Sneaking mobsters in our government to spread corruption, destroying rival businesses, and assassinating nation’s leaders are just some of the few things the mafia has done to America. During the cold war the spread of communism was a fear for many Americans. The mafia decided to take advantage of this and decided to strike a deal with the government. “In 1945 and 1955 43 socialists and communists were murdered in Sicily, often at election time.” (Quoted in Stille 1995: 19). The government hired assassins to kill communist politicians in Italy ultimately changing how their country’s government.
In hopes of rebuilding America, the capitalists’ hunger for wealth only widened the gap between the rich and poor. During the 1800’s, business leaders who built their affluence by stealing and bribing public officials to propose laws in their favor were known as “robber barons”. J.P. Morgan, a banker, financed the restructuring of railroads, insurance companies, and banks. In addition, Andrew Carnegie, the steel king, disliked monopolistic trusts. Nonetheless, ruthlessly destroying the businesses and lives of many people merely for personal profit; Carnegie attained a level of dominance and wealth never before seen in American history, but was only able to obtain this through acts that were dishonest and oftentimes, illicit.
The Great 1906 Earthquake & Fires of San Francisco. website: http://mceer.buffalo.edu/1906_Earthquake/additional_information/bibliography.asp 4. (n.d.). Casualities and damage after the 1906 earthquake. Retrieved from USGS Science for a changing world website: http://earthquake.usgs.gov/regional/nca/1906/18april/casualties.php 5.
“The Great Earthquake and Firestorms of 1906: How San Francisco Nearly Destroyed Itself.” University of California Press. 83:3 (2006): 45-61. Web. 16 April. 2014. http://www.jstor.org/stable/25161821 7.
Prior to establishing the central bank, the United States did not have a money manager and the financial system was similar to the nation itself, "diverse and subject to uneven growth" (San Francisco). This led to frequent depressions and financial panics, and after the Bank Panic of 1907, which consisted of heavy withdrawal of funds, large importations of gold, and among other things, a major bank failing, the public realized a central bank was necessary (Herrick). The Federal Reserve System is composed of four basic components; the Federal Reserve Board of Governors, the Federal Open Market Committee, the Federal Reserve Banks, and member banks. The Board of Governors of the Federal Reserve System is an independent federal agency that does not receive any funding from Congress. The Board is made up of seven members who are appointed by the president for one term of 14 years that can span multiple presidential and congressional terms.
(2014, Feb 06). Jiji Press English News Service. Retrieved from http://ezproxy.msu.edu/login?url=http://search.proquest.com/docview/1494797713?accountid=12598 Japan: Magma chamber of mt. fuji immensely pressured by quakes in 2011. (2012, Sep 08).
The Federal Reserve Act was signed into law on December 23, 1913, and the System started operation in 1914 (Federal Reserve Education.Org, n.d., p. 1). The decision to establish the Reserve was prompted by the suffering of the nation in the previous century. The Reserve banks in 1914 were authorized to issue a new type of currency: Federal Reserve notes. They were also authorized to “rediscount” consumer IOU’s for the benefit of member banks who were required to hold their reserves on deposit with reserve banks. In 1959, member banks were initially to count their currency holdings as legal reserves.
However, the Bank of the Untied States closed in the early 1800’s because congress did not vote to renew its charter. The next year after the closure of the Bank of the United States, a second Bank of the United States was started due to the war of 1812 and the federal debt began to climb again. Congress chartered the Second Bank to have uniform currency, and to act as a clearinghouse of other banks. The second bank faced the closing of its doors in 1836 when congress, again, did not vote to renew the charter. The National Bank started after the Civil War due to a need to finance the war.
Economic problems have plagued our nations for years now. There is one man who can save us all from destruction, or so he thinks, and that man is Michael Moore. In his movie Capitalism: A Love Story, Moore goes all over the country trying to find the people responsible for all the economic turmoil. He tells the stories of normal citizens that are affected by these problems and through these stories he tries to convince the audience that the bankers and big businesses are cruel and evil, and need to pay for their crimes. These large corporations have done many unethical acts such as taking out life insurance policies on employees and infiltrating the government to pass their agenda.