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VIDEO SUMMARY Before 1913 central banking had a stormy history in the United States. Repeated panic runs and other banking problems led to the creation of the Federal Reserve system. The Federal Reserve system, or the "Fed," acts as the central bank of the United States. Several features distinguish the Fed from central banks in other countries around the world. VIDEO OBJECTIVES - Describe how the Panic of 1907 affected U.S. banking - Explain the purposes and characteristics of the Federal Reserve system - Show the organization of the Fed HIGH SCHOOL SOCIAL STUDIES CONTENT EXPECTATIONS (MI) - E.2.2: Role of Government in the United States Economy (2.2.3) WEEK 8 RESOURCES Instructional Video Notes for Economics :: Week 8 - http://goo.gl/s1Wvg Quizlet flashcards for Economics :: Week 8 - http://quizlet.com/_7pwbs Information and illustrations, where applicable, are used under 17 U.S.C. § 107 (fair use in teaching and for educational purposes) from Holt Economics (Holt Rinehart & Winston, 1997)