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The Wikipedia article is inexact. The TDB is the oldest existing commercial bank in Mongolia. Before 1990 all the banks in Mongolia (and the Soviet Union in general) were state-owned banks. The first bank in Mongolia was the Trade and Industry Bank of Mongolia, opened in June 1924. This bank became a possession of the Mongolian government in 1954 and was ...


5

Specie Circular: The most direct and immediate effect of the Panic of 1837 was the repeal of the Specie Circular of 1836. The Specie Circular was a highly deflationary policy because it required that Western lands be purchased with specie that just wasn't available. Deflation exacerbates recessions: never good. In May 1838, the Senate repealed the Specie ...


4

The Panic of 1837 proved that the "cure was worse than the disease." Thus, it set the U.S. on the road to the passage of the 16th Amendment, and the establishment of the Federal Reserve some 76 years later, in 1913. The "disease" that Jackson fought was a centralized national bank along the lines of the Bank of England, advocated by banker Nicholas Biddle. ...


3

You are referring to 2 Mongolias. The State of Mongolia was formerly called the Mongolian People's Republic. Formerly a part of China, it proclaimed independence with the support of Russia. On March 13th 1921 a Provisional People's Government was established, and then on November 26th, 1924 the government proclaimed the Mongolian People's Republic. This was ...


3

I think the best way to answer this question is to ask: Why did Philadelphia lose its position as the hub of American finance? Philadelphia had first mover's advantage over New York in terms of finance. Unfortunately for Philadelphia, national politics would erase Philly's advantage in the 1830s and 1840s, setting the stage for New York to begin to establish ...


2

What he (probably) meant by it (who can say for sure now?) is that of all the possible means a government has to control and influence its people, the issueing of money is the most powerful one. Even more powerful than law. By creating new money, the government can decrease the value of the existing money in circulation, thereby lowering the buying power of ...


2

The saying is apocryphal and was originated by the populist author T. Cushing Daniel in his testimony before the U.S. Congress in 1911 in hearings on House Resolution 314 (whether financiers were restricting trade by domination of the money supply). This is what Daniel said: William Pitt made this statement: "Let the American people go into their ...


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That's probably Banco di San Giorgio founded in 1407, and closed in 1805.



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