External Sources
- https://sites.google.com/site/vinluanclasses/sociology
Sunday, September 27, 2015
Genius Hour Reflection
I am questioning what social factors drove the need for a Federal Reserve and how has it impacted our culture. On Thursday, I read the modern Federal Reserve Act -- how it functions and what we are told about it -- and reports about the Act from the era -- the public response at the time. There was a crash prior to the Act that scared the public around their banking system. But the only reason it crashed was because of rumors. Subsequently, the rich eight families purchased heavily after the crash before regular values were resumed. The Act was supposedly a response to prevent these types of crashes again -- which history has shone it did not. As I've continued to research the Federal Reserve, I've realized that this information is clouded to avoid the public's understanding -- which is likely the biggest factor in a cultural acceptance. The best solution I could do would be to make a way for this information to be accessible and understandable: like an interactive, graphics-focused website that conveys the necessary details. I want my project to be solution driven, rather than just query driven, because I value social change.
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I think you're on to something. I'll admit a lot of the problem is people's lack of understanding on the Fed (and of economic issues in general). Using education as a tool of your solution is something that can be interesting and valuable (especially for people like me who are less knowledgeable on the topic).
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