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Competition in Short-Term Foreign Lending

The Federal Reserve Act, which established the United States central banking system in 1913, granted national banks, for the first time, the right to engage in acceptance operations. By 1917, total dollar acceptances arising …

The major frauds

It is when funds are abundant, when profits seem ready to be harvested, and when everyone feels the urgent desire to get ahead of his neighbor, that major frauds have almost always been committed, generally when the market is…

The N.I.R.A.

The main purpose of the N.I.R.A. is to reactivate economic activity under certain rules of the game characteristic of a competitive regime. The government will not finance public works exceeding a maximum value of 3.3 billion…

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