Game: What’s it like to be Chairman of the Fed?
Here is a fun and addicting game to all you money loving FinancialJesus.com readers.
In the Fed Chairman Game you are in charge or the national monetary policy of the US.
Your goal is simple - you must adjust the Federal Funds rate in order to keep the inflation and unemployment rate stable. This game makes you realize just how difficult it is to steer the national monetary policy.
It took me at least 10 tries to keep inflation in the target 2% area, while at the same time keeping the unemployment rate at around 5% and finishing the game successfully. See if you can do better.
You can play the Fed Chairman Game here.
What is The Federal Funds Rate?
The Federal Funds rate is the interest rate that Federal Reserve (the central bank of US) uses to lend money to other banks. By changing this interest rate the FED has the ability to control the supply of money in the U.S economy. Among many things this basically gives them the power to control the amount of business done in the US and also the unemployment rate.
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Are we allowed to take the “reserve” off fractional accounting, and put the Treasury back on the gold standard? ;-D
You probably need a secret code to enable this option in the Fed code
Remember when the “gold standard” was dropped and when the first recessions started? Is there a connection or is it pure coincidence? Yes, coincidence - a word that is very popular among politicians these days :p
The world will spin until there is nothing to spin anymore… Just a matter of time before things will change to simple and crystal clear again.
What was behind dropping the gold standard anyway?
PS. I succeeded the 4′th time :p Is the position for taking now?