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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 ...


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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 In May 1838, the Senate repealed the Specie ...


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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 ...


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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 ...



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