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We like to think that when we deposit a dollar at the bank, it goes into a big vault and we can pull out that same dollar at any time. But that¿s not how the U.S. banking system works. Banks take that money and invest it to make money themselves, so cash gets spread around. This, naturally, leads to a big risk: What happens if those investments go sour? Well, you¿d be out of luck. You can¿t get your dollar back.
The Federal Reserve doesn¿t like that scenario, so it prohibits banks from putting all the cash it has on deposit on the line. In fact, the Fed forces banks to keep a portion of their assets at the Federal Reserve itself, to make sure that some of your assets won¿t get squandered if the bank¿s bets go south. These are called ¿reserves,¿ (hence, Federal Reserve. Got it? Good), and usually amount to 10% of the total cash kept in checking accounts.
These reserves are never exactly 10%, and banks like to keep a little extra in reserve ¿ not, as you might think, to make you more comfortable that they¿re in good financial shape, but rather so they can take that excess and lend it to other banks and make money off it. (They¿re banks, they can¿t help themselves.) The rate at which they make these loans is called the Federal Funds rate, which is set by the Federal Reserve¿s Federal Open Market Committee.
When you hear people chattering about how the Fed cut or hiked interest rates, this is what they¿re talking about: the interest rate banks can charge for lending money from their reserves. This begs the question: If these are essentially loans between banks, why is the Fed Funds rate so important for the rest of the economy?
Well, simply put, because loans make the financial world go round. Bank A lends Bank B $10,000 at a Fed Funds rate of 5%. Bank B then lends out $10,000 to a small business at 7%. The small business then takes that money and expands the business and hires new workers. Now someone is employed, Bank B has made interest off the loan, and Bank A is the richer for making it all happen. It¿s perhaps overly simplistic, but you get the idea. When you want the economy to thrive, you make lending cheaper.
Of course, sometimes you don¿t want the economy to thrive. In fact, you might want it to cool down, mostly to avoid money flooding the system and causing inflation. In that case, the Fed raises interest rates, making it difficult to lend or borrow.
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Saturday, August 16, 2008
Ancient Myths Deliver Up-To-The-Minute Fun
Comtex
MIDDLESEX, United Kingdom, Aug 16, 2008 /PRNewswire via COMTEX/ ----Launching this week at Platinum Play Online Casino ( www.platinumplay.com ) is a major new 5 reel, 20 pay-line video slot branded Stash Of The Titans ( www.platinumplay.com/stash-of-the-titans ) that features an irreverent but fun theme based on ancient Greek mythology and the 1981 cult movie of similar title.
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Stash of the Titans is a big game with more ancient action than you can shake a Kraken at, all wrapped up in a 21st century powerhouse of a video slot that provides hours of entertainment and the chance to win large - try it at Platinum Play Online Casino soon!
About Fortune Lounge Group
Fortune Lounge is home to some of the most established and largest online casinos and poker rooms in the gambling industry. They have achieved their legendary status by offering a superior online gambling experience, coupled with a commitment to ethical behavior, dedicated player service and operational excellence. As the winner of "Top Casino Group for 2005" (in the Gambling Online Magazine Readers Poll Awards) Fortune Lounge confirmed their position as leaders in the online gaming industry. Their dedicated 24/7 support team has been hailed as one of the best in the business and all Fortune Lounge casinos are accredited by eCogra and the Kahnawake commission, guaranteeing the highest level of quality and integrity. Exciting, visually enticing online casino games are introduced on a monthly basis, ensuring that Fortune Lounge is the better place to play.
This press release was issued through 24-7PressRelease.com. For further information, visit http://www.24-7pressrelease.com.
SOURCE Fortune Lounge Group
http://www.platinumplay.com
Copyright (C) 2008 PR Newswire. All rights reserved
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