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I enjoyed this chapter! It was interesting toΒ read about how money is created and where it goes. Reserve requirements are requirements set by the Fed’s board of governors, they are one of three main tools of monetary policy; others include open market operations and discount rate. These requirements tend to regard the amount of funds a bank must hold in reserve against deposits made by its customers. The money must always be in the bank’s vault. Maybe this is why bank robbers always know there will be money in the vault! Why were the goldsmiths from days of yore so important?

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