The central bank of the United States is found in the state of New York and New Jersey, which was first proposed in 1913. The Bible questions (Carroll et al.,2008) the amount of American economic power that governs the nation. Three legal norms include money-related corruption, a wide range of obligations, and various measures and penalties. According to the Bible in Leviticus 19:36 (Carroll et al.,2008), nobody should tamper with weights and measures. Exodus 22:26 (Carroll et al.,2008) deals with several obligations that are viewed as being erroneous as a whole.
On the other hand, the Federal reserve attacks the premise of fractional reserve banking, damaging this standard. Furthermore, the book of Isaiah 1:22 (Carroll et al.,2008) deems the degradation of the fiscal system to be erroneous. This paper, therefore, discusses the relationship between the Federal Reserve and the Bible.
Financial arrangements currently in place violate all three of the standards mentioned above. Like other national banks, the Federal framework is a monopoly authorized by law. Having the ability to choose board members gives the administration an unfair advantage (Svensson, 2020). Apart from that, the bank forbids any accounting association from the administration, even at the local level, from evaluating its records. As a result, the bank is well-equipped to submit any misrepresentation, violating biblical and moral standards, without anyone seeing it. It is impossible to resist the forces that have been channeled into the bank in the form of private property.
President Woodrow Wilson first created the Federal Reserve following the countries’ hardships economically in 1913 (Correa et al. 2020). For instance, enormous prices that people could not afford and rapidly rising unemployment numbers. It was initially set up for a good purpose, for example, directing the use of money credit conditions in the financial system to help secure maximum work and constant prices for merchandise (Correa et al. 2020). They can keep an eye on banks and ensure their credit ratings stay high. They are obligated to put plans for risk management if the funding source ceases to exist.
Prior to understanding why there is now a Federal Reserve System, we need to know how it all began. President Woodrow Wilson introduced the Federal Reserve Act. The show’s main goal was to make sure there would always be enough money and credit in the country for new Federal Reserve Banks to take on the task of promoting the credit system during tough economic times (Párraga Rodríguez et al. 2019). Federal Reserve Banks and National Banks were required to keep a portion of their excess funds with the Federal Reserve in 1913. In addition to credit, different banks had to rely on the Federal Reserve for emergency cash. In addition to limiting its cash output, the government would select the group, for the most part, a group of bank executives. There would be a Federal Reserve Board in charge of overseeing all of this.
An essential piece of Govt equipment is U.S. government cares’ procurement and subsequent contribution, commonly referred to as exposed marketplace processes. A Federal Open Market Group regulates the free market contracting and buying United States government securities (Correa et al. 2020). Federal Reserve Banks charge budgetary organizations a markdown rate as a financing cost for short-term store credit. To assess the current economy and determine which policies would be most effective in leading the country to prosperity, U.S. citizens must first understand the teachings of the Bible on economics.
In conclusion, every good deed should adhere to the universal principles of life and flexibility according to the Bible (Carroll et al., 2008). In terms of economics and finance, the acts have a significant impact. Forging monetary policy will lead to full employment with stable prices by manipulating money and credit in the economy. Supervising and regulating banks and other significant financial institutions to ensure the nation’s banking and monetary system’s stability and protect consumers’ rights under credit agreements. Consistency of the financial system and protection against universal risk in financial markets are the goals of financial stability insurance.
References
Carroll, R., & Prickett, S. (Eds.). (2008). The Bible: Authorized King James Version. Oxford Paperbacks.
Correa, R., Du, W., & Liao, G. Y. (2020). U.S. banks and global liquidity (No. w27491). National Bureau of Economic Research.
Párraga Rodríguez, S., Del Rio Lopez, P., & Vega, J. L. (2019). The Federal Reserve review of its monetary policy framework. Banco de Espana Article, 32, 19.
Svensson, L. E. (2020). Monetary policy strategies for the Federal Reserve (No. w26657). National Bureau of Economic Research.