The definition given for the Federal Reserve is as follows: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. The seven members of its Board of Governors are nominated by the President of the United States and confirmed by ... Read More

Kazakh President Nursultan Nazarbayev, receiving support from the Canadian economist Prof Mundell and Nobel-prize winner Professor Robert Mundell, is proposing a one world currency, the Acmetal. Mr Nazarbayev's coining of "acmetal'' combines the Greek word "acme,'' meaning peak or best, and "capital.''   Mr Nazarbayev and Prof Mundell urged the Group of 20 leading developed and developing economies to form a working group on the proposal at their summit on the global economic crisis in London on April 2. "We should deliver our thoughts and the thoughts of ... Read More