<p><div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><p class="source"><span>Business Insider</span></p><p class="caption">Gold in Goldsmiths' Hall in London.</p></div><p></p></div></div>LONDON - The rise of Donald Trump, Brexit and political shocks has driven demand for gold bullion from the "person in the street," the chief of the <keyword id="6354868" type="COUNTRY" weightage="60" keywordseo="UK">UK</keyword>'s Royal Mint said.</p><p>"We've definitely seen more activity in gold" following an increase in political uncertainty in the past year, Adam Lawrence, the chief executive of the Royal Mint, said in an interview with Business Insider in London.</p><p>"Gold is seen as a safe haven and what we've tried to do with gold bullion is make it accessible. We've made it easier for the person in the street to invest in real gold."</p><p>Gold broke above the $1,200 in trading on Tuesday, spurred on by President Donald Trump's volatile first 10 days in power, which culminated in the firing of <a href="http://www.businessinsider.com.au/sally-yates-trump-refugee-ban-attorney-general-2017-1">acting US Attorney General Sally Yates</a> after she defied him on his controversial executive order on immigrants and refugees.</p><p>Spontaneous protests broke out in London <a href="http://uk.businessinsider.com/pictures-10-downing-street-london-protest-over-trumps-muslim-immigration-ban-2017-1">on Monday evening to protest the order</a>, while large demonstrations have also appeared all over the US.</p><p><div class="KonaFilter image-container display-table float_left"><div><div class="image on-image"><p class="source"><span>Business Insider</span></p></div><p></p></div></div>Lawrence was at Goldsmiths' Hall in London to attend the Trial of the Pyx, a near-800 year old ceremony to test Britain's coinage. Coins are weighed and tested by a jury for imperfections and impurities in the metals used to make them, to confirm their value.</p><p><span>A sample of all the coins made by the Royal Mint are tried in this way - from a commemorative coin made from a kilo of solid gold, down to the lowly 20p piece. </span></p><p>One of the new attractions for the Trial this year was the new £1 coin, which has 12 sides and will be released to the public later this year. It is considered to be the most secure coin ever developed.</p><p><span>"Samples of the coin have been out for a couple of years now, so that vending machine companies and others can get prepared," Andrews said. "We've also got to make sure there's nothing out there like it in other countries that can be used to substitute for it."</span></p><p><span>The coin has 12 sides in honour of the old thrupenny bit, the first coin that the Queen appeared on. "We've got to make 1.5 billion of them." Andrews said. "We've made 600 million already, so we're doing alright."</span></p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/wealthiest-men-poorest-half-world-billions-income-inequality-2017-1">The wealth of these 8 men equals the bottom 50% of the entire world</a></h3>        <div>            <div>        <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="prMGl5ODE6uIzuDawzbNSyDcRfSnl3ZI" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>        </div>        </div>            </div>

ROYAL MINT CEO: More people are turning their cash into gold to escape political risk

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><p class="source"><span>Hero Images/Getty Images</span></p><p class="caption">The author is not pictured.</p></div><p></p></div></div></p><ul class="summary-list"><li>My parents did the best they could to <a href="https://www.businessinsider.com/biggest-mistake-parents-make-when-talking-to-kids-about-money-2017-2">teach me about money</a>, but I still ended up with some debt.</li><li>I have a 4-year-old son now, and I want to <a href="https://www.businessinsider.com/number-1-money-lesson-to-teach-your-kid-to-set-them-up-for-success-2017-2">give him the tools he needs</a> to be a good steward of his money in the future.</li><li>I'm teaching him that money has value, how much things cost, and the concept of "opportunity cost" and making financial choices.</li><li><span><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a></span><span>.</span></li></ul><p>Despite having what I consider to be pretty awesome parents who taught me right from wrong, <a href="https://www.businessinsider.com/what-i-would-tell-20-year-old-self-building-wealth-2019-7">I still managed to get myself into debt</a>. I've since come through and learned to be a better steward of my money by budgeting, investing, and saving, but I don't want my 4-year-old son to make the same mistakes I did.<br /><br /><a href="https://www.businessinsider.com/best-money-lessons-from-my-mother-the-accountant-2019-8">My parents taught me financial concepts</a>, but they were mostly related to accounting and business rather than personal money management (my mom was a bookkeeper and my dad ran his own business), so I didn't know a lot about credit or saving. I don't blame them for anything, though - money is still pretty taboo for most families. <br /><br />As a parent myself, I want to give my son the confidence to be able to manage his money well. Even though he's only 4 years old, I'm still working on giving him a head start in learning about the concept of money and some simple money-management skills.<br /><br />Here's what I'm doing.</p><h2>1. Showing him that money is an exchange of value</h2><p>Sometimes we forget that money, in the simplest terms, is a thing that we exchange for other goods and services. In other words, it's a form of value that we exchange for other things of value.<br /><br />I realize that this concept is pretty hard for a 4 year old to grasp, but I'm starting him off on the right foot by making sure he sees me paying for items with cash or a credit card. I'll make it a point to tell him we're going to pay, or the "pay place" as he likes to call it. I point out things like the register, the cashier, and the PIN pad where I insert the card. <br /><br />When he was smaller, he would watch me stick my credit card into the PIN pad, but now he enjoys the act of paying. It's actually pretty fun to watch him squeal when the buzzing noise comes on to let him know it's OK to take the credit card out. <br /><br />The idea is for him to understand that you can't just walk in and out of a store without exchanging money for the goods you're taking home, and although it's a simple lesson, it's paving the way for the other money lessons I intend to teach him.</p><h2>2. Showing him what opportunity cost means</h2><p>To recap - "opportunity cost" is simply what you give up when choosing one thing over another. For example, if you decide to spend $50 on dinner with your family, you give up the opportunity to add that $50 to your vacation fund.<br /><br />My son has the attention span of a goldfish, so it's not realistic for me to teach him about a consequence that could happen far into the future. Instead, when we go to the store, I offer him two options for certain items so he can understand what it means to make a choice.<br /><br />One of the best ways I've found is to start with food. If I know he needs more cereal, for example, I'll have him choose between two different kinds and make it clear that whichever one he picks is the one he'll have to eat until the box runs out; there have been occasions where he'll pick a type of cereal only to realize he wanted the other kind.</p><p>It's still a work in progress, but I plan on tackling more complicated tasks when he's older. For now, having him making choices like these is a good start.</p><h2>3. Playing with coins at home</h2><p>I can't teach my son money skills if I don't teach him numbers. He's able to understand simple addition, like 1+1, and I'm fine with that for now. But I'm also giving him coins to play with at home and showing him how to add them together (I'm using pennies to make it easy on him) so he sees what looks like a lot or a little bit of money.</p><p>We've started a routine where we occasionally buy drinks at a vending machine and count out coins together so he sees that the change we count at home is the same money we use to pay for drinks.</p><p>Also, now that he's better at recognizing numbers, we look at price tags in the store and I try to show him that the cash I have is what we'll use to pay. Sometimes, I'll take out a smaller bill and point to an item that costs more to see if he can recognize that we can't purchase it.</p><p>All of these little actions might not seem like much, but I know that once he's older, I can scaffold these skills into more complex ones. And when it comes time for him to save and budget his own money, he'll have a solid foundation.</p><ul class="read-more-links"><li>Read more:</li><li><a href="https://www.businessinsider.com.au/paying-kids-for-chores-allowances-entitlement-2018-12">Paying kids for doing chores could teach them to be entitled rather than helpful, says a professor who studies wealth inequality</a></li><li><a href="https://www.businessinsider.com/parenting-tips-new-parentes-2019-3">I spent a week asking parents to share their top parenting tips - here are the 9 best things they told me</a></li><li><a href="https://www.businessinsider.com/how-parents-set-their-kids-up-for-success-2016-4">Science says parents of successful kids have these 23 things in common</a></li><li><a href="https://www.businessinsider.com/american-parents-worried-about-money-upward-mobility-2018-12">American parents might be agonizing over their kids' piano lessons, soccer games, and SAT scores, but it's hiding a deeper anxiety</a></li></ul>    <div class="margin-top">        <h3>NOW WATCH: <a href="https://www.businessinsider.com/octopus-weirdest-animals-rna-editing-super-powers-2018-5">Octopuses are officially the weirdest animals on Earth</a></h3>        <div>                    </div>    </div>

I never want my 4-year-old son to go into debt like I did, so I'm teaching him 3 money-management lessons

<p><div class="KonaFilter image-container display-table float_right"><div><div class="image"><p class="source"><span>Steve Kovach/Business Insider</span></p></div><p></p></div></div>Bitcoin vending machines - ones that allow you to both withdraw cash from your Bitcoin account, and/or upload cash into your Bitcoin wallet - have been getting a lot of attention, especially as SXSW rolls on.</p>
<p>Our Steve Kovach just live Tweeted what it was like to use one. <a href="http://www.businessinsider.com/bitcoin-atm-2014-3">He was sorta neutral.</a> </p>
<p>Meanwhile a recent <a href="https://twitter.com/adrjeffries/status/442708409578577920">Tweet</a> from The Verge's Adrian Jefferies alerted us to something we hadn't really noticed: <span>these machines are actually kind of expensive. She was able to purchase Bitcoin from the machine at $689/coin, about $50 above market rate.</span></p>
<p>The only known, functional two-way Bitcoin ATM is manufactured by a Las Vegas-based company called Robocoin. They have four in the U.S., plus at least one in Canada.</p>
<p>We confirmed that the average transaction fee is 3-5% of the withdrawal amount. </p>
<p>The one in Vancouver actually costs 7%. <a href="http://www.wired.com/wiredenterprise/2014/01/bitcoin_atm/">Wired's Bob McMillan actually did a story about how the owner had to hire a minder</a> to ward off live dudes who'd trade their Bitcoin for next to nothing who'd taken up residence next <span style="line-height: 1.5em;">to the machine.</span></p>
<p><span style="line-height: 1.5em;">There is another Bitcoin vending machine <a href="http://mashable.com/2014/02/18/bitcoin-vending-machine-albuquerque/">in Albuquerque</a> that does not appear to charge a fee - but it's one-way: Users can only insert cash into their virtual wallet.</span></p>
<p><span style="line-height: 1.5em;">Robocoin CEO Jordan Kelley told us this is actually cheaper than the fees on </span><span style="line-height: 1.5em;">LocalBitcoin.com, and much cheaper than the rate for a normal MoneyGram or Western Union remittance, which can climb up to 13%.</span></p>
<p><span style="line-height: 1.5em;">But it's not clear for what amount the LocalBitcoin comparison would apply to, since the fee is transfer fee there is 0.0001-0.0004 BTC. </span></p>
<p><span style="line-height: 1.5em;">Kelley says you're paying for peace of mind.</span></p>
<p><span style="line-height: 1.5em;">"We are more secure and more compliant, than meeting a guy at Starbucks," he told us.</span></p>
<p><span style="line-height: 1.5em;">But it seems like all but the most ardent Bitcoin evangelist would be willing to throw down that much.</span></p>

Think Fees On Normal ATMs Are Expensive? Check Out What It Costs To Use A Bitcoin ATM

<p><div class="image-container float_right" style="width:400px"><div class="image"></div><p class="source"><a href="http://www.youtube.com/watch?v=zLZAZsuiDgY">Webvideofondsnieuws via YouTube</a></p></div>The name <keyword id="108421" type="PERSON" weightage="60" keywordseo="Mark-Mobius">Mark Mobius</keyword> is synonymous with emerging-market investing.</p>
<p>The Franklin Templeton asset manager has made his name scouring the world for investments in countries like Thailand, Egypt, Mongolia, and anywhere else where growth is hot.</p>
<p>His latest adventure? A fish ball factory in Thailand, <a href="http://www.linkedin.com/today/post/article/20130307195120-217978279-fishing-for-investment-and-culinary-adventures-in-thailand?nicamp=other&amp;nichn=twitter&amp;nismseg=linkedin">which he details on LinkedIn</a>.</p>
<p>He writes:</p>
<p style="padding-left: 30px;">On a recent visit to Thailand, my investment team and I had the opportunity to visit one of the world’s largest producers of fish balls, which are typically served in a bowl of hot noodles or dipped in sauce. Fish balls are popular throughout Asia and sold in street stalls and restaurants, and a recent boom in instant noodle sales is, in turn, helping boost the fish ball business. Fish balls have a firm, jelly-like and rubbery texture when you bite into one and release a delicious, mild fish taste. As an investor (and a foodie), I was quite interested in learning both about the market for fish balls and how they’re made.</p>
<p style="padding-left: 30px;">The Thai company our team visited produces over 6,000 tons of fish balls per year, and exports its products to markets around the world. In Hong Kong, a big market for fish balls, an enterprising entrepreneur had even created a fish ball vending machine. Customers were able to get a cup of fish balls by dropping a HK$5 coin or using their “Octopus card” (smart card payment system) at the vending machines.</p>
<p style="padding-left: 30px;">I often wondered what fish balls were made of. At the Thai factory, I learned that the content is 90% fish with about 10% corn starch added to make a paste so the mixture can be easily formed into balls. Seasonings like salt, sugar and some vegetable grounds from carrot or seaweed are secondary ingredients.</p>
<p>In addition to being interesting from a manufacturing standpoint, Mobius is giving a very realistic look at what emerging market investing is all about: Going to places, seeing the factories, talking to management, etc.</p>
<p>He also tweeted two great images of the factory. The second one is really cool.</p>
<blockquote class="twitter-tweet">
<p>A photo from my visit to a fish ball factory in <a href="https://twitter.com/search/%23Thailand">#Thailand</a>. Here, workers process fish.<a href="http://t.co/tB3b7v57C1" title="http://s.frk.com/16cjpRs">s.frk.com/16cjpRs</a> <a href="http://t.co/kSUDNmDD86" title="http://twitter.com/MarkMobius/status/309798013591764992/photo/1">twitter.com/MarkMobius/sta…</a></p>
— Mark Mobius (@MarkMobius) <a href="https://twitter.com/MarkMobius/status/309798013591764992">March 7, 2013</a></blockquote>

<blockquote class="twitter-tweet">
<p>My team and I get a good look at one stage of fish ball processing during our <a href="https://twitter.com/search/%23Thailand">#Thailand</a> factory visit. <a href="http://t.co/8duZ2Kcl7Q" title="http://twitter.com/MarkMobius/status/309799516872253440/photo/1">twitter.com/MarkMobius/sta…</a></p>
— Mark Mobius (@MarkMobius) <a href="https://twitter.com/MarkMobius/status/309799516872253440">March 7, 2013</a></blockquote>

<blockquote class="twitter-tweet">
<p>At the end of the line at the <a href="https://twitter.com/search/%23Thailand">#Thailand</a> factory – with packaged fish balls.<a href="http://t.co/tB3b7v57C1" title="http://s.frk.com/16cjpRs">s.frk.com/16cjpRs</a> <a href="http://t.co/o45Buvw5vD" title="http://twitter.com/MarkMobius/status/309801656625799168/photo/1">twitter.com/MarkMobius/sta…</a></p>
— Mark Mobius (@MarkMobius) <a href="https://twitter.com/MarkMobius/status/309801656625799168">March 7, 2013</a></blockquote>

<blockquote class="twitter-tweet">
<p>The final product of our recent <a href="https://twitter.com/search/%23Thai">#Thai</a> factory visit – delicious fish balls, ready to eat! <a href="http://t.co/UCrEP6Q0Sx" title="http://twitter.com/MarkMobius/status/309802107664470016/photo/1">twitter.com/MarkMobius/sta…</a></p>
— Mark Mobius (@MarkMobius) <a href="https://twitter.com/MarkMobius/status/309802107664470016">March 7, 2013</a></blockquote>

Legendary Investor Takes You Inside The Factory That Manufactures Fish Balls

<p>Monday will mark the centennial of the passage of the Federal Reserve Act, which created what is now the most important economic institution in the world.  </p>
<p>To mark the occasion, we've compiled the 15 most YOLO - which stands for You Only Live Once, and means throwing all concerns overboard - moments over the course of the Fed's 100 years.</p>
<p>You would think that a body composed of economics and math Ph.Ds that conducts most of its operations on a computer would be devoid of drama. </p>
<p>You'd be wrong.</p>
<p>Check it out.</p>
<h3>The Time The Contours Of The Fed Were Decided In Secret</h3>
<p><div class="KonaFilter image-container"><div class="image on-image"><p class="source"><span>Jekyll Island Museum</span></p></div><p></p></div></p>
<p>The idea to found the Fed was hashed out in secret over nine days in 1910 on a remote enclave off the coast of Georgia called Jekyll Island, owned by J.P. Morgan. Then as now, bankers were not the most well-loved people in America, so the participants traveled down to Brunswick slightly incognito, only referring to each other by first name. One of the men, a naturalized German industrialist named Paul Warburg who a key driving force for the Fed's creation, brought a shotgun on the train down to look like a duck hunter, despite never having dressed an animal in his life.</p>
<p>Source: <a href="http://books.google.com/books?id=YermphJSixkC&amp;pg=PT41&amp;lpg=PT41&amp;dq=bernanke+%22roy+young%22&amp;source=bl&amp;ots=avNeGapDWB&amp;sig=wb54bE2Bo8qBH00z9l9z5Xwjums&amp;hl=en&amp;sa=X&amp;ei=PWOzUriFMIeOkAfTuYCwAg&amp;ved=0CFgQ6AEwBjgK#v=onepage&amp;q=jekyll%20island&amp;f=false">Neil Irwin, "The Alchemists"</a></p>
<h3>The Time We Almost Had A Cincinnati Fed</h3>
<p><div class="KonaFilter image-container"><div class="image on-image"><p class="source"><span>St. Louis Fed</span></p></div><p></p></div></p>
<p>One of the original proposals for the Federal Reserve banking system was to place a Federal Reserve Bank in Cincinnati. It would have covered Ohio, Kentucky, and Indiana. It even made it into a final round of voting. But for practical and possibly political considerations - one academic <a href="http://www.stlouisfed.org/foregone/foregone.pdf">says</a> local bankers charged political bias against Cincinnati's historic Republican leanings - Cinci was placed under the control of Cleveland.</p>
<p>Source: <a href="http://www.businessinsider.com/fed-map-shows-proposed-cincinnati-fed-2013-8">St. Louis Fed</a></p>
<h3>The Time Fed Officials May Have Gotten Wasted On Their Way To Bailing Out Cuba</h3>
<p><div class="KonaFilter image-container"><div class="image on-image"><p class="source"><span><a href="http://www.frbatlanta.org/pubs/atlantafedhistory/a_history_ofatl_fed-high_winds_from_havana.cfm">Atlanta Fed</a></span></p></div><p></p></div></p>
<p>Around 1920, the Fed decided it would open a branch in Havana, a major American tourist destination. Management of the office was split between the Atlanta and Boston feds. In 1926, Cuba's banking system began teetering, and the Fed decided it would step in to prop it up. Forty-two pouches of registered mail were packed into the gunboat "Cuba," which took off at 5 pm on April 11 from Key West.</p>
<p>]The bank run was stanched, but the drama ended up jumping back stateside, when Washington began investigating charges that, "on the way over from Key West to Havana the entire party from Atlanta became intoxicated" and that they arrived in Havana "in a disgraceful condition." </p>
<p>The inquiry ultimately proved inconclusive, but the deputy governor of the Atlanta Fed lost his post. </p>
<p>Source: <a href="http://www.businessinsider.com/history-of-federal-reserve-in-havana-2013-10">Atlanta Fed</a></p>
<h3>The Time The World's Central Bankers Met In Secret On Long Island To Decide The Fate Of The World</h3>
<p><div class="KonaFilter image-container"><div class="image on-image"><p class="source"><span>Google Images</span></p></div><p></p></div></p>
<p> In 1927, the world economy was already showing signs of stress. So the heads of the central banks of France, Germany, and England, along with New York Fed President Benjamin Strong rented out the home of a U.S. Treasury official in Glen Cove, Long Island to try to work out a solution. The outcome of the meeting was inconclusive, though we obviously know what happened later - the stock market crashed.</p>
<p>But Strong pointedly cut out anyone from the Federal Reserve in Washington from attending, having deemed world finance his realm.</p>
<p>Source: <a href="http://books.google.com/books?id=YermphJSixkC&amp;pg=PT41&amp;lpg=PT41&amp;dq=bernanke+%22roy+young%22&amp;source=bl&amp;ots=avNeGapDWB&amp;sig=wb54bE2Bo8qBH00z9l9z5Xwjums&amp;hl=en&amp;sa=X&amp;ei=PWOzUriFMIeOkAfTuYCwAg&amp;ved=0CFgQ6AEwBjgK#v=onepage&amp;q=1927&amp;f=false">"Neil Irwin, The Alchemists"</a></p>
<h3>The Time A Sitting Fed Chairman Contemplated Buying The Washington Post</h3>
<p><div class="KonaFilter image-container"><div class="image on-image"><p class="source"><span>Google Images</span></p></div><p></p></div></p>
<p>Ben Bernanke has said that it was Meyer's Fed that prematurely ended what had obviously been a successful open-market securities purchasing program to stanch the Great Depression, causing the economy to relapse in 1932. Partially as a result, when President Roosevelt took power in 1933, he forced Meyer out. Meyer's next move? Buying the then-near-bankrupt Washington Post at a fire sale a month after leaving his post. So we have the prospect of a sitting Fed Chairman contemplating buying a major media outlet. </p>
<p>Source: <a href="http://fraser.stlouisfed.org/publication-series/?id=784">St. Louis Fed</a></p>
<h3>The Time The Fed Got A 100,000 Bill</h3>
<p><div class="KonaFilter image-container"><div class="image on-image"><p class="source"><span><a href="http://en.wikipedia.org/wiki/File:US100000dollarsbillobverse.jpg">Wikimedia</a></span></p></div><p></p></div></p>
<p>In 1933, the U.S. economy had entered a deflationary spiral - no one was buying anything, and everyone was hoarding gold.  To address the situation, President Roosevelt ordered the country to turn over their gold supplies. He also sought to take control of the Fed's gold supplies. Once gold was out of circulation, Roosevelt could better enforce his plan to reflate the economy.</p>
<p>The cost of this would be the temporary end of Fed independence. Fed Chair Eugene Black was sympathetic, but figured the decision was best left to Congress. On Jan. 30, 1934, Congress passed the Gold Reserve Act and officially directed the Treasury to take over the Fed's gold holdings. To pay for them, a 100,000 bill featuring Woodrow Wilson was printed. </p>
<p>Source: <a href="http://www.businessinsider.com/the-history-of-the-100000-bill-2013-1">St. Louis Fed</a></p>
<h3>The Time The Fed Got Its First Fed Chair From Out West - And It Turned Out He Was One Of The Best</h3>
<p><div class="KonaFilter image-container"><div class="image on-image"><p class="source"><span><a href="http://en.wikipedia.org/wiki/File:Marriner_Eccles.jpg">Wikimedia</a></span></p></div><p></p></div></p>
<p>Marinner Eccles was born into a prominent Mormon family in Logan, Utah - his father David founded and was the state's first multi-millionaire. Although he grew up with money, he ended his formal education at age 18 and went into business; by age 22 he is said to have made his first million. By sheer coincidence, he caught the attention of Stuart Chase, a well-connected national publicist, who happened to hear some of his speeches in Utah. Chase hooked him up with a close adviser to Roosevelt, and Eccles was invited to serve in the president's cabinet in 1933. Within a year, at the age of 44, he was appointed Fed Chair.</p>
<p>Eccles served through Roosevelt's death and into the beginning of Harry Truman's administration. A Keynesian, Eccles also made sure the government had access to to cheap financing to enact Roosevelt's New Deal program. Eccles was also the principle architect of the current Fed structure, centralized the Fed's power into the Washington-based Board of Governors. The Fed's main building is now named after him.  </p>
<p>Source: <a href="http://uda-db.orbiscascade.org/findaid/ark:/80444/xv32366">Marriott Library</a>, <a href="http://www.richmondfed.org/publications/research/special_reports/treasury_fed_accord/bios/eccles.cfm">Richmond Fed</a></p>
<h3>The Time Arthur Burns Got Bullied By Richard Nixon</h3>
<p><div class="KonaFilter image-container"><div class="image on-image"><p class="source"><span>ASSOCIATED PRESS</span></p></div><p></p></div></p>
<p>Nixon had sometimes blamed Martin's fiscal hawkishness on his failure to beat John Kennedy in 1960. So when he came up for reappointment in 1970, Nixon declined to reappoint him. Instead he tapped Arthur Burns, he president of the National Bureau of Economic Research.</p>
<p>As with anyone else in his ostensible administration, Nixon demanded complete fealty to his whims, and <a href="http://cba.unomaha.edu/faculty/mwohar/web/links/Donestic_Money_papers/Abrams_jep-v20n42006.pdf">transcripts show</a> the president repeatedly telling Burns he wasn't doing enough to boost the economy despite Burns' repeated warnings about the unforeseen impact of looser monetary policy. Nixon would later <a href="http://books.google.com/books?id=xahIAOPX8JwC&amp;pg=PA710&amp;lpg=PA710&amp;dq=%22Before+the+Fall:+An+Inside+View+of+the+Pre-Watergate+White+House%22&amp;source=bl&amp;ots=BRkraaCphx&amp;sig=0lvaoB8HsDqaZbuuqU2V8OpxwnI&amp;hl=en&amp;sa=X&amp;ei=_XK0UsypI8HesATw-4DoDA&amp;ved=0CFQQ6AEwBA#v=onepage&amp;q=burns&amp;f=false">plant a negative story about Burns in the press</a> that he was asking for undue salary raise at a time of economic difficulty. Burns was eventually proven correct but appears to have lost sight of his initial reservations: inflation averaged 6.6% during his eight-year term.</p>
<p>Source: <a href="http://books.google.com/books?id=HwVDaMyBZu8C&amp;pg=PA59&amp;lpg=PA59&amp;dq=nixon+blamed+william+mcchesney+martin&amp;source=bl&amp;ots=Rm31omHpUr&amp;sig=ZieFU5nHoQPsuLbPPrE_MJ8X1Ho&amp;hl=en&amp;sa=X&amp;ei=p3G0UqWZCfKwsQTjx4GIAQ&amp;ved=0CEIQ6AEwAg#v=onepage&amp;q=nixon%20blamed%20william%20mcchesney%20martin&amp;f=false">Thomas Emerson Hall</a>, <a href="http://cba.unomaha.edu/faculty/mwohar/web/links/Donestic_Money_papers/Abrams_jep-v20n42006.pdf">Journal of Economic Perspectives</a>, <a href="http://books.google.com/books?id=xahIAOPX8JwC&amp;pg=PA710&amp;lpg=PA710&amp;dq=%22Before+the+Fall:+An+Inside+View+of+the+Pre-Watergate+White+House%22&amp;source=bl&amp;ots=BRkraaCphx&amp;sig=0lvaoB8HsDqaZbuuqU2V8OpxwnI&amp;hl=en&amp;sa=X&amp;ei=_XK0UsypI8HesATw-4DoDA&amp;ved=0CFQQ6AEwBA#v=onepage&amp;q=burns&amp;f=false">William Safire</a></p>
<h3>The Time Paul Volcker Purposely Caused A Recession</h3>
<p><div class="KonaFilter image-container"><div class="image on-image"><p class="source"><span>REUTERS</span></p></div><p></p></div></p>
<p>This may be the most #YOLO moment in Fed history. To combat the inflation that had spiraled upward during Burns' and his successor Bill Miller, Paul Volcker raised interest rates to as much as 16% (by comparison rates are now at 0%) and essentially took the economy into temporary recession. It's not clear who first coined the phrase "shock therapy" to describe such drastic measures, but no one ever before Volcker purposely tanked the economy to save it.</p>
<h3>Alan Greenspan</h3>
<p><div class="KonaFilter image-container"><div class="image on-image"><p class="source"><span><a href="http://moneyfornothingthemovie.org/">Money For Nothing</a></span></p><p class="caption">Pictured center: Former Fed Chairman Alan Greenspan (1987-2006)</p></div><p></p></div></p>
<p>Appointed in 1987, Greenspan presided over the alleged Great Moderation of the American economy, and until everything started going south toward the end of his term, was widely credited with driving those gains. But he is now viewed by many as having been overly complacent about excessive growth, having done nothing to curb the "irrational exuberance" he himself called out in the mid-90s and which led to the 2000-2001 recession, and failing cool last decade's housing boom or reign in large financial institutions.Basically if you had a sexy, crazy '90s (Greenspan <a href="http://www.nytimes.com/1997/04/06/style/alan-greenspan-andrea-mitchell.html">married journalist Andrea Mitchell during his term</a>; he was also <a href="http://search.newyorkfed.org/fomc-docs/search?text=y2k&amp;FOMC+Search.x=-611&amp;FOMC+Search.y=-252">obsessed with Y2K</a>) and then were forced to sober up in 2008, you lived the Greenspan Experience. He has since <a href="http://www.nytimes.com/2010/03/19/business/economy/19fed.html">admitted some of his errors</a>, but many hard not to look back on his administration as an intense period of kool-aid drinking. </p>
<h3>The Time Paul Volcker's Love Of Fly Fishing Reshaped Economic History</h3>
<p><div class="KonaFilter image-container"><div class="image on-image"><p class="source"><span><a href="http://www.flickr.com/photos/25483059@N08/5906624533/in/photolist-9ZWZG2-9ZZVrs-9ZWUpa-9ZZPoY-9ZWZNB-9ZZLLW-9ZZNJb-9ZZRXf-9ZZVfq-9ZWTy2-9ZWWmp-9ZZWe3-9ZZKCy-9ZX7Ei-9ZZUYY-9ZZSTb-9ZZWwL-9ZWWyX-9ZWYzp-9ZX1V2-9ZZQb7-9ZZLWq-9ZWWuV-9ZX3X6-9ZZKX3-9ZZNtS-9ZWVHt-9ZZXmf-9ZZXQb-9ZWV66-9ZX3jt-9ZZQEQ-9ZZVVC-9ZX4Ea-9ZX1NK-9ZX36t-9ZZMzA-9ZZUid-9ZZNE7-9ZZNQQ-9ZZW3N-a24DFa-a27DUy-a27wEs-a24F98-a27DpY-a24KK6-a24Dst-a24KZp-a24Eag-a24Dfr">Jeff Gunn/flickr</a></span></p></div><p></p></div></p>
<p>The Kansas City Fed began holding an annual banking conference in 1978. For the first three years of its existence, almost no one showed up. So in a bid to entice higher-profile names, KC Fed officials decided to hold it in Jackson Hole, Wyo. - the main vacation destination of then-Fed Chair Paul Volcker, who reveled in the area's world renowned fly fishing. It worked, and the remote town has hosted the most important economics conference in the world every August ever since.  </p>
<p>Source: <a href="http://www.amazon.com/Age-Turbulence-Adventures-New-World/dp/0143114166/ref=sr_1_1?s=books&amp;ie=UTF8&amp;qid=1387562856&amp;sr=1-1&amp;keywords=the+age+of+turbulence">Alan Greenspan, "The Age Of Turbulence"</a></p>
<h3>The Time The Fed Held The Funniest FOMC Meeting Ever Recorded Just Months Before The Great Recession Began</h3>
<p><div class="KonaFilter image-container"><div class="image on-image"><p class="source"><span><a href="http://www.mentalfloss.com/blogs/archives/155542">Getty Images via mental_floss</a></span></p></div><p></p></div></p>
<p>When you search Fed transcripts, you find a surprising amount of "laughter" recorded. By conventionally standards, the jokes are pretty lame, but it shows Fed governors and presidents are not so uptight as you'd imagine. The FOMC meeting that recorded the most instances of laughter, however, is somewhat ominous: <a href="http://www.federalreserve.gov/monetarypolicy/files/FOMC20070628meeting.pdf">at the June 27-28, 2007 meeting</a>, there were 81. The average is usually around 40. Six months later, the economy officially entered recession.  </p>
<h3>The Time Brad Pitt's Baby Appeared In An FOMC Meeting</h3>
<p><div class="KonaFilter image-container"><div class="image on-image"><p class="source"><span>People</span></p></div><p></p></div></p>
<p> </p>
<p>They say Washington is Hollywood for ugly people, but one day in 2006, Hollywood actually entered the Fed record. The housing market was already showing signs of cracks - and everyone was wondering what to do about it. Dallas Fed President Richard Fisher, arguably the most colorful Fed president, said he'd heard from one CEO that "only subject that has been more analyzed than the housing situation is the birth of Brad Pitt's baby. " </p>
<p>Source: <a href="http://www.federalreserve.gov/monetarypolicy/files/FOMC20060920meeting.pdf">Federal Reserve</a></p>
<h3>The Time Bill Gross Got Called An "Addled" "Oddball"</h3>
<p><div class="KonaFilter image-container"><div class="image on-image"><p class="source"><span><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult_VPage&amp;VBID=2C0BXZLM5Q852&amp;SMLS=1&amp;RW=1645&amp;RH=849">REUTERS/Robert Galbraith</a></span></p></div><p></p></div></p>
<p> In 2006, inflation had begun leveling off, which economists weren't expecting. Dallas Fed President Richard Fisher cited comments made by PIMCO bond fund chief Bill Gross that this was perhaps some cause for concern.  </p>
<p>"One need look no further than this morning's Financial  Times editorial or Bill Gross's recent client letter-I've known Gross for twenty years, and I know he's an oddball. Actually, I'd like that word struck from the record. [Laughter] <br />MR. MOSKOW. What do you want to substitute? [Laughter] <br />MR. FISHER. He's increasingly addled, but his words do carry weight. In his recent client letter, he says, "Inflation is leveling off at admittedly unacceptable levels."</p>
<p>Source: <a href="http://www.federalreserve.gov/monetarypolicy/files/FOMC20061025meeting.pdf">Federal Reserve</a></p>
<h3>The Time A Fed Economist Missed The Recession And Swore He Wasn't On Drugs</h3>
<p><div class="KonaFilter image-container"><div class="image on-image"><p class="source"><span>Rob Wile/Business Insider</span></p></div><p></p></div></p>
<p>The NBER <a href="http://www.nber.org/cycles/dec2008.html">has now determined</a> December 2007 was the month when the Great Recession began.</p>
<p>Fed Chief Economist David Stockton did not see it that way at the time.</p>
<p>Here is what he said, according to the FOMC transcript from that month:</p>
<p style="padding-left: 30px;">"Despite all the financial turmoil, <strong>the economy avoids recession and, even with steeply higher prices for food and energy and a lower exchange value of the dollar, we achieve some modest edging-off of inflation</strong>. So I tried not to take it personally when I received a notice the other day that the Board had approved more frequent drug-testing for certain members of the senior staff, myself included. [Laughter]</p>
<p style="padding-left: 30px;">"I can assure you, however, that <strong>the staff is not going to fall back on the increasingly popular celebrity excuse that we were under the influence of mind altering chemicals and thus should not be held responsible for this forecast.</strong> No, we came up with this projection unimpaired and on nothing stronger than many late nights of diet Pepsi and vending-machine Twinkies."</p>
<p>Source: <a href="%20http://www.businessinsider.com/fed-december-2007-transcript-2013-1#ixzz2o2jI3LgF">Federal Reserve</a></p>

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