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Fiat (Real money) and commodity (non real, gold coins, rocks ect.) currency
m1 (cash, debit, checks) m2 (has value but can't buy with it, like stocks) money supply
fiscal vs monetary
federal reserve has 12 districts
President appoints board of governors
ones picked every two years (there are 7 of them)
the 7 board of governors,NY fed president, 4 rotating fed presidents. (FOMC)
The federal supply can change interest rate and money supply to affect economy
Congress can use government spending and taxes to affect the economy
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