFP, 9/20/07)

2007        Oct 11, The Canadian dollar hit a three-decade high versus the US dollar as the greenback remained under broad selling pressure due to expectations of more Federal Reserve interest rate cuts.
    (Reuters, 10/11/07)
2007        Oct 11, South Africa's central bank chief Tito Mboweni announced the key lending rate is to increase by half a percentage point to 10.5% to ward off a threat of higher inflation.
    (AP, 10/11/07)

2007        Oct 15, It was reported that 3 of America's biggest banks are banding together to set up an $80 billion fund to breathe life back into the commercial paper market. The Treasury Dept. was urging banks to set up a “Master Liquidity Enhancement Conduit” to buy assets. On Dec 21 the 3 largest US banks gave up on the fund.
    (www.mortgagenewsdaily.com/video/embed.asp?id=725)(WSJ, 12/22/07, p.A1)

2007        Oct 23, The Canadian dollar roared to a 33-year high against the US dollar after domestic retail sales data for August beat expectations.
    (AP, 10/23/07)

2007        Oct 25, The Canadian dollar shot to a 33-year high against a broadly weaker US dollar, as oil and gold prices firmed, giving the commodities-based currency a boost.
    (AP, 10/25/07)

2007        Oct 31, The US Federal Reserve cut interest rates by a quarter point to 4.5%. The DJIA rose 137.54 to 13,930.01. Nasdaq rose 42.41 to 2,859. Oil futures rose to a new record high closing at $94.53 per barrel on the NY mercantile Exchange. Gold traded above $800 an ounce for the first time since 1980.
    (SFC, 11/1/07, p.C1)(WSJ, 11/1/07, p.C1)(AP, 10/31/08)

2007        Nov 2, Gold futures at the NY Mercantile Exchange set a contract high of $805.70, its highest level since the $873 contract high reached in January 1980.
    (WSJ, 11/3/07, p.B3)

2007        Nov 7, Australia's central bank raised interest rates 0.25 points to an 11-year high of 6.75 percent in a move expected to hurt PM John Howard's re-election hopes.
    (AFP, 11/7/07)
2007        Nov 7, The US dollar fell sharply after a Chinese parliamentarian called for his country to diversify its reserves out of weak currencies. The Canadian dollar hitched a ride on surging commodities prices to rise against a beleaguered US dollar, passing US$1.10.
    (Reuters, 11/7/07)(Econ, 11/10/07, p.93)
2007        Nov 7, Prosecutors said 2 mid-level DC government employees used phony paperwork to collect more than $16 million from illegal tax refunds, avoiding detection for at least three years while issuing more than 40 checks cashed by friends and family members in on the scam. The total stolen was later raised to some $30 million. Harriet Walters, the alleged ringleader of the scam, authorized checks to such fake companies as Bilkemor LLC. In 2008 Walters (51) pleaded guilty to stealing some $48 million. 9 others pleaded guilty in the scam. Walters faced 15-18 years in prison and was ordered to pay restitution.
    (Econ, 11/24/07, p.36)(http://tinyurl.com/2o7sj5)(WSJ, 9/17/08, p.A19)

2007        Dec 3, The Bank of England under governor Mervyn King brought down its base interest rate by a quarter point to 5.5%.
    (Econ, 12/8/07, p.65)

2007        Dec 18, EU regulators said Mastercard must drop fees it charges for cross-border transactions or face daily fines of 3.5 percent of daily global turnover.
    (AP, 12/19/07)

2007        Dec 20, MBIA Inc, the world's largest bond insurer, said it had guaranteed $8.1 billion of the riskiest mortgage securities, imperiling its entire net worth and sending its shares plunging 26 percent.
    (Reuters, 12/20/07)

2007        Dec 21, The US Federal Reserve, working to combat the effects of a severe credit crunch, announced it had auctioned another $20 billion in funds to commercial banks at an interest rate of 4.67%. It pledged to continue with the auctions "for as long as necessary."
    (AP, 12/21/07)
2007        Dec 21, The British pound hit an historic low against the euro owing to heightened expectations of cuts to British interest rates in 2008.
    (AP, 12/21/07)

2007        Rawi Abdelai authored “Capital Rules: The Construction of Foreign Finance.”
    (WSJ, 2/14/07, p.D12)
2007        Stephen Mihm authored “A Nation of Counterfeiters: Capitalists, Con Men, and the Making of the United States.”
    (WSJ, 3/14/09, p.W8)
2007        Robert Frank authored “Richistan: A Journey Through the American Wealth Boom and the Lives of the New Rich,” a look at the differences between the new generation of super wealthy and the merely rich.
    (Econ, 10/15/11, p.97)
2007        Paul McCulley, a senior executive at asset manager PIMCO, coined the term “shadow banking” to describe legal structures used by big Western banks before the financial crisis to keep opaque and complicated securitized loans off their balance sheets.
    (Econ, 5/10/14, p.5)
2007        Safaricom, Kenya’s largest mobile phone operator, launched M-PESA, a mobile-money scheme. It allowed people to pay bills and even save money, though without interest.
    (Econ, 9/26/09, SR p.17)

2008        Jan 1, EU newcomers Cyprus and Malta adopted the euro, bringing to fifteen the number of countries using the currency with increasing clout over the slumping US dollar.
    (AP, 1/1/08)
2008        Jan 1, Venezuela launched a new currency with the new year, lopping off three zeros from denominations in a bid to simplify finances and boost confidence in a money that has been losing value due to high inflation.
    (AP, 1/1/08)

2008        Jan 2, Gold prices swept to a record high of $861.10 above the key $850-an-ounce mark, driven by surging oil, a weaker dollar and simmering geopolitical tensions. It later backtracked slightly to $855.70/$856.50 in New York at 2:25 p.m. EST.
    (Reuters, 1/2/08)
2008        Jan 2, Sterling slumped to a record low against the euro after the release of weak British economic data that raised expectations of further interest rate cuts by the Bank of England.
    (AP, 1/2/08)

2008        Jan 8, Gold futures surged above $880 an ounce and closed at $880.30, up $18.30.
    (SFC, 1/9/08, p.C3)

2008        Jan 29, Gold prices hit a record high 933.33 dollars in London as the market was driven higher by production problems in key producer South Africa and the weak US dollar.
    (AFP, 1/29/08)

2008        Jan 30, The US Federal Reserve cut its federal funds rate by half a point to 3%, and left the door open to further cuts. The 1.25 point cut in 8 days was the largest since it began disclosing rate moves two decades ago.
    (SFC, 1/31/08, p.C1)(WSJ, 1/31/08, p.A1)

2008        Jan, Grameen Bank, a Bangladesh-based microfinance institution, opened its first American branch. As of September, 2011, it had lent over 25 million to some 7,300 borrowers.
    (Econ, 9/24/11, p.42)

2008        Feb 14, The US Mint officially issued the Monroe dollar coin, the 5th of its presidential dollar series.
    (WSJ, 12/27/07, p.D6)

2008        Feb 27, The euro finished above $1.50 for the first time after US Federal Reserve Chairman Ben Bernanke’s testimony supported market expectations of another US rate cut.
    (WSJ, 2/28/08, p.C2)

2008        Mar 4, The Reserve Bank of Australia raised its official cash-rate target by a quarter point to 7.25% in an effort to tighten credit as inflation remained problematic.
    (WSJ, 3/5/08, p.A2)
2008        Mar 4, The Bank of Canada slashed its overnight interest rate by 50 basis points for the first time since November 2001, lowering it to 3.5% and signaling further cuts to shield the economy from the damaging effects of the US slowdown.
    (Reuters, 3/4/08)

2008        Mar 10, Vietnam’s central bank widened the band in which it allows the Vietnamese dong to rise or fall against the dollar from .75% to 1%. The bank said it plans to expand the band to 2% in an effort to unshackle its economy from the sliding dollar.
    (WSJ, 3/19/08, p.A8)

2008        Mar 11, The US Federal Reserve and other central banks said they will pump $200 billion into the financial markets, using the Term Securities Lending Facility (TSLF), to help ease the strain from the credit crisis. Wall Street rebounded with its biggest rally since 2002 at the DJIA rose 416.66 to 12,156.81. Gas prices rose to a record national level of $3.2272 per gallon.
    (AP, 3/11/08)(SFC, 3/12/08, p.B1,B3)(Econ, 3/15/08, p.89)

2008        Mar 12, The US Treasury said the government turned in a $175.56 billion budget deficit for February, a record for any month. The federal deficit swelled to $263.3 billion in the first five months of this budget year.
    (Reuters, 3/13/08)

2008        Mar 13, US gold futures rallied to a record high of $1,000 an ounce, fueled by a combination of a weakening dollar, strong investment demand and inflation fears due to rising crude oil prices.
    (AP, 3/13/08)

2008        Mar 14, The near-collapse of US investment giant Bear Stearns and its Federal Reserve bailout heightened fears that the worst is not over for the spreading global credit crunch.
    (AFP, 3/14/08)

2008        Mar 16, The US Federal Reserve, acting urgently over the weekend to stabilize financial markets, approved a cut in its emergency lending rate to 3.25% from 3.50%. The move will allow big investment firms to quickly secure short-term loans.
    (AP, 3/17/08)
2008        Mar 16, JPMorgan said it would buy Bear Stearns for $236.2 million, $2 a share, in a stunning fall for one of the world's largest and most venerable investment banks.
    (AP, 3/17/08)

2008        Apr 11, G7 finance officials endorsed a plan to prevent financial crises and reiterated its demand that Beijing allow the yuan to rise. They also issued a warning to financial markets that they won’t sit by and watch the dollar continue to slide.
    (SFC, 4/12/08, p.C2)(WSJ, 4/12/08, p.A3)

2008        Apr 16, The euro struck an all-time peak of 1.5969 dollars as eurozone inflation spiked to a record high.
    (AP, 4/16/08)

2008        Apr 22, The Royal Bank of Scotland announced a record share issue of 12 billion pounds to shore up its finances after huge subprime-related writedowns and the blockbuster takeover of Dutch giant ABN Amro.
    (AP, 4/22/08)

2008        Apr 23, Norway raised its main interest rate a quarter point to 5.5%.
    (WSJ, 4/24/08, p.A8)

2008        Apr 30, It was reported that the value of spinner dolphin teeth in the Solomon Islands has appreciated 400% in the last year from about .065 US cents to 26 US cents. Dolphin teeth have been used there for centuries as currency.
    (WSJ, 4/30/08, p.A1)

2008        May 15, Zimbabwe's opposition reacted furiously to the prospect of a run-off poll being delayed until the end of July, accusing authorities of flouting the law to help Robert Mugabe cling to power. Zimbabwe introduced a new half-a-billion dollar bank note in a bid to tackle cash shortages fed by rampant inflation.
    (AFP, 5/15/08)

2008        May 21, Ukraine moved to strengthen its currency, the hryvnia, by revising its peg to the dollar form 5.05 hryvnia per dollar to 4.85.
    (WSJ, 5/22/08, p.C14)

2008        Jun 10, Vietnam devalued its currency by almost 2% to bring the official exchange rate closer to black market rates. The main interest rate was increased to 14% from 12% in an effort to tamp inflationary pressure. A week earlier PM Nguyen Tan Dung had said there was no reason to decrease the value of the dong.
    (WSJ, 6/11/08, p.A15)

2008        Jun 12, The Bank of England reported that inflation in May had risen to a record 4.3%.
    (Econ, 6/14/08, p.71)

2008        Jul 1, Munich-based Giesecke & Devrient, caved in to pressure from the German government to stop supplying Zimbabwe with special blank paper money. Zimbabwe required new notes every few weeks as the inflation rate pushed well over one million percent.
    (WSJ, 7/2/08, p.A1)

2008        Jul 17, It was reported that the US debt amounted to $455,000 per household. By September the national debt reached $10 trillion and obliged the national debt clock in New York’s Times Square to move its dollar sign to make room.
    (SFC, 7/17/08, p.A10)(Econ, 10/9/10, SR p.6)

2008        Jul 30, Zimbabwe’s reserve bank said it will drop 10 zeros from its hyper-inflated currency — turning 10 billion dollars into one. President Robert Mugabe threatened a state of emergency if businesses profiteer from the country's economic and political unraveling. Inflation this summer reached an absurd 231 million percent.
    (AP, 7/30/08)(Econ, 4/27/13, p.71)

2008        Aug 14, The US Mint planned to issue the Jackson dollar coin, the 7th of its presidential dollar series.
    (www.wsmv.com/money/17190311/detail.html?rss=nash&psp=news#-)

2008        Aug 21, Forbes magazine reported that Thailand's King Bhumibol Adulyadej (80) is the world's richest royal sovereign with a fortune estimated at 35 billion dollars, and oil-rich Sheikh Khalifa Bin Zayed Al Nahyan (60) of Abu Dhabi is far back at No. 2 with 23 billion.
    (AFP, 8/21/08)
2008        Aug 21, David Walker, recently with the US Government Accountability Office (GAO), was the subject of the film documentary I.O.U.S.A. The film focused on America’s financial condition and that it is a lot worse than advertised, as the US debt rose to $9.5 trillion. It was produced by Sarah Gibson, Christine O'Malley; directed by Patrick Creadon; written by Patrick Creadon, Christine O'Malley; music by Peter Golub; distributed by Roadside Attractions.
    (Econ, 8/16/08, p.68)(http://tinyurl.com/4t3r2g)

2008        Aug 29, US banking regulators shut down Integrity Bancshares Inc. of Alpharetta, Ga., and sold all deposits to Regions Financial Corp. of Birmingham, Ala. This marked the 10th US bank to fail this year.
    (WSJ, 8/30/08, p.B3)

2008        Sep 16, Urgently trying to keep cash flowing amid a Wall Street meltdown, the Federal Reserve pumped another $70 billion into the nation's financial system to help ease credit stresses. Late in the day the Federal Reserve agreed to a 2-year $85 billion loan to insurance giant American International Group (AIG) in exchange for a 79.9% equity stake in the form of warrants called equity participation notes. Central banks in the US, Europe and Japan pumped tens of billions into their banking systems to keep money flowing.
    (AP, 9/16/08)(SFC, 9/17/08, p.A1)(WSJ, 9/17/08, p.A1)

2008        Sep 17, Gold prices rose $70 to close at $850.50, its biggest one-day price jump ever.
    (SFC, 9/18/08, p.C3) 

2008        Sep 18, Central banks around the world poured in $180 billion in extra liquidity to calm markets made jittery by the mayhem on Wall Street. An SEC measure took effect making short sellers and their broker dealers deliver securities by the close of business on the settlement date, three days after the sale. The Bush administration asked lawmakers for the power to rescue banks by buying distressed assets. Pres. Bush said “markets are adjusting” as he defended the government’s recent moves.
    (AP, 9/18/08)(Reuters, 9/18/08)(SFC, 9/19/08, p.A14)(WSJ, 9/19/08, p.A1)

2008        Sep 19, US federal securities regulators, in an effort to boost investor confidence in the face of a market crisis, took the dramatic step of temporarily banning the trading practice of short selling financial stocks. The rules were soon adjusted to allow bona fide market making and hedging activity. The SEC eased buyback rules allowing corporations to purchase in one day up to 100% of the average daily trading volume of their stock.
    (AP, 9/19/08)(WSJ, 9/23/08, p.A9,B1)
2008        Sep 19, A global recovery in markets took place after the US took steps to limit damage from a seize-up in world credit markets following the forced private sale or government takeover in recent days. The Bank of England offered to lend an additional 22 billion pounds (40 billion dollars) to financial institutions struggling to obtain funds amid a worldwide squeeze on credit.
    (AP, 9/19/08)

2008        Sep 22, The price of oil jumped $16.37 to $120.92 per barrel, its biggest single-day gain ever, as the dollar posted its worst single-day percentage drop. During the day oil had soared to as high as $130 per barrel.
    (SFC, 9/23/08, p.D1)(WSJ, 9/23/08, p.C2)

2008        Sep 23, The Bush administration urgently pressed Congress in public and private to move quickly on a $700 billion bailout of the financial industry as Democratic and Republican lawmakers vented their anger over a crisis that pushed the nation's economy to the brink.
    (AP, 9/23/08)

2008        Sep 29, The US House of Representatives rejected the Bush administration’s $700 billion emergency rescue plan. Democrats voted 140 to 90 in favor, while Republicans voted 133-65 against the plan. The Dow Jones industrial average lost 777.68 points, its biggest single-day fall ever, easily beating the 684 points it lost on the first day of trading after the Sept. 11, 2001, terrorist attacks. Crude oil futures closed down $10.52 in their biggest decline since Jan 17, 1991, when the US opened strategic oil reserves during the first Gulf war.
    (AP, 9/29/08)(SFC, 9/30/08, p.A1)(WSJ, 9/30/08, p.C8)(Econ, 10/4/08, p.30)
2008        Sep 29, Citigroup bought the operations of Charlotte-based Wachovia Corp. for $2.2 billion in stock and assumed $42 billion in losses on the bank’s risky $312 billion loan portfolio, in exchange for the FDIC backstopping losses beyond that. Citigroup agreed to give the FDIC $12 billion in preferred stock. Wachovia shares fell 8.20 to close at $1.80. Wachovia’s new 48-story headquarters in Charlotte, NC, was still under construction.
    (AFP, 9/29/08)(SFC, 9/30/08, p.D1)(WSJ, 9/30/08, p.C6)
2008        Sep 29, Zimbabwe's central bank introduced 10,000- and 20,000-dollar bank notes to ease a cash crunch in the country struggling to cope with the world's highest inflation rate.
    (AFP, 9/29/08)

2008        Oct 3, The US House of Representatives voted 263-171 for the $700 billion economic rescue plan and Pres. Bush quickly signed the bill. Wall Street fell 157 points to 10,325.38, its lowest close since October 2005, as more economic bad news was made public. The $700 billion represented about 6% of American GDP.
    (AP, 10/4/08)(WSJ, 10/4/08, p.B1)(Econ, 9/27/08, p.17)

2008        Oct 7, The US Federal Reserve announced a radical plan to buy massive amounts of short-term debt in a dramatic effort to break through the severe credit clog. The Fed began lending unsecured to companies for the first time in its history.
    (AP, 10/7/08)(Econ, 10/11/08, p.93)

2008        Oct 8, Six central banks jolted markets by cutting interest rates together in an attempt to shore up confidence in the world's crisis-stricken financial system. The US Fed reduced its key rate from 2% to 1.5%. The Bank of England unexpectedly slashed its key lending rate by a half-point to 4.5%. The Bank of Canada cut its key interest rate by 50 basis points to 2.5%. China also cut its key interest rates for a second time in less than one month to 6.9%. The European Central Bank sliced its rate by half a point to 3.75%. Sweden, and Switzerland also cut rates. Earlier in a day Japan's Nikkei showed its biggest drop since the October, 1987 stock market crash. The IMF said the world economy is entering a major downturn.
    (AP, 10/8/08)(AFP, 10/8/08)(Econ, 10/11/08, p.100)

2008        Oct 9, Iceland suspended trading on its stock exchange for two days and took control of the country's largest bank, the third to be placed under its protective umbrella, as it grappled with a banking crisis that is threatening to engulf the entire country.
    (AP, 10/9/08)

2008        Oct 10, Leaders of the world's leading economies confronted a financial system in shambles as they gathered in Washington with panic selling in the stock markets, credit frozen solid and the world teetering on recession.
    (Reuters, 10/10/08)
2008        Oct 10, The London stock market plunged by almost 10.0 percent again, after fresh falls on Wall Street, as investors continued to fret over the worldwide financial crisis.
    (AP, 10/10/08)
2008        Oct 10, Mexico's central bank auctioned foreign reserves in 3 auctions in an increasingly aggressive bid to push the peso stronger. In all, the bank sold off $6.4 billion.
    (AP, 10/11/08)

2008        Oct 12, The United Arab Emirates said it would guarantee domestic bank deposits and with Saudi Arabia promised fresh financial support to domestic banks.
    (WSJ, 10/13/08, p.A5)

2008        Oct 13, Stock markets rejoiced after governments worldwide launched multibillion-dollar bailouts to shore up banks, and Britain called for a new Bretton Woods agreement to reshape the world financial system. The US Central Bank said it would provide unlimited dollars the European Central Bank, the Bank of England and the Swiss National Bank. Britain committed £37 billion ($64 billion) to capitalize its big banks. Wall Street rebounded with the biggest stock rally since the Great Depression. The DJIA rose 936 points to close at 9,387.61, its largest point gain ever and one of its largest percentage increases.
    (Reuters, 10/13/08)(SFC, 10/14/08, p.A1)(WSJ, 10/14/08, p.A3)(Econ, 10/18/08, p.83)
2008        Oct 13, Europe put $2.3 trillion on the line to protect the continent's banks, a figure that dwarfed the Bush administration's $700 billion rescue program.
    (AP, 10/13/08)

2008        Oct 14, President Bush announced a $250 billion plan by the government to directly buy shares in 9 of the nation's leading banks, saying the drastic steps were "not intended to take over the free market but to preserve it." Former Federal Reserve Chairman Paul Volcker said the US housing sector faced more losses and the economy was in recession even as authorities moved to stabilize the financial system.
    (Reuters, 10/14/08)(AP, 10/14/08)(WSJ, 10/14/08, p.A1)
2008        Oct 14,  The US Treasury revised the 2008 fiscal deficit to $455 billion, as opposed to the $389 billion projected in July.
    (Econ, 10/18/08, p.41)
2008        Oct 14, Key lending rates between banks in the US and Europe continued to fall slowly in response to combined pledges from governments to inject money into banks and guarantee their debt. But rates remained abnormally high, a sign of the stress in the world financial system.
    (AP, 10/14/08)

2008        Oct 16, The European Central Bank extended emergency loans to Hungary’s central bank. The ECB said it will lend up to $6.75 billion.
    (SFC, 10/17/08, p.A5)
2008        Oct 16, Authorities in Malaysia and Singapore said they will guarantee all foreign currency and local currency bank deposits.
    (WSJ, 10/17/08, p.A5)
2008        Oct 16, Switzerland launched a massive recapitalization of UBS AG saying it will invest $5.3 billion in UBS in return for a 9% stake.
    (WSJ, 10/17/08, p.A3)

2008        Oct 20, The French government allocated €10.5 billion among six of its banks.
    (Econ, 10/25/08, p.89)

2008        Oct 22, The DJIA tumbled 514.45 to close at 8519.21, its 7th biggest point drop in history, as investors believed that the global economy is heading into a deep recession. Hungary’s central bank raised interest rates by 3 points, from 8.5% to 11.5%, to prevent a run on its currency. Argentine and Brazilian stock markets each fell about 10%. Former Fed Chief Alan Greenspan said he was wrong to think that financial markets could police themselves.
    (WSJ, 10/22/08, p.A1)(SFC, 10/24/08, p.C1)(Econ, 10/25/08, p.33)
2008        Oct 22, The Canadian dollar tumbled to its lowest level versus the US dollar in more than three years as lower oil prices and a stronger greenback combined to knock the currency below 80 US cents.
    (AP, 10/22/08)
2008        Oct 22, The International Monetary Fund moved to bail out cash-strapped Pakistan in the Fund's first bid to shore up an Asian economy following global financial turmoil.
    (AFP, 10/22/08)

2008        Oct 23, Former Federal Reserve Chairman Alan Greenspan said the current financial crisis is a "once-in-a-century credit tsunami" which will have a severe impact on the US economy, driving unemployment higher. Greenspan also said he was "shocked" at the breakdown in US credit markets and that he was "partially" wrong to resist regulation of some securities.
    (AP, 10/23/08)(Reuters, 10/23/08)
2008        Oct 23, The Ukrainian currency plunged against the dollar as people raced to exchange booths to convert their savings into US currency. Ukraine's Foreign Ministry said in a statement that the Russia’s desire to extend its port lease at Sevastopol "cannot be a subject of discussion." It said that Russian ships will have to leave Ukrainian waters in 2017.
    (AP, 10/23/08)

2008        Oct 24, Asian and European leaders, meeting in Beijing, called for a coordinated response to the global financial meltdown and prepared to endorse a critical role for the International Monetary Fund in aiding the hardest-hit countries.
    (AP, 10/24/08)
2008        Oct 24, Iceland, where the financial system has all but collapsed, called on the IMF for $2 billion to help fix its broken banking system, restart currency trading and soften the blow from the global downturn.
    (Reuters, 10/25/08)

2008        Oct 25, In China a 2-day economic summit closed. 43 Asian and European leaders pledged around $4 trillion to support banks and restart money markets to try to stem the global crisis.
    (Reuters, 10/25/08)

2008        Oct 26, Kuwait's Central Bank stepped to prop up one of the country's biggest banks and said it was considering guaranteeing deposits in domestic banks, in one of the first concrete signs that the global financial crisis may next hit the oil-rich Gulf.
    (AP, 10/26/08)

2008        Oct 26, Hungary reached agreement with the IMF and the EU on a broad economic rescue package, including substantial financing, steadying its battered currency. The deal was expected to be finalized over the next few days.
    (AP, 10/27/08)

2008        Oct 28, Icelandic PM Geir Haarde said his country needs about $6 billion in loans to recover from the financial meltdown, just as the country's central bank separately hiked its interest rates by a massive 6 percentage points.
    (AP, 10/28/08)

2008        Oct 29, The US Federal Reserve cut the federal funds rate, the interest banks charge each other on overnight loans, by half a percentage point, and the government finally began distributing funds from the billions in the financial rescue package.
    (AP, 10/30/08)
2008        Oct 29, Officials said that EU governments promised to lend Hungary 6.5 billion euros ($8.1 billion) as part of a 20 billion euro ($25 billion) international rescue package to help it weather a financial crisis that has sharply devalued its currency.
    (AP, 10/29/08)

2008        Oct 30, The US government reported that the economy shrank in the summer, the strongest signal yet that a recession may have already begun. The Commerce Department reported that the gross domestic product, the broadest measure of economic health, fell at an annual rate of 0.3% in the July-September period, a significant slowdown after growth of 2.8% in the prior quarter.
    (AP, 10/30/08)

2008        Nov 5, Germany’s cabinet approved measures to boost the economy that will cost around €23 billion ($29.9) over the next 4 years.
    (WSJ, 11/6/08, p.A15)
2008        Nov 5, Zimbabwe issued three new denominations of banknotes, including a one-million-dollar note, as the impoverished country struggles to cope with runaway inflation.
    (AP, 11/5/08)

2008        Nov 6, The European Central Bank cut its key interest rate by half a percentage point to 3.25% and the Bank of England made an even more aggressive reduction of 1.5% in an effort to ease the financial crisis and boost their flagging economies.
    (AP, 11/6/08)
2008        Nov 6, Authorities said Hungary is preparing a financial aid package worth up to 600 billion forints ($3 billion, 2.3 billion euros) to boost domestic banks' capital and help them refinance debts.
    (AP, 11/6/08)

2008        Nov 12, US prosecutors charged Raoul Weil, a senior executive of Swiss bank UBS AG, of helping some 20,000 rich clients evade federal income taxes on assets of some $20 billion from 2002-2007.
    (WSJ, 11/13/08, p.A1)
2008        Nov 12, The Canadian government  announced a series of steps to improve the availability of long-term credit including the purchase of C$50 billion ($40 billion) more in insured mortgages from banks.
    (Reuters, 11/12/08)

2008        Nov 19, The IMF approved a two-year, $2.1 billion support program for Iceland designed to restore confidence and stabilize the country's shattered economy.
    (AP, 11/20/08)

2008        Nov 20, Finland's Finance Ministry said four Nordic countries will lend Iceland $2.5 billion (euro1.98 billion) to help the country recover from its economic meltdown.
    (AP, 11/20/08)
2008        Nov 20, Switzerland’s central bank cut its benchmark interest by a full percentage point, the latest in a global round of aggressive rate cuts amid stuttering economic growth.
    (WSJ, 11/21/08, p.A16)

2008        Nov 24, Pakistan, the front-line country in the battle against Islamist terrorism, won final approval for a $7.6 billion loan from the IMF to help stave off a possible economic meltdown.
    (AP, 11/25/08)

2008        Nov 25, The US Federal Reserve said it will buy up to $600 billion in mortgage-backed assets in another attempt to deal with the financial crisis.
    (AP, 11/25/08)

2008        Dec 4, Sweden’s central bank cuts its benchmark interest rate from 3.75% to 2% saying monetary policy was less effective than usual.
    (Econ, 12/6/08, p.92)

2008        Dec 6, Zimbabwe's President Robert Mugabe came under fresh international pressure over his country's economic collapse as his government announced plans to introduce a 200 million dollar bill.
    (AFP, 12/6/08)

2008        Dec 9, The US Treasury said it had sold $30 billion in four-week bills at an interest rate of zero percent, for the first time since the notes began issuing in 2001.
    (SFC, 12/10/08, p.C4)

2008        Dec 10, Israel agreed to allow the delivery of cash to banks in the Gaza Strip to ease a cash crunch that has badly hobbled the economy of the blockaded Palestinian territory.
    (AP, 12/10/08)

2008        Dec 12, Ecuador’s Pres. Rafael Correa said his nation will skip a $30.6 million payment to bondholders due on Dec 15.
    (WSJ, 12/12/08, p.A8)
2008        Dec 12, Zimbabwe's central bank introduced a 500 million dollar note, as the African country struggles to cope with the world's highest inflation and crippling currency shortages.
    (AP, 12/12/08)

2008        Dec 16, The US Federal Reserve announced that it was reducing its target for the federal funds rate to between zero and 0.25 percent, down from 1 percent, a level that was already the lowest target rate in a half century.
    (AP, 12/17/08)

2008        Dec 17, The Russian ruble suffered its largest drop in three months after the Central Bank signaled it would accelerate the devaluation of the national currency.
    (AP, 12/17/08)

2008        Dec 22, The ruble dropped further as the Central Bank again eased its support of the Russian currency, under constant pressure from plunging oil prices and economic woes.
    (AP, 12/22/08)

2008        Dec 31, US mortgage lender Freddie Mac said interest rates on the 30-year fixed-rate mortgage dropped to an average of 5.10% for the week ending this day, down from the previous week's 5.14%.
    (AP, 12/31/08)

2008        Dec, In Chile engraver Pedro Urzua Lizana unknowingly left off the bottom part of the letter "l" while hurriedly fixing a minor deformity in the original mold for making dies to stamp out Chilean 50-peso pieces for 2009. The coins were released to the public, but no one at the mint, including himself, knew about the error until a coin collector called in October to point it out. Urzua was fired in December, 2009.
    (AP, 2/12/10)

2008        Margaret Atwood authored :Payback: Debt and the Shadow Side of Wealth.”
    (Econ, 10/18/08, p.96)
2008        Felix Dennis, English high school dropout and publishing magnate, authored “How to Get Rich: One of the World’s Greatest Entrepreneurs Shares His Secrets.”
    (WSJ, 6/11/08, p.A21)
2008        Niall Ferguson authored “The Ascent of Money: A Financial History of the World.”
    (Econ, 10/11/08, p.113)
2008        David M. Smick authored “The World Is Curved: Hidden Dangers to the Global Economy.”
    (WSJ, 9/19/08, p.A21)
2008        Give Directly was founded by a team that included Michael Faye and Paul Niehaus at Cambridge, Massachusetts. The charity hands out no-strings-attached cash to the poorest people it can find. Google and Facebook were among the prviders of the cash.
    (Econ, 10/26/13, p.67)(http://en.wikipedia.org/wiki/GiveDirectly)
2008        The British Royal Mint produced at least 100,000 20-pence coins with no date. The error was acknowledged in June, 2009. The last time a similar error occurred was in 1672.
    (SFC, 6/30/09, p.A2)
2008        Russia proposed to China that both countries dump their holdings of debt issued by lenders Fannie Mae and Freddie Mac so as to exacerbate the US financial crises and force a bail-out. China declined the offer.
    (Econ, 4/19/14, p.22)

2009        Jan 3, Bitcoin, the “world’s first decentralized digital currency” was introduced. It was devised in 2008 by programmer Satoshi Nakomoto (thought not to be the person’s real name). It was run by a peer-to-per network and limited to 21 million coins. By 2013 the leading exchange was Mt.Gox, a Tokyo-based firm.
    (http://en.wikipedia.org/wiki/Bitcoin)(Econ, 6/18/11, p.83)(Econ, 4/13/13, p.69)

2009        Jan 8, Kuwait’s top investment bank, Global Investment House, said it had defaulted on most of its $3 billion in debt, raising concerns that other Arab Gulf financial firms may follow as the global financial crises spreads through the region.
    (WSJ, 1/9/09, p.C2)

2009        Jan 15, The US dollar strengthened against the ruble to a record 32.40 rubles, well above the high set in 2003. The depreciation was expected to continue.
    (WSJ, 1/16/09, p.C8)

2009        Jan 22, Russia's Central Bank said it will widen the ruble's trading range to allow an effective 10 percent devaluation of the national currency.
    (AP, 1/22/09)

2009        Feb 2, Zimbabwe's central bank revalued its dollar again, lopping another 12 zeros off its battered currency to try to tame hyperinflation and avert total economic collapse.
    (AP, 2/2/09)

2009        Feb 3, The Bank of England said high-street banks had borrowed 185 billion pounds since April to help to free up the home-lending market.
    (AFP, 2/3/09)

2009        Feb 12, The first of four new pennies chronicling Abraham Lincoln's rise from a small Kentucky cabin went into circulation to honor the 16th president's 200th birthday.
    (AP, 2/13/09)

2009        Feb 27, The US government said it will exchange up to $25 billion in emergency bailout money it provided Citigroup Inc. for as much as a 36% equity stake in the struggling bank. The deal is contingent on private investors also agreeing to a similar swap.
    (AP, 2/27/09)
2009        Feb 27, Leading international financial institutions said Eastern Europe's struggling banks will receive euro24.5 billion ($31.1 billion) worth of emergency help to shore up their battered finances. Regional leaders were scheduled to meet this weekend. The Hungarian, Polish and Czech currencies strengthened on the news of the aid package.
    (AP, 2/27/09)

2009        Mar 3, Canadian banks cut their prime lending rates after the Bank of Canada, the country's central bank, cut its key interest rate by a half-point to a record low of 0.5 percent.
    (Reuters, 3/3/09)

2009        Mar 5, The Bank of England cut interest rates by 50 basis points to a record low of 0.5%, and said it would pump 75 billion pounds of new money into buying assets in its battle with recession.
    (Reuters, 3/5/09)
2009        Mar 5, The European Central Bank cut its main interest rate by a half percentage point to 1.5 percent, dropping the cost of borrowing in the 16 countries that use the euro to a new record low amid grim economic news.
    (AP, 3/5/09)

2009        May 22, President Obama signed the Credit Card Accountability, Responsibility, and Disclosure (CARD) Act of 2009, marking a turning point for American consumers and ending the days of unfair rate hikes and hidden fees. The new rules went into effect on Feb 22, 2010.
    (http://tinyurl.com/qbhe4g)(SFC, 2/23/10, p.D2)

2009        Mar 23, Gov. Zhou Xiaochuan, Chinese central bank governor, called for a new global currency controlled by the International Monetary Fund, stepping up pressure ahead of a London summit of global leaders for changes to a financial system dominated by the US dollar and Western governments.
    (AP, 3/24/09)

2009        Mar 31, In Qatar Venezuelan President Hugo Chavez sought Arab support for a proposed oil-backed currency to challenge the US dollar in his latest swipe at Washington's dominance in global financial affairs.
    (AP, 3/31/09)

2009        Apr 2, The director of the US Mint unveiled the first US coin with an inscription in Spanish, a quarter honoring Puerto Rico as the "Isla del Encanto" (Island of Enchantment).
    (AP, 4/2/09)

2009        May 15, Nicaraguans awoke to find that the Central Bank, moving in the night as stealthily as the Tooth Fairy, had snuck a new legal tender into their economy while the markets were sound asleep.
    (www.time.com/time/world/article/0,8599,1900518,00.html?xid=rss-world-cnn)

2009        Jun 7, Bahrain, Kuwait, Qatar and Saudi Arabia signed an agreement paving the way for a monetary union and plans for a unified regional currency.
    (SFC, 6/8/09, p.C1)

2009        Jun 16, The $13.5 billion takeover of Barclays Global Investors by BlackRock was finalized. This created the world’s largest asset manager. By 2013 Aladdin, the risk management platform on its computers, kept its eye on almost 7$ of the world’s $225 trillion of financial assets.
    (Econ, 6/20/09, p.73)(Econ, 9/3/11, p.74)(Econ, 12/7/13, p.25)

2009        Jun 17, The Obama administration proposed a sweeping overhaul of the financial system. An 88-page wish list of changes released by the Treasury Dept. would require the approval of Congress and included broad new powers for the Federal Reserve to supervise institutions considered to big to fail. It included a proposal for the creation of a Consumer Financial Protection Agency (CFPA).
    (SFC, 6/18/09, p.A1)(Econ, 6/20/09, p.77)

2009        Jul 1, The Financial Times reported that Citigroup Inc increased interest rates on up to 15 million US credit card accounts just months before curbs on such rises come into effect.
    (AP, 7/1/09)

2009        Jul 17, Mexico's central bank cut its benchmark interest rate by a quarter percentage point, dropping the interbank rate to 4.5% to stimulate a recession-dogged economy.
    (AP, 7/18/09)

2009        Jul 24, A US federal minimum wage increase took effect. Some economists said it could prolong the recession by forcing small businesses to lay off the same workers that the pay hike passed in better times was meant to help. The increase to $7.25 meant 70 cents more an hour for the lowest-paid workers in the 30 states that have lower minimums or no minimum wage.
    (AP, 7/24/09)

2009        Aug 16, It was reported that Peru has become the world’s largest “factory” of counterfeit US dollars. Police were said to seize some $10 million in false dollars each month in Lima alone. The Peruvian dollars were mostly found in such countries as Italy, France, Germany and Ecuador. Gunmen robbed 12 foreigners on an ecological tourism trip to the Manu nature reserve in the Tres Cruces area of the Cusco region.
    (SSFC, 8/16/09, p.A4)(AP, 8/16/09)

2009        Aug 25, The US White House forecast a 10-year federal deficit of $9 trillion, more than the sum of all previous deficits since America’s founding.
    (SFC, 8/26/09, p.A6)

2009        Sep 2, In Chile Judge Manuel Valderrama said the accounts of General Pinochet and his family reached a value of $25,978,602.79 shortly before his death in December 2006. The investigating judge said that more than $20 million of the funds have no justifiable origin.
    (AP, 9/2/09)

2009        Sep 30, The US fiscal year ended with a budget deficit at a record $1.4 trillion.
    (SFC, 10/17/09, p.A5)

2009        Oct 6, Australia's central bank unexpectedly raised interest rates by a quarter point, becoming the first major economy to increase the cost of borrowing amid signs its recovery from the global slump is gaining momentum.
    (AP, 10/6/09)

2009        Oct 16, US federal prosecutors unveiled a broad criminal case against billionaire hedge fund manager Raj Rajaratnam, head of Galleon Partners in Manhattan, and 5 others accused of netting over $20 million by trading based on insider information. Investigators had used wiretaps to gain evidence.
    (SFC, 10/17/09, p.D1)

2009        Nov 2, The International Monetary Fund said it has sold 200 metric tons of gold worth $6.7 billion to India's central bank as part of an effort to shore up IMF finances and increase low-cost lending to developing countries.
    (AP, 11/3/09)

2009        Nov 3, Britain pressed ahead with a fresh wave of restructuring in its crisis-ravaged banking system, as Lloyds Banking Group PLC sought at least 21 billion pounds ($34.2 billion) through a record share issue and debt swap. World stock markets mostly fell amid renewed concerns about the banking sector after Britain's Royal Bank of Scotland PLC got more government help and Switzerland's UBS AG booked another massive charge.
    (AP, 11/3/09)

2009        Nov 10, Colombian authorities said they have seized $19 million in forged US currency so far this year, five times the amount confiscated last year. A statement from the Presidency's press office said 16 people have been arrested in Colombia and the US in connection with the seizures and seven illegal counterfeiting print shops have been dismantled.
    (AP, 11/11/09)

2009        Nov 23, Iran's central bank chief said that the country has gained five billion dollars by replacing the US dollar with the euro in its currency basket. Iran’s conservative Jomhuri Eslami reported that the moral police have arrested a dozen couples for engaging in illicit sexual acts, including swapping of partners.
    (AFP, 11/23/09)

2009        Nov 25, The Canadian dollar rose to a one-week high against the US dollar after the Russian central bank said it was preparing to invest some of its foreign exchange reserves in the Canadian currency.
    (Reuters, 11/25/09)

2009        Nov 30, North Korea began exchanging old notes following a 100 to 1 revaluation of its currency. Many shops were reported closed with citizens angry and panicked. The redenomination of the won led to a collapse of the currency, a surge in the price of rice and wiped out much traders’ working capital.
    (SFC, 12/2/09, p.A6)(Econ, 2/13/10, p.43)

2009        Dec 15, In Kuwait Gulf Arab nations put into force a monetary pact, moving a step closer toward the elusive goal of a single regional currency and greater integration between the mainly oil-rich states. The announcement was made by Kuwait's finance minister came as leaders from the six-member Gulf Cooperation Council nations were wrapping up a two-day summit in which they launched a regional electricity project. The GCC groups Kuwait, Saudi Arabia, Qatar, the United Arab Emirates, Oman and Bahrain.
    (AP, 12/15/09)

2009        Dec 16, The British board of the UK Payments Council, the body for setting payment strategy in Britain, agreed to set a target date of October 31, 2018 for winding up the check clearing system.
    (AP, 12/16/09)

2009        Dec 18, Zimbabwe, for years plagued by hyper inflation, presented official data showing it has switched narrowly into an absolute price fall on a monthly basis, following adoption of foreign currencies.
    (AFP, 12/18/09)

2009        Dec 24, In Iran local media reported that the central bank has warned people not to write on banknotes and sought to collect defaced ones after the appearance of opposition slogans on many.
    (AFP, 12/24/09)

2009        Liaquat Ahamed authored “Lords of Finance: The Bankers Who Broke the World.”
    (Econ, 1/10/09, p.73)
2009        Eric Lonergan, English hedge fund manager, authored “Money (Art of Living).”
    (Econ, 11/28/09, p.98)
2009        The Turkish lira replaced the New Turkish lira, in use since 2005. The exchange of New Turkish lira for Turkish lira would continue at the Central Bank thru 2019.
    (SSFC, 3/27/11, p.M3)

2010        Jan 1, In Germany a problem a technical problem left card holders unable to use cash machines. It was caused by microchips in about a quarter of all cards in circulation being unable to cope with the changeover to 2010. On Jan 8 retailers announced that the problem was mostly corrected.
    (AFP, 1/8/10)

2010        Jan 7, The so-called Liberty Head nickel, a rare 1913 US coin once owned by an Egyptian king and later featured in a famous US TV detective series, was sold for more than $3.7 million (2.3 million pounds) in a public auction in Florida.
    (Reuters, 1/8/10)

2010        Jan 8, Venezuela’s Pres. Chavez issued a presidential decree devaluing the currency by up to 50%. Finance minister Ali Rodriguez admitted that this would boost the inflation rate, 27% last year, by 3-5 percentage points.
    (Econ, 1/16/10, p.39)

2010        Jan 14, Pres. Obama proposed that as many as 50 financial firms with assets greater than $50 billion each be hit by a levy to help recoup taxpayer bailout money and trim the federal budget deficit. The “Financial Crisis Responsibility Fee” was proposed to cover taxpayer losses of $117 billion on the Troubled Asset Relief Program (TARP).
    (AP, 1/14/10)(SFC, 1/15/10, p.D1)(Econ, 1/16/10, p.73)

2010        Jan 25, The National Bank of Hungary cut its main interest rate by a quarter percentage point to 6 percent, its lowest since September 2005.
    (AP, 1/25/10)

2010        Feb 1, President Barack Obama unveiled a multitrillion-dollar spending plan, pledging an intensified effort to combat high unemployment and asking Congress to quickly approve new job-creation efforts that would boost the deficit to a record-breaking $1.56 trillion. Obama also made his first YouTube interview and spent about 40 minutes answering about a dozen of over 11,000 questions submitted by YouTube users following his State of the Union address. This included  $708 billion requested by the Pentagon for 2011.
    (AP, 2/1/10)(SFC, 2/2/10, p.A9)(http://tinyurl.com/ycfdtxv)(Econ, 2/6/10, p.34)

2010        Feb 10, Vietnam’s central bank devalued its currency, the dong, by 3.4%. This followed a devaluation of 5.4% last November.
    (Econ, 2/27/10, p.59)

2010        Feb 11, South Korea said the North Korean government has made a rare apology for a policy blunder and lifted a ban on using foreign currency.
    (SFC, 2/12/10, p.A2)

2010        Feb 12, In Pennsylvania Max Ray Vision, formerly Max Ray Butler, of San Francisco was sentenced to 13 years in prison and ordered to pay $27.5 million to the banks and credit card companies that he victimized. In 2009 Butler (36) had identified himself in court as “Max Vision,” the name he gave himself in the 1990s when he became a superstar in the computer security community.
    (SFC, 2/13/10, p.D1)(www.wired.com/threatlevel/2009/06/butler_court/)
2010        Feb 12, China raised the level of reserves banks must hold for the second time this year, spooking financial markets on the eve of its New Year holiday by showing it was intent to curb lending and inflation.
    (Reuters, 2/13/10)

2010        Feb 16, New US Treasury data said China's holdings of US Treasury bonds tumbled in December, allowing Japan to take over as the top holder of American government debt.
    (AFP, 2/16/10)

2010        Feb 19, The US Federal Reserve raised the rate banks pay for emergency loans by a quarter point to 0.75% effective today.
    (SFC, 2/19/10, p.D1)

2010        Mar 4, A Syrian archaeologist said more than 250 silver coins dating back to the time of Alexander the Great have been unearthed. The coins were discovered two weeks ago in a bronze box in northern Syria when a local man was digging the foundations of his new home.
    (AP, 3/4/10)

2010        Mar 8, The EU said it plans to create a European Monetary Fund to better coordinate the economies of the 16 countries that use the euro and prevent financial debacles such as the Greek debt crisis from undermining the credibility of Europe's single currency.
    (AP, 3/8/10)

2010        Mar 10, Carlos Slim, Mexican telecom tycoon, jumped past Microsoft founder Bill Gates and investor Warren Buffett when Forbes magazine released its 2010 list of the world's wealthiest.
    (AP, 3/11/10)

2010        Mar 23, The US Federal Reserve issued new rules to protect Americans from getting stung by unexpected fees or restrictions on gift cards.
    (AP, 3/23/10)

2010        Apr 6, Australia announced its fifth rate hike since October and said borrowing costs would continue to rise as growth and inflation return to normal after the global crisis.
    (AP, 4/6/10)
2010        Apr 6, The Canadian dollar rose to one-for-one footing with the US currency, hitting its strongest level since July 2008, boosted by rising commodity prices and expectations for higher domestic interest rates.
    (AP, 4/6/10)

2010        Apr 19, In Los Angeles Brian Alexik (34) slipped out the back window of his apartment as detectives interviewed local tenants regarding a gas odor. Detectives found a cache of loaded weapons, including an AK-47, next to a mosaic depicting the CIA seal. They found equipment for counterfeiting money. High-powered binoculars were trained on the US Federal Reserve building next door. Alexik had been paying about $4,000 cash for his rent but had recently stopped paying and was on the verge of getting evicted. He allegedly had been bleaching low-denomination bills then using a printer to change the value to $100 or $50. In all, police recovered about $15,000 in bogus bills. Alexik was caught on June 3.
    (AP, 6/27/10)

2010        Apr 21, US Treasury officials unveiled a new $100 bill at a news conference.
    (http://news.yahoo.com/s/ynews/20100421/ts_ynews/ynews_ts1718)

2010        Apr 28, In Beijing France and China said they would work together to consider an overhaul of the global monetary system, at the start of a state visit by French President Nicolas Sarkozy.
    (AFP, 4/28/10)

2010        Apr, British treasure hunter Dave Crisp, using a metal detector, located some 52,500 Roman coins in a field in southwestern England. The find included more than 760 coins from the reign of Carausius, the Roman naval officer who seized power in 286 and ruled until he was assassinated in 293.
    (AP, 7/8/10)

2010        May 9, European Union leaders agreed to provide almost $640 billion in new loans to contain its spreading government debt crisis and keep it from tearing the euro currency apart and derailing the global economic recovery. An IMF contribution would raise the amount to over $900 million.
    (AP, 5/10/10)(SFC, 5/10/10, p.A2)

2010        May 19, John Shepherd-Barron (84), the Scotsman credited with inventing the world's first automatic cash machine, died after a short illness. The first automatic teller machine, now known as ATMs, was installed at a branch of Barclays Plc in a north London suburb on June 27, 1967.
    (AP, 5/19/10)

2010        May 25, US and Chinese officials signed accords on trade finance, china’s gas reserves and credit arrangements, but gave no indication of any progress on issues involving the value of China’s currency.
    (SFC, 5/26/10, p.A3)

2010        May 28, US Regulators shut down three banks in Florida and one each in Nevada and California, bringing the number of US bank failures this year to 78.
    (AP, 5/29/10)

2010        Jun 1, The Bank of Canada raised its key interest rate from emergency low levels, but said the European debt crisis made its next move highly unpredictable. The rate hike, to 0.5 percent from 0.25 percent, made Canada the first of the G7 major industrialized countries to begin hiking interest rates after the global financial crisis.
    (Reuters, 6/1/10)

2010        Jun 15, The US Federal Reserve adopted new rules aimed at protecting credit card consumers from getting socked by lofty late payment charges and other penalty fees. Credit card companies were barred from charging a penalty fee more than $25 for paying a late bill, and for penalty fees higher that the amount associated with violations. Inactivity fees were also banned. The rules take effect August 22.
    (SFC, 6/16/10, p.D3)

2010        Jun 18, Gold for August delivery rose at a record level of $1258.30 and ounce. It had hit $1263.70 an ounce earlier in the day.
    (SFC, 6/19/10, p.D6)

2010        Jun 19, China’s central bank said it will gradually make the yuan's exchange rate more flexible a week before a G20 summit, strongly suggesting that it was ready to break the currency's 23-month-old dollar peg.
    (Reuters, 6/19/10)

2010        Jun 20, China’s central bank said it will keep the yuan's exchange rate at a basically stable level, suggesting that the country's new currency regime will look a lot like the old one.
    (Reuters, 6/20/10)

2010        Jun 25, President Barack Obama declared victory after congressional negotiators reached a dawn agreement on a sweeping overhaul of rules overseeing Wall Street. The congressional compromise overhauled the US banking system and called for an international effort to prevent future economic meltdowns.
    (AP, 6/25/10)
2010        Jun 25, In Austria the world's largest gold coin has been sold at auction for euro3.27 million ($4 million). The 2007 maple leaf coin with a face value of 1 million Canadian dollars ($960,000) weighed 220 pounds (100 kg) with a diameter of 21 inches (53 cm).
    (AP, 6/26/10)

2010        Jun, China began  allowing most of the country to pay for imports in yuan and for 365 Chinese companies top sell exports for currency. In December the number was increased to 67,359 companies.
    (Econ, 1/22/11, p.85)

2010        Jul 15, The US Senate approved a 2,300 page bill for financial overhaul. The House passed the bill last month and Pres. Obama was expected to sign it into law.
    (SFC, 7/16/10, p.A7)
2010        Jul 15, India unveiled a symbol for its rupee currency that it hopes will become as globally recognized as signs for the dollar, the yen, the pound and the euro. The symbol was designed by research student D Udaya Kumar, who earned $5,300 for his pains.
    (AP, 7/15/10)(Econ, 7/24/10, p.43)

2010        Jul 21, Pres. Obama signed major financial overhaul legislation named after Sen. Chris Dodd (D-Conn) and Rep. Barney Frank (D-Mass).
    (SFC, 7/22/10, p.D1)

2010        Jul 29, The US Mint introduced a new quarter featuring Yosemite National Park. 3 other parks will be honored this year: Hot Springs, Grand Canyon and Yellowstone.
    (SFC, 7/30/10, p.C2)

2010        Aug 2, Romania's central bank issued a special coin commemorating Miron Cristea, a prime minister (1938-1939) and religious leader, who stripped Jews of their citizenship before World War II. The move prompted protest from Romanian Jews as well as a director at the US Holocaust Memorial Museum.
    (AP, 8/3/10)

2010        Jun 22, Israeli archaeologists uncovered the heaviest and most valuable gold coin ever found in Israel. The 2,200-year-old coin weighs an ounce (28 grams) and was found at the Tel Kedesh site near the Lebanon border.
    (AP, 8/11/10)

2010        Jul, In India SKS Microfinance went public in a $350 million offering that was 13 times oversubscribed. It had a $1.2 billion loan book.
    (Econ, 1/12/13, p.65)

2010        Aug 12, In Malaysia gold coins came into circulation and could be purchased at various locations in Kelantan state. Their worth is currently about $180 per dinar and $4 per dirham. The gold dinar and silver dirham coins provide an alternative to Malaysia's currency, the ringgit, in northeastern Kelantan state, which is governed by the Pan-Malaysian Islamic Party, a conservative opposition group that promotes religious policies in its rule.
    (AP, 8/13/10)

2010        Aug 17, Venezuelan President Hugo Chavez signed a new law into effect that formalizes the exclusion of private brokerages from trading the local bolivar currency or public sector dollar-denominated debt.
    (AP, 8/18/10)

2010        Sep 2, El Salvador lawmakers approved a new law making gang membership punishable by four to six years in prison. Gang leaders would face up to 10 years. Police found an oil drum filled with money on a ranch in the town of Penitente Abajo, about 40 miles (62 km) from the capital. After three days counting the bundles of $100, $50 and $20 bills, authorities announced that it contained about $9 million in U.S. dollars. Another plastic drum was uncovered Sep 4 about 5 yards away, also crammed with money. A 3rd barrel was found on Sep 10 containing packets of $100 bills adding up to $4.2 million.
    (AP, 9/2/10)(AP, 9/4/10)(AP, 9/11/10)

2010        Sep 3, The Basel Committee of int’l. bank regulators agreed on a new set of rules, known as Basel 3, with requirements for banks liquidity and capital.
    (Econ, 10/9/10, SR p.16)

2010        Sep 8, The Bank of Canada raised its benchmark interest rate for a third consecutive time, nudging the rate up 25 basis points to 1 percent, but said a weak US economy would hamper Canada's recovery.
    (Reuters, 9/8/10)

2010        Sep 28, Brazilian Finance Minister Guido Mantega warned in remarks reported from Sao Paulo that the world is in the grip of a currency "war", with leading nations using devaluation to solve economic problems.
    (AFP, 9/28/10)

2010        Sep 29, China repeated promises of exchange rate flexibility but offered no new measures that might avert a possible vote by the U.S. House of Representatives on currency legislation.
    (AP, 9/29/10)

2010        Sep, Peruvian police officers raided a printing press in Lima's San Juan de Lurigancho district. The operation tallied six different currencies producing just above $27 million. Fake US $100 bills accounted for nearly one-third of the total, while euros accounted for another $4 million. The rest of the bills were Bolivian, Chilean, Peruvian and Venezuelan currency.
    (http://news.yahoo.com/s/time/20101126/wl_time/08599203215200)

2010        Oct 5, In France former Societe Generale SA trader Jerome Kerviel was convicted on all counts in one of history's biggest trading frauds. He was sentenced to three years in jail, with 2 years suspended, and was ordered to repay the bank euro4.9 billion ($6.7 billion) in damages.
    (AP, 10/5/10)(Econ, 10/9/10, p.110)

2010        Oct 9, The IMF wrapped up 2 days of talks in Washington DC. Global leaders failed to resolve deep differences that threatened a full-blown currency war.
    (SSFC, 10/10/10, p.A10)

2010        Oct 19, China's central bank surprised with its first increase of interest rates in nearly three years. The People's Bank of China said it was raising benchmark rates by 25 basis points, taking one-year deposit rates to 2.5 percent and one-year lending rates to 5.56 percent. The impact was felt by markets across the board. Oil and gold prices tumbled, stocks turned negative in Europe and the dollar jumped.
    (Reuters, 10/19/10)

2010        Nov 3, The US Federal Reserve announced a 2nd round of quantitative easing (QE2) to invigorate the economy by buying $600 billion more in Treasury bonds between now and next June in order to drive down interest rates on mortgages and other debt.
    (SFC, 11/4/10, p.C1)(Econ, 11/6/10, p.89)

2010        Nov 4, The Bank of England voted to keep its key interest rate at a record low 0.50 percent and opted against following in the footsteps of the US Federal Reserve with fresh stimulus measures.
    (AFP, 11/4/10)

2010        Nov 5, Algeria’s newspaper El-Watan Week-end reported that local police have dismantled a group of currency forgers who put more than 48 million euros in fake banknotes on to the market.
    (AFP, 11/5/10)

2010        Nov 9, China signaled its intention to drain excess cash from its financial system by unexpectedly raising the yield on bills at a central bank auction and announcing new rules to curb hot money inflows.
    (Reuters, 11/9/10)

2010        Dec 6, European nations wrestled over whether to commit more money to help stabilize the euro, as finance ministers gathered in Brussels to find ways to fight the debt crisis that has rocked the currency bloc.
    (AP, 12/6/10)

2010        Dec 25, China’s state media said police are offering cash and other rewards to encourage the country's millions of Internet users to help solve criminal investigations. China announced a 25-basis point increase in benchmark one-year interest rates, providing much-needed reassurance that it was determined to rein in price pressures.
    (AFP, 12/25/10)(Reuters, 12/27/10)

2010        Dec 30, Venezuelan President Hugo Chavez's government devalued its bolivar currency for the second time in 12 months, abolishing the lowest exchange rate as the OPEC member fights to revive its economy.
    (Reuters, 12/31/10)

2010        Raghuram Rajan authored “Fault Lines: How Hidden Fractures Still Threaten the World Economy.” He argued that inequality was a cause of the crises.
    (Econ, 3/17/12, p.87)
2010        Anatole Kaletsky authored “Capitalism 4.0: The Birth of a New Economy in the Aftermath of a Crises.”
    (Econ, 7/10/10, p.81)
2010        Sebastian Mallaby authored “More Money Than God: Hedge Funds and the Making of a New Elite,” a history of hedge funds back to the 1950s.
    (Econ, 6/12/10, p.82)(Econ, 6/26/10, p.89)
2010        Christopher Whalen authored “Inflated: How Money and Debt Built the American Dream.”
    (Econ, 12/18/10, p.164)
2010        In Abu Dhabi German entrepreneur Thomas Geissler, creator of the "Gold to Go" brand and chief executive of Ex Oriente Lux, installed a money machine at the Emirates Palace hotel  that dispenses pure gold. The cash-for-gold machines were first tested in Germany in 2009.
    (Reuters, 5/13/10)

2011        Jan 1, Estonia became the first former Soviet republic to join the euro, Europe’s common currency.
    (SFC, 1/1/11, p.A2)

2011        Jan 15, The United States passed a dubious milestone: Government debt surged to an all-time high, more than $14 trillion. The debt level represents a $45,300 tab for each and everyone in the country.
    (AP, 1/15/11)

2011        Feb 8, China raised interest rates for the second time in just over six weeks, intensifying a battle in the fast-expanding economy against stubbornly high inflation that threatens to unsettle global markets.
    (Reuters, 2/8/11)

2011        Feb 18, The United States sanctioned the New Ansari Money Exchange, a major Afghan money-exchange outfit, suspected of laundering billions of dollars in drug money.
    (AP, 2/19/11)

2011        Feb 19, The Republican-controlled US House agreed to cut $61 billion from hundreds of federal programs and shelter coal companies, oil refiners and farmers from new government regulations.
    (AP, 2/19/11)

2011        Feb 27, Britain froze the assets of Libyan leader Moamer Kadhafi in the country. The Daily Telegraph reported that the liquid assets amount to about £20 billion.
    (AFP, 3/4/11)

2011        Mar 2, Britain seized £100 million ($160 million, 117 million euros) of Libyan currency found on a Libya-bound ship after escorting the vessel to an English port.
    (AFP, 3/4/11)

2011        Mar 9, Forbes magazine said Mexican tycoon Carlos Slim (71), with assets of $74 billion, is the richest person in the world for the second year in a row.
    (Reuters, 3/10/11)

2011        Mar 11, Euro-zone leaders began a 2-day summit to launch the “pact for the euro,” a pledge to align members’ economic policies and enhance their competitiveness.
    (Econ, 3/19/11, p.62)

2011        Mar 31, In China French President Nicolas Sarkozy and US Treasury Secretary Timothy Geithner called for more flexible exchange rate regimes as G20 nations met on global monetary reform in Nanjing.
    (AFP, 3/31/11)

2011        Apr 1, Debt-stressed Portugal got some respite from its financial troubles when it managed to borrow euro1.645 billion ($2.3 billion) in a bond auction.
    (AP, 4/1/11)

2011        Apr 11, Iran’s Central Bank Gov. Mahmoud Bahmani said Iran plans to slash 4 zeros from its national currency in "one to two years", seeking parity between its rial and the US dollar.
    (AFP, 4/11/11)

2011        May 8, It was reported that Paraguay’s national bank planned to drop 3 zeroes from its currency, the guarani, this year and rename it the new guarani. Exchange of old notes would continue to 2014.
    (SSFC, 5/8/11, p.C3)

2011        May 11, Samuel Kioskli (64), a former San Francisco ATM serviceman, was arrested during a routine traffic stop in Phoenix, Arizona. On July 4, 2010, he stole about 200,000 from six bank branches in SF and one in Daly City, Ca., by replacing cash with counterfeit $20 bills.
    (SFC, 5/27/11, p.C3)

2011        May 16, The US reached its legal $14.3 billion debt limit. Treasury Sec. Timothy Geithner said the government can move money around until about Aug 2, when the Obama administration would be force to choose between paying creditors or paying for military operations. America’s debt ceiling has been raised 74 times since 1962.
    (SFC, 5/17/11, p.A6)(Econ, 5/14/11, p.96)
2011        May 16, The US Treasury Department said that China cut its holdings by $9.2 billion to $1.14 trillion, its 5th straight month of trimming. Treasury officials have said they will be able to continue regular debt auctions until August 2.
    (AP, 5/16/11)

2011        May 20, The IMF approved providing Portugal with $36.8 billion as part of a rescue package to help the country tackle its debt.
    (SFC, 5/21/11, p.D2)

2011        May 23, Square, a startup co-founded by Jack Dorsey (one of the creators of Twitter), unveiled a new payment system that undercut credit card processing fees charged to small businesses and making it easy for them to accept digital payments.
    (Econ, 5/28/11, p.79)

2011        Jun 29, The US Federal Reserve slashed the fees which banks charge for debit card transactions, but did not cut them as deeply as initially expected. Under the new rules, the fee charged for debit card transactions would be 21 cents. The fee for an average debit card transaction was 44 cents.
    (AFP, 6/29/11)(SFC, 6/30/11, p.D2)

2011        Jul 1, Australian federal police charged two currency printing firms and several of their former senior managers with bribing foreign officials to secure bank note supply contracts. The charges against Securency International Pty Ltd., one of the world's leading currency printing firms, and Note Printing Australia Ltd. related to alleged bribes paid to officials in Indonesia, Malaysia and Vietnam between 1999 and 2005.
    (AP, 7/1/11)

2011        Jul 5, Moody's said China's local government debt burden may be 3.5 trillion yuan ($540 billion) larger than auditors estimated, putting banks on the hook for deeper losses that could threaten their credit ratings.
    (Reuters, 7/5/11)

2011        Jul 12, Scottish couple Colin Weir (64) and his wife Chris (55), who have been married for 30 years and live in the seaside town of Largs near Glasgow, became Europe's biggest ever lottery winners, scooping £162 million ($262 million) in the EuroMillions jackpot.
    (AFP, 7/16/11)
2011        Jul 12, Sudan's Pres. Omar al-Bashir said his country will issue a new currency following the loss of oil revenues resulting from South Sudan's independence last week.
    (AP, 7/12/11)

2011        Jul 13, The US Bureau of Public Debt announced that it will no longer sell US savings bonds through banks and other financial institutions after Dec 31. Paper bonds would still be available by directing a federal tax refund into a Series I inflation-linked bond. The bureau said it will save $70 million over 5 years.
    (SFC, 7/14/11, p.D1)

2011        Jul 21, Eurozone leaders agreed to give Greece euro109 billion ($156 billion) in new financing in a complex package that includes new loans, buybacks of Greek debt, and credit guarantees under the deal agreed.
    (AP, 7/22/11)

2011        Jul 24, Sudan launched a new currency, six days after the newly independent south did so amid fears of a currency war, but the central bank said it was ready to negotiate with Juba on the old money.
    (AFP, 7/24/11)

2011        Jul 25, A Southern Sudanese official said northern Sudan has declared "economic war" by violating an agreement and issuing a new currency just weeks after the two countries split. He said the north had agreed not to issue a new currency until six months after the south did. The move will cost the southern government at least $700 million.
    (AP, 7/25/11)

2011        Jul 26, Nigeria's central bank jacked up its main interest rate by 0.75 points to 8.75 percent, the fourth increase in six months in a move aimed at putting a lid on inflation.
    (AFP, 7/26/11)

2011        Aug 24, Japan's government unveiled a $100 billion loans program to ease the strains of a strong yen and encourage companies to turn adversity into opportunity.
    (AP, 8/24/11)

2011        Sep 1, South Sudan completed the swift circulation of its new currency, a move matched by Khartoum, but strengthening the south's formal independence from the north less than two months ago.
    (AFP, 9/1/11)

2011        Sep 5, Nigeria’s central bank said it plans to include the Chinese yuan as part of its foreign exchange reserves, a symbolic shift in Africa's largest oil producer and one of its biggest economies.
    (AFP, 9/5/11)

2011        Sep 6, The Swiss franc dropped sharply after the country's central bank pegged it against the euro.
    (AP, 9/6/11)

2011        Sep 13, The Census Bureau released its annual report. It said that the ranks of America's poor swelled to almost 1 in 6 people last year, reaching a new high as long-term unemployment left millions of Americans struggling and out of work. The number of uninsured edged up to 49.9 million, the biggest in more than two decades. A 2010 income of  $11,139 defined the poverty level for an individual or $22,314 for a family of four.
    (AP, 9/13/11)(Econ, 9/17/11, p.29)

2011        Sep 15, British police arrested Kweku Adoboli (31) in London after the rogue trader at Swiss bank UBS lost an estimated $2.3 billion in unauthorized trades. On Sep 24 UBS announced the resignation of CEO Oswald Gruebel.
    (AFP, 9/15/11)(AFP, 9/16/11)(SSFC, 9/25/11, p.A15)

2011        Sep 17, The Occupy SF movement began on Sep 17 with 6 people gathering outside the former Bank of America center on California Street in solidarity with protesters in NYC, who had set up camp in Zucotti Park near Wall Street the same day.
    (AP, 10/6/11)

2011        Sep 18, It was reported that New Jersey has uncovered a windfall of $26 million by scouring old bank accounts and finding money left over from several bond issues, some dating back to the 1960s.
    (SSFC, 9/18/11, p.A10)

2011        Oct 5, In San Francisco some 800 people marched downtown joining a growing movement whose followers believe that the nation’s financial system is broken and its distribution of wealth unfair.
    (SFC, 10/6/11, p.A10)

2011        Oct 6, The Bank of England launched a second round of quantitative easing to defend Britain's faltering economy against the euro zone debt crisis, pledging to buy 75 billion pounds of assets with new money in a dramatic move to stave off recession.
    (Reuters, 10/6/11)
2011        Oct 6, Britain and Switzerland signed an agreement to tax money kept by British residents in secret Swiss bank accounts, a move which could net the British government billions of pounds and help Swiss banking clean up its image. The deal, which must still be approved by the parliaments of both countries, should come into force in 2013.
    (Reuters, 10/6/11)

2011        Oct 21, Finance ministers from 17 eurozone countries agreed to pay Greece $11 billion in its next batch of bailout loans, avoiding a potentially disastrous default.
    (SFC, 10/22/11, p.A5)

2011        Nov 14, Canada released a new C$100 bill made of plastic, its first step in replacing an entire series of banknotes to thwart counterfeiters and persuade retailers it's safe to accept big bills. Canada is the first to add a metallic hologram that is especially difficult to fake. Plastic notes, nearly impervious to liquids, stains, tearing or wear-and-tear, were pioneered by the Reserve Bank of Australia in 1988.
    (Reuters, 11/15/11)

2011        Dec 8, The European Central Bank (ECB) lowered its benchmark rate from 1.25 to 1 percent, the second quarter point cut in as many months.
    (Econ, 12/17/11, p.127)

2011        Dec 31, Basel 2.5, a new set of int’l. rules charging banks higher capital for risks in their trading books, took effect in most European and major world financial jurisdictions.
    (Econ, 1/7/12, p.69)

2011        Viral Acharya authored “Guaranteed to Fail: Fannie Mae, Freddie Mac, and the Debacle of Mortgage Finance.”
    (Econ, 10/15/11, p.99)
2011        Jason Berry authored “Render Unto Rome: The Secret Life of Money in the Catholic Church.”
    (Econ, 8/11/12, p.24)
2011        William Cohan authored “Money and Power: How Goldman Sachs Came to Rule the World.”
    (Econ, 4/16/11, p.88)
2011        Satyajit Das authored “Extreme Money: Masters of the Universe and the Cult of Risk.”
    (Econ, 10/15/11, p.98)
2011        Barry Eichengreen authored “Exorbitant Privilege: The Rise and Fall of the Dollar and the Future of the International Monetary System.”
    (Econ, 1/22/11, p.98)
2011        Robert Frank authored “The High-Beta Rich: How the Manic Wealthy Will Take Us to the Next Boom, Bubble and Bust.”
    (Econ, 10/15/11, p.97)
2011        Brevan Howard, British-based hedge fund manager, authored “Expected Returns: An Investor’s Guide to Harvesting Market Rewards.”
    (Econ, 4/2/11, p.68)
2011        Jeff Madrick authored “Age of Greed: The Triumph of Finance and the Decline of America 1970 to the Present.”
    (SSFC, 7/3/11, p.G5)
2011        Gretchen Morgenson and Joshua Rosner authored “Reckless Endangerment: How Outsized Ambition, Greed and Corruption Led to Economic Armageddon.”
    (Econ, 10/15/11, p.99)
2011        Jason Sharman authored “The Money Laundry: Regulating Criminal Finance in the Global Economy.”
    (Econ, 9/17/11, p.64)
2011        Ben Tarnoff authored “Moneymakers: The Wicked Lives and Surprising Adventures of Three Notorious Counterfeiters.”
    (SSFC, 2/27/11, p.G5)
2011        Litecoin, a digital currency for small transaction, was created by Charles Lee.
    (SSFC, 4/27/14, p.D7)

2012        Jan 18, Angola's government denied that $32 billion had gone missing from public funds, after the IMF last month raised a flag over a discrepancy in the national books. The government said the discrepancy resulted from "oil revenue being inadequately recorded.
    (AFP, 1/18/12)
2012        Jan 18, Iran's currency, the rial, hit a record low against the dollar, based on rates in black market trading that the government has tried to ban.
    (AFP, 1/18/12)

2012        Feb 2, The World Bank said Egypt has asked for a $1.0 billion loan to help it rebuild its economy.
    (AFP, 2/2/12)

2012        Feb 3, The Central Bank of Sri Lanka hiked its benchmark lending rate by 50 basis points to 9.0%, the first rise since February 2007 when the rate was upped to 12.0% from 11.50%. It also asked commercial banks to reduce lending in the face of a trade deficit.
    (AFP, 2/3/12)

2012        Feb 9, The Bank of England said it will inject another £50 billion into Britain's weak economy and keep interest rates at a record-low 0.50 percent.
    (AFP, 2/9/12)

2012        Feb 11, South Africa launched a new line of bank notes bearing the image of its first democratically elected president, Nelson Mandela (93), on the 22nd anniversary of his release from prison.
    (AFP, 2/11/12)

2012        Feb 13, President Barack Obama sent Congress a new budget that seeks to achieve $4 trillion in deficit reduction over the next decade through cuts in government spending and higher taxes on the wealthy. At the same time, he wants to boost spending in key areas such as transportation and education.
    (AP, 2/13/12)

2012        Feb 17, Swiss authorities said they have confiscated $6 trillion in counterfeit US bonds at the request of Italian prosecutors. In Italy eight people were arrested across the country and placed under investigation for fraud and other crimes. The bonds, carrying the false date of issue of 1934, had been transported in 2007 from Hong Kong to Zurich, where they were transferred to a Swiss trust.
    (AP, 2/17/12)

2012        Feb 21, Greece reached an agreement on a $172 billion in loans through 2014 from the EU governments and the IMF.
    (SFC, 2/22/12, p.A4)

2012        Feb 23, The Greek Parliament approved a massive bond swap that would wipe €107 billion ($142 billion) off the country's privately-held debt, as new projections showed the economy will suffer the worst contraction in Europe this year.
    (AP, 2/23/12)

2012        Mar 31, The IMF again pressured impoverished Malawi to devalue its currency, which is trading on the black market at nearly double the official exchange rate.
    (AFP, 3/31/12)

2012        Apr 3, American regulators finalized a rule enabling them to expand the designation of “systematically important” institutions to non-banks.
    (Econ, 4/14/12, p.84)

2012        Apr 9, Bruno Iksil, a London-based JP Morgan Chase & Co trader of derivatives linked to the financial health of corporations, was reported to have amassed positions so large that he's driving price moves in the $10-trillion market, traders outside the firm said.
    (http://tinyurl.com/cdgofmx)(Econ, 4/14/12, p.84)

2012        Apr 16, The Canadian mint launched glow-in-the-dark quarters. They featured a dinosaur whose skeleton shines at night from beneath its scaly hide. The mintage was limited to 25,000, and would cost collectors $29.95.
    (c/net, 4/12/12)

2012        Apr 16, Korean-American physician Jim Yong Kim was appointed to head the World Bank. Challenger and Nigerian Finance Minister Ngozi Okonjo-Iweala congratulated Kim, but called for changes to the US-dominated selection process.
    (AFP, 4/16/12)

2012        Apr 19, One of the first pennies ever produced by the US Mint, a 1792 Silver Center penny, was put up for auction and reportedly sold for more than $1 million.
    (ABCNews, 4/20/12)

2012        Apr 20, Members of the International Monetary Fund raised $430 billion in new funds for crisis intervention, with China and other emerging economic giants taking part.
    (AFP, 4/21/12)

2012        May 4, Canada minted its final one-cent coin and urged people to donate the little copper-covered coins to charity rather than let them go to waste.
    (Reuters, 5/4/12)

2012        May 7, Malawi floated its currency, with the kwacha plunging a third against the US dollar, as the impoverished nation bowed to a key demand of the International Monetary Fund to fix its troubled economy. Official exchange rates put one dollar at 250 kwacha, compared to 166 kwacha on May 4, a 33.598 percent value drop.
    (AFP, 5/8/12)

2012        May 28, Argentina published a new rule saying anyone wanting to buy dollars for travel must first prove their money was obtained legally, and provide the tax agency with trip details including why, when and where they are traveling. President Cristina Fernandez is cracking down to keep hard currency from flowing out of Argentina, which needs the dollars to maintain its central bank reserves and pay debts.
    (AP, 5/28/12)

2012        Jun 1, China and Japan started direct currency trading as Beijing marked another stage on its journey to foster the yuan's use internationally in line with its growing economic clout.
    (AFP, 6/1/12)

2012        Jun 5, Australia's central bank cut its benchmark interest rate for a second consecutive month as Europe's economy weakens and growth in China moderates. It lowered the rate by a quarter percentage point to 3.5 percent.
    (AP, 6/5/12)

2012        Jun 13, Colombia’s bank began issuing new coins in denominations of 50, 100, 200, 500 and 1,000 pesos, all featuring pictures of native animals. The bimetallic 1,000-peso (US$0.55) coin depicts a loggerhead sea turtle.
    (www.banknotenews.com/files/fa3af165f058e49765afd5a83e81c2b3-2097.php)

2012        Jun 20, The US Federal Reserve announced that it would purchase $267 billion of long-term bonds by the end of the year, paid for from the proceeds of sales of short-term bonds in its portfolio. This was its 7th installment of unconventional monetary policy since running out of orthodox ammunition in late 2008.
    (Econ, 6/23/12, p.74)

2012        Jul 5, The European Central Bank cut its key interest rate a quarter point to 0.75%. Its rate on deposits dropped to zero percent.
    (SFC, 7/6/12, p.A2)(Econ, 7/14/12, p.66)

2012        Jul 12, The US Treasury reported that the US budget deficit grew by nearly $60 billion in June, remaining on track to exceed $1 trillion for the fourth straight year.
    (AP, 7/12/12)

2012        Jul 20, Finance ministers from the 17 countries that use the euro unanimously approved the terms for a bailout loan for Spanish banks of up to €100 billion ($122.9 billion).
    (AP, 7/20/12)

2012        Jul 25, Argentina’s Pres. Cristina Fernandez revealed a new 100-peso note featuring the face of Eva Peron on the eve the 60th anniversary of her death. Peron’s the first woman to appear on any Argentine banknote.
    (SFC, 7/26/12, p.A2)

2012        Aug 1, Knight Capital, an American equity broker, started to use a new software program to execute trades. Within an hour the program caused turmoil in the market sending errant buy-and-sell orders that cost the company $440 million.
    (Econ, 8/11/12, p.10)

2012        Aug 2, US Treasury Department investigators said the Internal Revenue Service may have delivered more than $5 billion in refund checks to identity thieves who filed fraudulent tax returns for 2011. They estimate another $21 billion could make its way to ID thieves' pockets over the next five years.
    (AP, 8/2/12)

2012        Aug 16, It was reported that Britain’s town of Bristol has re-scheduled the launch of the Bristol pound, usable only with member businesses in the city in southwest England, to Sep 19. The Bristol pound will not be legal tender and must be exchanged through the Bristol Credit Union, with a three percent charge for conversion back to sterling.
    (AFP, 8/16/12)

2012        Oct 1, Iran's currency fell 16 percent in a single day to hit a record low against the US dollar and other foreign currencies in street trading. The collapse is a sign of the impact of Western sanctions imposed over Iran's nuclear program.
    (AP, 10/1/12)

2012        Oct 3, Iranian police threatened merchants who closed their shops in Tehran's main bazaar and launched crackdowns on sidewalk money changers as part of a push to halt the plunge of Iran's currency, which has shed more than a third its value in less than a week.
    (AP, 10/3/12)

2012        Oct 11, A batch of newly designed $100 bills, that aren't going into circulation until next year, was stolen from a plane that arrived at Philadelphia International Airport around 10:25 a.m. from Dallas. The Benjamins are easy to spot. The new bills have sophisticated elements to thwart counterfeiters, like a disappearing Liberty Bell in an orange inkwell and a bright blue security ribbon.
    (AP, 10/12/12)

2012        Oct 24, Iran's intelligence chief said up to 50 people have been arrested in connection with the decline in the value of the national currency and the chaos that followed the slide. Iran's rial has lost nearly 40 percent of its value against the US dollar this month.
    (AP, 10/24/12)

2012        Nov 6, New South African banknotes, featuring the image of former president and anti-apartheid icon Nelson Mandela, went into circulation.
    (AP, 11/6/12)

2012        Nov 20, The SEC accused a Mathew Martoma, a former trader for a subsidiary of hedgefund SAC Capital, of insider trading that illicetly netted some $276 million. SAC Capital was founded in 1992 by Steven Cohen and his fortune was currently ewstimated at $9.5 billion.
    (Econ, 11/24/12, p.80)(http://tinyurl.com/ahfjwu2)

2012        Jack Bogle, founder of the Vanguard mutual fund, authored “The Clash of the Cultures: Investment vs. Speculation.”
    (Economist, 9/15/12, p.67)
2012        Dan Conaghan authored “The Bank: Inside the Bank of England. In concentrated on the period since 1997.
    (Econ, 3/31/12, p.95)
2012        David Cay Johnson (b.1948) authored “The Fine Print: How Big Companies Use 'Plain English' to Rob You Blind.” 
    (http://tinyurl.com/9qv48f8)
2012        Allan Meltzer authored “Why Capitalism.”
    (Econ, 7/14/12, p.74)
2012        Scott Reynolds Nelson authored “A Nation of Deadbeats: An Uncommon History of America’s Financial Disasters.
    (Econ, 11/3/12, p.86)
2012        Robert Shiller authored “Finance and the Good Society.”
    (Econ, 4/7/12, p.93)
2012        George Szpiro authored “Pricing the Future: Finance, Physics, and the 300-Year Journey to the Black-Scholes Equation.”
    (Econ, 1/14/12, p.82)
2012        Luigi Zingales authored “A Capitalism for the People: Recapturing the Lost Genius of American Prosperity.”
    (Econ, 7/14/12, p.74)
2012        In northern Denmark Michael Stokbro Larsen (16) found Viking-era coins and other items with a metal detector in a field. The coins displayed a distinctive cross motif attributed to Norse King Harald Bluetooth, who is believed to have brought Christianity to Norway and Denmark.
    {Denmark, Money}
    (AP, 5/16/13)

2013        Jan 22, Eleven EU countries received the green light to plan a financial transaction tax that could generate billions of dollars in revenue for cash-strapped governments.
    (SFC, 1/23/13, p.A4)

2013        Feb 4, The Royal Canadian Mint officially ended its distribution of pennies to financial institutions.
    (SFC, 2/5/13, p.A2)

2013        Feb 6, The Royal Bank of Scotland announced a settlement in which it agreed to pay American regulators $475 million and another $137 million to Britain’s Financial Services Authority for rigging the London Interbank Offered Rate (LIBOR).
    (Econ, 2/9/13, p.71)
2013        Feb 6, Taiwan banks began offering deposit accounts in Chinese currency following a clearing agreement between China central bank and Taipei signed last August.
    (Econ, 2/9/13, p.69)

2013        Feb 8, EU leaders agreed to a significantly reduced 7-year budget worth €960 billion ($1.28 trillion) — the first cut in spending in the 27-country group's history.
    (AP, 2/8/13)
2013        Feb 8, Venezuela's government announced that it will devalue the country's currency, a long-anticipated change expected to push up prices in the heavily import-reliant economy.
    (AP, 2/8/13)

2013        Feb 13, Venezuela's government devalued the country's currency  amid questions about how the government can get a grip on 22% inflation and satisfy growing demand for dollars to pay for imported goods. The fifth devaluation in a decade established a new government-set rate of 6.30 bolivars to the dollar, replacing the previous rate of 4.30 bolivars.
    (AP, 2/13/13)

2013        Feb 16, G20 leaders meeting in Moscow said there would be no currency war and deferred plans to set new debt-cutting targets, underlining broad concern about the fragile state of the world economy.
    (AP, 2/16/13)

2013        Feb 18, Britain's Royal Mint said it has started to manufacture gold sovereign coins in India for the first time since 1918.
    (Reuters, 2/18/13)

2013        Feb, A couple in northern California discovered 1427 US gold coins, dating from 1847-1894, in rusty cans on their property. The Saddle Ridge Horde was later valued at $10 million. State and federal taxes would apply to their find. Face value of the coins was $27,980. On May 27, 2014, an exhibit and auction of some coins was held at the Old Mint of SF with proceeds going to a city and money museum at the mint.
    (SFC, 2/26/14, p.A1)(SFC, 2/27/14, p.C1)(SFC, 5/27/14, p.A9)

2013        Mar 16, In Cyprus anxious depositors drained cash from ATMs after European officials ruled that part of a new 10-billion-euro bailout must be paid for directly from the bank accounts of ordinary savers. An emergency deal in Brussels set a one-time levy of 9.9% on Cypriot bank deposits of more than 100,000 euros. Deposits under that would be taxed at 6.75%.
    (SSFC, 2/17/13, p.A3)

2013        Mar 17, Britain's Treasury chief said the government will compensate UK troops who lose money to Cyprus's bailout tax, a levy of 6.75 to 9.9 percent on all bank balances as part of a deal with creditors for €10 billion ($13 billion) in rescue money. British residents of Cyprus not working for the UK military or government could be out of pocket.
    (AP, 3/17/13)

2013        Apr 8, Australia and China agreed to make their currencies directly exchangeable in a deal that advances internationalization of the yuan and reduces costs for companies. PM Julia Gilliard said the Australian dollar will become only the third major currency to have direct convertibility with the yuan, after the US dollar and Japanese yen.
    (AP, 4/8/13)

2013        Apr 25, A 1913 Liberty Head nickel, one of only 5 known to exist, was sold for $3.17 million at an auction in Chicago. It was minted in 1912 in Philadelphia with the year 1913 cast on its face. A set of 5 was broken up in 1942.
    (SFC, 4/27/13, p.A4)

2013        May 15, Google announced that you can now email money, just like you would email a photo or Word document. Both parties, payer and recipient, would need Google Wallet accounts.
    (Yahoo News, 5/16/13)

2013        Jun 4, Brazil’s government scrapped a tax on foreign purchases of bonds, in order to encourage currency inflows and slow the weakening of its currency.
    (Econ, 6/8/13, p.39)

2013        Aug 14, India’s finance officials tightened capital controls to stop locals from taking money out of the country.
    (Econ, 8/24/13, p.12)

2013        Sep 5, The US Secret Service, protector of the world's most widely traded currency, said that Peru has in the past two years overtaken Colombia as the No. 1 source of counterfeit US dollars.
    (AP, 9/5/13)

2013        Oct 8, A new US $100 note went into circulation with new features to fight back against counterfeiters.
    (SFC, 9/25/13, p.A6)

2013        Nov 5, Somali money transfer company Dahabshiil welcomed a temporary injunction by a British court allowing its lifeline services to continue, transferring funds dwarfing levels of foreign aid to the war-torn nation.
    (AFP, 11/5/13)

2013        Nov 21, Cyprus' biggest private university said it will start accepting the digital currency Bitcoin as an alternative way to pay tuition fees.
    (AP, 11/23/13)

2013        Nov 27, The price of Bitcoin surged to a record $1073 on the Mt. Gox online exchange. The virtual money was introduced in 2008 by a mysterious programmer or group under the name Satoshi Nakamoto.
    (SFC, 11/28/13, p.C2)

2013        Nov 30, Five east African countries signed a protocol to establish a monetary union, in a first step towards creating a single currency. At a summit in Kampala, leaders from Burundi, Kenya, Uganda, Tanzania and Rwanda inked the framework to set up a single market modelled after the eurozone.
    (AFP, 11/30/13)

2013        Nov, The price of a Bitcoin, a digital currency, soared to over $1000 this month, from less than $15 in January.
    (Econ, 11/30/13, p.13)
2013        Nov, Bitly, popular site for shortening Web addresses, got caught in the crossfire of Venezuela's polarized politics shortly after President Nicolas Maduro decided to block access to sites such as www.dolartoday.com that publish the black market rate for the bolivar, which is now 10 times the official rate of 6.3 bolivars per dollar.
    (AP, 12/5/13)

2013        Dec 18, The Bank of England said it will issue plastic banknotes for the first time in its history, with Winston Churchill gracing the first run. The note, carrying a value of £5 ($8.2, 6.0 euro), is to be released in 2016.
    (AFP, 12/18/13)

2013        Dec 20, Cuba’s VP Marino Murillo told parliament that the peso pegged to the dollar, known as the CUC, would disappear, the first time the government has explicitly said that. He promised that savings in the convertible pesos would retain their value until the change took place.
    (AP, 12/20/13)

2013        David Marsh authored “Europe’s Deadlock: How the Euro crisis Could Be Solved – And Why It Won’t Happen.”
    (Econ, 7/20/13, p.73)
2013        Felix Martin authored “Money: The Unauthorized Biography.”
    (Econ, 5/18/13, p.88)
2013        Frederick Taylor authored “The Downfall of Money: Germany’s Hyperinflation and the Destruction of the Middle Class.”
    (Econ, 9/14/13, p.91)
2013        Juan Zarate authored “Treasury’s War: The Unleashing of a New Era of Financial Warfare.”
    (Econ, 4/19/14, p.22)

2014        Jan 9, IBM said DBS Group Holdings Ltd. ff Singapore will begin to use the Watson supercomputer to aid financial planners in guiding its wealth management unit’s affluent customers.
    (SFC, 1/10/14, p.C2)

2014        Feb 14, About $2.5 million of Bitcoin was apparently stolen from Silk Road 2.0, a website used to trade mainly illegal drugs. A flaw in Bitcoin’s code was discovered earlier this month.
    (Econ, 2/22/14, p.65)

2014        Jan 24, Argentina said it is relaxing restrictions on the purchase of US dollars following a sharp, sudden slide in the value of the local peso.
    (AP, 1/24/14)

2014        Feb 21, A Spanish court ruled that Arthur Budovsky (40), accused of being behind Liberty Reserves, one of the world's biggest money laundering businesses, can be extradited to the US to face charges there.
    (AP, 2/22/14)

2014        Feb 25, The website of Tokyo-based Mt. Gox was returning a blank page today. The disappearance of the site follows the Feb 23 resignation of Mt. Gox CEO Mark Karpeles from the board of the Bitcoin Foundation, a group seeking legitimacy for the currency, and a withdrawal ban imposed at the exchange earlier this month.
    (AP, 2/25/14)

2014        Feb 28, Japan-based Mt. Gox bitcoin exchange in Tokyo filed for bankruptcy protection and chief executive Mark Karpeles said 850,000 bitcoins, worth several hundred million dollars, are unaccounted for. On March 11 Mt Gox  filed for bankruptcy in the US.
    (AP, 2/28/14)(Econ, 3/15/14, p.71)
2014        Feb 28, In Singapore Autumn Radtke (28), the American CEO of First Meta, was found dead at her home. Her company was a virtual currency exchange for Bitcoin.
    (SFC, 3/7/14, p.A2)

2014        Mar 7, Mark Karpeles, head of the Tokyo-based Mt. Gox bitcoin exchange, said 200,000 missing bitcoins, valued at $116 million, were found in old format wallets. Some $378 million of bitcoin currency remained missing.  
    (SFC, 3/22/14, p.C1)

2014        Mar 11, Bank of England governor Mark Carney said the alleged manipulation of foreign exchange markets is "as serious as" the Libor rate rigging scandal that rocked the financial sector. Global regulators were investigating a number of firms linked to the suspected rigging of foreign exchange trading.
    (AFP, 3/11/14)

2014        Mar 13, New Zealand's Reserve Bank raised its benchmark interest rate by quarter of a percentage point to 2.75 percent after holding it at a record low for three years.
    (AP, 3/13/14)

2014        Mar 21, Zambia scrapped restrictions on the use of dollars and other foreign currencies as it tried to halt the slide in its currency, which has lost nearly a fifth of its value in recent months.
    (AFP, 3/21/14)

2014        Mar 27, The US Mint put new collector gold and silver coins on sale to commemorate the Baseball Hall of Fame which celebrates its 75th anniversary this year. The design by Cassie McFarland's featured a curved baseball glove.
    (AOL.com, 3/13/14)

2014        Apr 15, The EU's Parliament completed the biggest overhaul of the bloc's financial system since the introduction of the euro currency, passing laws to minimize the risk and cost posed by failing banks.
    (AP, 4/15/14)

2014        Apr 16, Mt. Gox said the Tokyo District Court decided the company, which was a trading platform and storehouse for the bitcoin virtual currency, would not be able to resurrect itself under a business rehabilitation process filed for in February.
    (AP, 4/16/14)
2014        Apr 16, Slovak police said they have arrested two men after they allegedly produced counterfeit Czech and Swiss banknotes of "exceptionally" high quality and spent at least 1.2 million koruna ($60,000) of the fake cash in shopping malls over the past three years.
    (AP, 4/16/14)

2014        Eswar Prasad authored “The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance.” 
    (Econ, 3/8/14, p.80)

2018        In 2004 it was expected that payments in this year would begin to exceed revenues in the US retirement system.
    (SSFC, 11/28/04, p.A3)
 
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Subject = Money, Big Money
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