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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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Wednesday, May 07, 2008
Institute for Integrative Nutrition Moves to Avery Fisher Hall at Lincoln Center as Demand for Curriculum Expands
Comtex
NEW YORK, May 7, 2008 /PRNewswire via COMTEX News Network/ ----Rising interest in the field of holistic nutrition and wellness education has led the Institute for Integrative Nutrition, the world's largest nutrition school, to increase class size. After four years at Jazz at Lincoln Center in the Time Warner Building, the school is moving classes to a larger space to accommodate overwhelming interest in the school's unique approach to addressing and preventing modern health concerns. Starting in January 2009, Integrative Nutrition classes will be held in Avery Fisher Hall at Lincoln Center in New York City.
"In previous years we have had to turn away more than 500 prospective students due to space constraints," says Joshua Rosenthal, founder and director of Integrative Nutrition. "It's a good problem to have. Now we are ready to provide our unique program to many more students looking to start their careers as professional health counselors or to improve the lives of themselves and their families."
Integrative Nutrition teaches a way of eating and living that synthesizes the best of more than 100 different nutrition and dietary theories from Atkins to veganism and philosophies influenced by Eastern and Western traditions. The school teaches that no one perfect way of eating works for everyone and invites the who's who of nutrition and wellness to speak at the school. Guest lecturers such as Deepak Chopra, Andrew Weil, MD, Mehmet Oz, MD, David Wolfe and 30 other leading health and wellness authorities provide numerous perspectives on nutrition.
Students come from varied backgrounds including business professionals such as accountants and attorneys, aligned professionals such as chiropractors and massage therapists, and medical professionals such as MD's and nurses. Nearly 5,000 students have graduated from the Institute since its inception 15 years ago, reflecting steadily increasing enrollment. In 1992, the first class had 15 students while this year's class has more than 1,200. In the new facility, Avery Fisher Hall, Integrative Nutrition expects more than 2,000 students.
"We are excited and honored to hold classes at such a prestigious venue," Rosenthal said. "Now we can provide more students with the opportunity to teach others how to get on a clear path to healthy living."
The Institute for Integrative Nutrition is the largest nutrition school in the world, offering access to the world's foremost authorities on health and nutrition, and a comprehensive education that will help students launch a career as a health counselor. For more information, visit http://www.integrativenutrition.com.
SOURCE Institute for Integrative Nutrition
http://www.integrativenutrition.com
Copyright (C) 2008 PR Newswire. All rights reserved
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