What are the uses of money? How do commercial banks and Federal banks create money? Is monetary policy conducted independently in the United States? Explain your answer. Is it important for monetary policy to remain independent from all parties? Why or why not?
As the business of banking relates to the keeping and use of money, it is needful to start with a clear idea of money itself. [ The definition that embodies the general intelligent idea is, any metal stamped by the government for monetary use, and also any representative or substitute that may be given in exchange for commodities or for paying debts.
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