The Federal Reserve Bank of Boston

We had a trip to the Federal Reserve Bank of Boston on last Friday and listened to a brief presentation given by one of the staff.
I only knew a few about the Federal Reserve Banks in the past. I knew they are different from commercial banks and investment banks and they are more like the institutions which supervise the national economic activities. Once, I read an article about “the super class” in newspaper, it describes that there are a small number of people who can resolve many complex and thorny issues in a short time, and their actions are related to many other countries in the world. That article also used the example of the former president of the Federal Reserve Bank of New York, Timothy Geithner, who now is the Treasury Secretary of Obama Administration. He used to lead a group of people dealing with domestic and global economic problems, and if he is not very hard-working or intelligent, it will be catastrophic to a large number of people both in the U.S. and overseas. (By the way, I think he is the most handsome treasury secretary in the history of the United States of America. But I hope that his abilities are far beyond his appearance. Time will tell.)
Back to our trip, this presentation impressed me with the recognition of the Federal Reserve Banks. The Federal Reserve System was established in 1913, and consists of 12 regional Federal Reserve Banks; most of them are located in major cities along the eastern coast. I wonder whether this kind of distribution can catch up with the speed of development of society nowadays. Maybe it still can because there are no signs to add some more in middle or western states. Although Boston is very small in size but very significant in influence, the financial, cultural, educational center of Massachusetts, of the United States.
Federal Reserve Banks are playing an important role in analyzing, adjusting national economic activities, to be precise, there are three main functions: 1.Monetary policy. 2. Payment system. 3. Banking regulation and supervision. The initial aim to set up the Federal Reserve System is to make monetary policy independent, out of government’s control. And they offer financial services such as transfer of funds but they do not print money. In addition, Federal Reserve Banks supervise and examine commercial banks that are members of this system.
Furthermore, the presenter showed us several ways to identify fake money, like concentric circles, water mark, polymer thread, color shifting ink and so on. It seems better to use credit card or debt card. I like this kind of presentations and I really enjoy this visit because it is very meaningful and interesting to get to know more about economics for a pre-business student. And these are the aspects that I want to be familiar with. There are so many unknown things in this delicate city to observe and to explore. After all, Boston in the eyes of a student is different from that in the eyes of a visitor.

The Freedom Trail

Our freedom trail started from the Boston Common, in which Bella and I gave the presentation. The Boston Common is the oldest public park in the United States, found in 1634, and it has witnessed many historic moments. The place was used as a pasture, and local residents grazed livestock here. Also, it once was a training field and over 1000 British soldiers made camp on the common when they occupied Boston, and they left from the Charles River that was near the common to face a fateful battle at Lexington and concord in April, 1775. And Boston Common was not always a place for entertainment; it was a public hanging site until 1817. In 1713, more than 200 citizens rioted on the common in response to a severe food shortage in the city. They attacked the ships and warehouses of a wealthy businessman who exported food to foreign countries for higher profits. As time goes by, the Boston Common is no longer a place for revolution, war or rebellion, but a site for public speaking, celebration, and recreation. Famous speakers like Martin Luther King, gave free speeches on the common to express their quest for civil rights, liberty and peace. Today the place is a beautiful garden for all to enjoy the sunshine and clean air.
The second place we visited was Granary Burying Ground, where many early famous citizens of Boston are buried, including Paul Revere. The ground is neat and peaceful, though it is so close to downtown. Different gravestones have undergone the corrosion of rain, wind and maybe human damage over the past 300 years. There are also many little flags—the stars and stripes flying in the wind—today, this history is still remembered by many Americans, people use the flags to show their memorial to the past.
We have visited the King’s Chapel as well, which was the first non-Puritan church in the U.S. The little church was very wealthy in colonist and pre-civil-war Boston, and has a deep relationship with African-Americans. King’s Chapel strongly supported abolitionist movement and held funerals for many a free African-American. As I stepped into the church, a feeling of harmony came up to my heart, the dark lights and silent surroundings made the place totally different from the modern and noisy outside world. It is a common characteristic that most churches share, a sacred atmosphere.
Boston is a world-famous city, an interesting place with exciting entertainments and potential possibilities for the young. However, Boston is attractive to me because its universities and its uniquely historic value. It was a pity that we did not finish the whole freedom trail. Walking alone the old streets, thinking of the days when the great pioneers fought for freedom and civil rights. This kind of fight is a quest that beyond the national borders and a common language that people from various backgrounds and races all can understand.