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BILATERAL: An action, often used in terms of an international trade agreement, that mutually affects two parties. As such, a bilateral trade agreement is one negotiated by two countries. For example, the United States might enter into a bilateral agreement with Germany over car sales, such that each agrees to restrict the number of imports from the other. Compare multilateral, unilateral.
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FEDERAL RESERVE SYSTEM The central banking authority of the United States that is charged with conducting monetary policy and regulating the commercial banking system. It includes a Board of Governors, 12 District Banks, 25 Branch Banks, and assorted committees. The most important of these committees is the Federal Open Market Committee, which directs monetary policy. The Fed (as many like to call it) was established in 1913 and modified significantly during the Great Depression of the 1930s. Its duties are to maintain the stability of the banking system, regulate banks, and oversee the nation's money supply. The Chairman of the Federal Reserve System is one of the most important and powerful positions in the economy.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time surfing the Internet seeking to buy either an AC adapter that won't fry your computer or a case for your designer sunglasses. Be on the lookout for small children selling products door-to-door.
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A thousand years before metal coins were developed, clay tablet "checks" were used as money by the Babylonians.
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"We must be willing to let go of the life we have planned, so as to have the life that is waiting for us. " -- E. M. Forster, writer
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ACIR
Advisory Council on Intergovernmental Relations
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