Before visiting NYSE we first stopped at the Federal Reserve Bank in New York which is place where the monetary policy of USA is implemented . New York fed is one of the 12 branches in US and the largest among them,it mainly trades US treasury securities in open market.We reached the building around 9am and we were taken to a lecture hall and a smart person working in fed gave us the overview on what the bank does. Most of the discussion were based on the financial crisis and how fed managed it. Also there was discussion about the latest QE2 initiated by fed and how effective will it be for the economy.
Once the discussion was over we were taken around the exhibit where they showed us the process of printing money. One of the interesting information I got from them is almost two thirds of the dollars printed in US is actually being circulated outside US. Then we were taken to the gold repository. This bank holds world's largest gold repository in the world around 7000 tonnes. Funny fact is that fed doesn't own all those gold as it belongs many countries and international organization which finds it safe to keep here. The place was safe indeed 100 feet below the ground with different types of securities guarding them. Never seen so much gold at one place ever before my life.
As a souvenir we were given a packet of shredded dollars in a beautiful pack. Also we were allowed to take
books which gave information regarding the fed. So I took whatever they had and found those are comic books which are very interesting to read.
(in front of federal reserve)
books which gave information regarding the fed. So I took whatever they had and found those are comic books which are very interesting to read.
6 comments:
Hmmmm....too bad they didn't give you shredded gold as souvenir :(
Sri, even i've kept my 1 T of Gold there. If you have told me before, i would've asked you to check its safe keep :)
btw, why u keep wearing beggars' coat everywhere. What happened to the majestic "how-to-wear-instruction-can just dust-off-snow" jerkin we bought
@KG
if I wear that leather coat I will be center of attraction to all kilis, I dont need that :) so trying to be look as poor and modest as possible ;)
That's Interesting!!! It looks like you had fun!!!
Some time blog about the details in the comic book - just curious!
@Sathi
you have online version of the same!
you can check here
https://www.newyorkfed.org/publications/result.cfm?comics=1
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