Bank Basics: A Short History Of Financial Institutions

By Rita Lowman

For centuries, banks have influenced the economies and politics of the world. Traditionally, banks originated as places where businesses could secure loans to purchase inventory, and thereafter collect the funds with interest once the goods were sold. The origin of the word bank is derived from the Italian word, “banco” or desk. During the Renaissance, Florentine bankers conducted their transactions above desks covered in a green tablecloth.

It has been speculated the earliest banks were actually religious temples in the ancient world, where deposits of grain and other goods were made. Considered sacred places, these temples were well protected from potential thieves. There are also historic records which point to loan activity extended by priests to merchants in ancient Babylon. Hammurabi’s Code, the oldest, best preserved law code in existence was created circa 1760 B.C. and includes laws which were used to govern bank operations.

Not surprisingly, the Ancient Greeks further developed the concept of banking. Transactions such as loans, deposits, currency exchanges, and more were conducted in temples as well as private and civic components. Evidence also points to the concept of credit. In return for payment from a client, a creditor in one Greek port would write a note of credit that the client could later cash in another port city. This convenient method saved the client from the danger of carrying coinage with him on his journey. Historic records indicate that a Pythius of the early 5th century B.C. operated as a merchant banker throughout Asia Minor.

[youtube]http://www.youtube.com/watch?v=-4Nw-xWL5Qs[/youtube]

The rise of the Roman Empire brought about greater administrative and financial regulations for banking. The charging of interest on loans was further developed by scrupulous financiers, making the system highly competitive. However, the bank system eventually broke down in large part to the Roman preference for cash transactions. Following the fall of Rome, Western Europe essentially abandoned banking. It did not experience a revival until the need for financing the Crusades stimulated its re-emergence.

Interestingly, the world’s oldest bank has been in existence since its founding in 1427. The Banca Monte dei Paschi di Siena SPA (MPS) was created in the city state of Siena, Italy. The bank today is comprised of nearly 1,800 branches, 28,000 employees and more than four million customers in Italy and abroad.

Fast forward to Western banking history, which is generally traced to the coffee houses in London. Founded in 1565, the Royal Exchange acted as a center of commerce for the city. A hierarchy of banking started at the top with bankers who conducted business with heads of state, followed by city exchanges, and at the bottom, pawn shops. In 1609, the Amsterdamsche Wisselbank (Amsterdam Exchange Bank) was established, making Amsterdam the financial center of the Western world.

Concepts of capitalism extolled by Adam Smith, considered the father of modern economics, and the advent of the Industrial Revolution gave way to a massive growth in the banking industry in the 18th and 19th centuries. In the United States, the first banks required special permission from the state government to operate. The state’s supervision proved inadequate as individual banks began issuing their own notes. By 1860, more than 10,000 various bank notes were circulating throughout the country. Counterfeiting was rampant and hundreds of banks failed. Government reforms created a new system of banking which included an involved method for producing authentic bank notes.

With the onset of the worldwide depression in the early 1930s, banks took a hard hit, which led to Congress’ creation of federal deposit insurance. President Franklin D. Roosevelt oversaw the implementation of laws aimed at limiting risks to banks and restoring Americans’ confidence in the banking system.

Since then, banking has undergone a revolution with technology transforming the way Americans bank. First telephone banking, and then ATMs, debit and credit cards, have lead the way to new innovations. Today, online banking and electronic money are evolving. Banks strive to serve the greater public in a competitive market that ensures a safe and sound banking system. From religious temples and Italian desks to coffee houses and the Industrial Revolution, banking has forever changed the way we live.

About the Author:

AmericanMomentumBank.com

provides a wide array of personal banking and business banking options and banking solutions tailored to your individual needs. For more information, please visit

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Scandinavian Airlines System landing gear failures prompt grounding of Bombardier Q400s

Wednesday, September 12, 2007

The second landing gear failure on a Scandinavian Airlines System (SAS) de Havilland Canada Dash 8 (also known as a Bombardier Q400 following Bombardier’s purchase of de Havilland Canada from Boeing) within the space of a week has prompted the grounding of many of the twin-engined turboprops.

On September 9, Scandinavian Airlines Flight 1209 suffered a right landing gear failure during landing at Aalborg Airport, Denmark. A fire broke out during the crash, and five people sustained injuries. This was followed today by the similar crash of Scandinavian Airlines Flight 2748 at Palanga Airport, Lithuania. No-one was injured.

The accidents have resulted in Bombardier recommending the grounding of all Q400s, which have undertaken more than 60,000 flights, as a “precautionary measure”. This affects leading carriers around the world, including SAS, Alaska Air ‘s Horizon Air subsidiary, Flybe, Japan Airlines, Austrian Airlines Group and Augsburg Airways, and covers around 60 aircraft.

SAS and Horizon Air have grounded 27 and 15 aircraft respectively, while Flybe have grounded six. Another airline, Porter Airlines, which operates the type exclusively against any others, have pointed out that their aircraft have not undertaken enough flights to be affected by the measures.

The landing gear are manufactured in the United States by Goodrich Corporation. One industry analyst, Cameron Doerksen, said that he felt that although the incidents and groundings obviously constitute bad publicity, he feels it would not influence the decision of a carrier considering whether to purchase Q400s. Bombardier declined 17 cents, or 2.7 percent, to C$6.23 on the Toronto Stock Exchange and SAS fell 6 kronor, or 4.8 percent, to 118 kronor in stock exchanging in Stockholm. Goodrich stock rose 19 cents to $64.96 on the New York Stock Exchange.

The groundings have caused hundreds of flights to be cancelled, leaving thousands of passengers stranded every day. The cost to SAS alone is estimated at 10-15 million Swedish kronor per day.

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Investigation into Washington, D.C. Metro crash finds need for new safety rules

Tuesday, July 27, 2010

An investigation into the fatal 2009 Washington Metro train collision conducted by the National Transportation Safety Board (NTSB) called for new safety and maintenance rules. The report, released today, blamed the crash on the faulty automatic train-control system. The report also cited the use of dated 1000-Series train cars. The 2009 crash, which killed 9 and injured 80, occurred during the evening rush between the Takoma and Fort Totten stations on the Red Line.

NTSB Chairman Deborah Hersman said that the system is currently regulated by state and local agencies. She called for Federal oversight. “Now it’s really time for them to step up to the plate and for Congress to address the issue,” Hersman said during the release of the findings.

In 2009, Hersman told Congress that Federal safety guidelines should be set saying “the state oversight system is not effective, they don’t have any teeth.” Currently the Federal government has control of interstate transit systems, not regional or local transit systems.

The Washington Metropolitan Area Transit Authority (WMATA) said yesterday that it would replace all of it’s 1000-Series trains with newer models. After the crash, then WMATA general manager, John Catoe said that “the system is safe.” WMATA’s interim general manager Richard Sarles said that “We are committed to considering and following through on the findings and recommendations.”

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Ontario Votes 2007: Interview with Family Coalition Party candidate Suzanne Fortin, Nepean-Carleton

Wednesday, September 26, 2007

Suzanne Fortin is running for the Family Coalition Party in the Ontario provincial election, in the Nepean-Carleton riding. Wikinews’ Nick Moreau interviewed her regarding her values, her experience, and her campaign.

Stay tuned for further interviews; every candidate from every party is eligible, and will be contacted. Expect interviews from Liberals, Progressive Conservatives, New Democratic Party members, Ontario Greens, as well as members from the Family Coalition, Freedom, Communist, Libertarian, and Confederation of Regions parties, as well as independents.

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How To Find Pimple Treatments

Submitted by: Luke Cameron

Zit. It is the vilest thing you can ever see when you wake up in the morning. Talk about an extension of a bad dream, huh? There is nothing worse than seeing that big fat lump called pimple on your nose. It’s like getting up on the wrong side of the bed every single day that persistent and angry red zit is present. From there, everything goes downhill. Admit it or not, having a pimple ruins your day. It doesn’t help knowing that 8 out of 10 people have the same problem as you, either. Acne can be a very personal issue.

So you start that battle against acne. But what weapons do you have? There are countless medications available in the market in every form possible – creams, gels, soaps, toners – but how do you choose one that will surely end your problem with pimples? The easiest way is to consult with a professional. A dermatologist will give you prescriptions and some tips to alleviate the problem. However, he or she can only do so much, and, let’s face it, there are people who have gone to a dermatologist or two (or more, come to think of that) but it still persists. It can be said that dermatologists may come and go, but the zit may stay forever. But you will not have that, no sir! You can take the matter in your own hands and beat the enemy. First, do some research. Scour the web for articles on the causes of acne. With the wealth of information online, you are sure to find all the details you need. Second, find out the different medications and pimple treatment methods and learn more about them Benzoyl Peroxide, Tretinoin, Salicylic Acid and accutane. Read about the different types of skin, too, and find out which type you have. Do you have normal, dry, oily or sensitive skin? Are you allergic to certain medications or chemicals? You have to know your skin in order for you to best judge which among the treatments you have researched on will best suit you and help beat that stubborn zit once and for all.

[youtube]http://www.youtube.com/watch?v=sl1f9kv37uE[/youtube]

Thank heavens for technology and dermatological advancement. Improvement and breakthroughs are being achieved in the field of dermatology everyday, and the information you need is within your reach through the internet. Also, don t forget that proper diet and healthy lifestyle can also help you in getting rid of your acne. Nutrition, hygiene and proper rest work hand-in-hand with medications. Just remember, pimple treatment does not happen over night. Some medications take about two weeks. It may take a little time, but everything will be worth it.

About the Author: Luke Cameron is owner of Beauty Care Inc – an online magazine offering news, tips and articles on Beauty topics. His website can be found at:

beautycareinc.com

and

womensbooth.com

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Iranian International Master Dorsa Derakhshani discusses her chess career with Wikinews

Tuesday, April 14, 2020

In February 2017, the Iranian Chess Federation announced two teenage chess players, Dorsa Derakhshani and her younger brother Borna Derakhshani, were banned from representing the national team. The federation announced their decision although Dorsa Derakhshani had previously decided and informed the chess federation she did not wish to play for Iran.

Dorsa Derakhshani is currently 21 years old and holds the International Master (IM) as well as Woman Grand Master (WGM) titles. Her brother, Borna, plays for the English Federation and holds the FIDE Master title.

Dorsa Derakhshani was banned since she did not wear a hijab, an Islamic headscarf, while competing at the Tradewise Gibraltar Chess Festival in January 2017. Under the laws of Islamic Republic of Iran, hijab is a mandatory dress code. Her brother Borna Deraskhsani was banned for playing against Israeli Grand Master (GM) Alexander Huzman at the same tournament. Iran does not recognise the existence of Israel, and previously, Irani athletes have avoided playing against Israeli athletes.

Mehrdad Pahlavanzadeh, the president of the country’s chess federation, explained the decision to ban the players saying, “As a first step, these two will be denied entry to all tournaments taking place in Iran and in the name of Iran, they will no longer be allowed the opportunity to be present on the national team.” ((fa))Farsi language: ?????? ????? ?? ??? ??? ?? ??? ????? ?? ?? ???? ???????? ?? ?? ????? ? ?? ??? ????? ?????? ??????? ????? ??????? ? ???? ???? ???? ?? ??? ??? ?? ??????? ????. He further stated, “Unfortunately, something that should not have happened has happened and our national interest is paramount and we have reported this position to the Ministry of Sports.” ((fa))Farsi language: ????????? ?????? ?? ????? ????????? ?????? ??? ? ????? ??? ?? ?? ?? ???? ?????? ???? ? ?? ??? ???? ?? ?? ????? ???? ?? ????? ?????.

IM Dorsa Derakhshani, who currently studies at Saint Louis University in the United States and plays for the United States Chess Federation, discussed her chess career, time in Iran and the 2017 controversy, and her life in Saint Louis with a Wikinews correspondent.

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At least eight dead after drone strikes in Pakistan

Thursday, March 18, 2010

According to Pakistani officials, at least ten suspected terrorists were killed in North Waziristan by suspected US drone strikes earlier Wednesday. This is the second US drone attack in the span of two days.

Conflicting media reports say that the first strike consisted of either four or five missiles launched from an unmanned aerial vehicle. They hit a vehicle and a suspected rebel compound in the town of Hamzoni, killing three people.

In the second attack in the Maizar Madakhel area, another five people were reported dead. Pakistani officials say that the area is controlled by Taliban commander Hatiz Gul Bahadur.

Although the US government does not usually confirm drone strikes in Pakistan, analysts say that they are the only ones in the vicinity with access to machinery capable of carrying out said attacks.

On Tuesday, a similar double drone strike killed eight suspected rebels from the same group in the Datta Khel region of Pakistan.

According to the BBC, the US has increased drone strikes recently, and that such attacks have killed several hundred people since August 2008.

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U.S. Senate passes amendment stripping Guantanamo detainees’ access to courts

Friday, November 11, 2005

The U.S. Senate has adopted an amendment, proposed by Senator Lindsey Graham (RSC), to a defense bill limiting detainees’ court privileges.

The amendment would make the Combat Status Review Tribunal (CSRT) statutory law, the Annual Review Board (ARB) statutory law, require the designated civilian officer to be a government official who is appointed by the President with the advice and consent of the Senate, not allow the preponderance of evidence against a detainee be derived from undue coercion, and remove Guantanamo prisoners’ right to file habeas corpus petitions in federal courts.

In regards to the habeas corpus provision, the amendment specifically states, “No court, justice, or judge shall have jurisdiction to hear or consider an application for a writ of habeas corpus filed by or on behalf of an alien outside the United States (as that term is defined in section 101(a)(38) of the Immigration and Naturalization Act (8 U.S.C. 1101(a)(38)) who is detained by the Department of Defense at Guantanamo Bay, Cuba.” [1]

The amendment passed with a 49-42 vote. Five Democrats jumped party lines to vote for and four Republicans jumped party lines to vote against the amendment. Nine Senators, seven Republicans and two Democrats, did not vote on the amendment. Kent Conrad, Mary Landrieu, Joseph Lieberman, Ben Nelson, and Ron Wyden were the Democrats who voted for the amendment. Arlen Specter, Lincoln Chafee, Gordon Smith, and John Sununu were the Republicans who voted against the measure.

Senator Graham is quoted as saying, “The president has established procedures to determine who is an enemy combatant and to annually review their status. It’s now time for Congress to sign-off on these procedures and turn them into a statute, a move the courts will give great deference to.”

It should be noted that under Graham’s amendment, detainees would be able to challenge only the narrow question of whether the procedures established by the Secretary of Defense at the time the military determined their status as an enemy combatant were followed. The Court of Appeals for the DC circuit would still retain the ability to rule on that question.

Civil liberties groups as well as human rights groups issued statements opposing the amendment. “The Graham amendment will create a thousand points of darkness across the globe where the United States will be free to hold people indefinitely without a hearing and beyond the reach of U.S. law and the checks and balances of the courts enshrined in our Constitution,” the Center for Constitutional Rights said in a statement.

“The Graham amendment would strip all courts, including the Supreme Court, of jurisdiction to consider habeas corpus petitions or any other action challenging any aspect of the detention of foreign detainees held at Guantanamo Bay, except for the narrow question of whether status review boards follow their own rules,” said a press release from the American Civil Liberties Union.

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Air Conditioning Services – Help Is At Hand!

byadmin

Air conditioners are a life saver when t he hottest months of the year come around. It can be a real threat if your air conditioner is not working properly during these hot summer months. It always seems to be a good idea to keep the air conditioner functioning, however, it does not happen that way, does it? Well, there is nothing to worry about even if it is not working because you can always call an HVAC repair company that provides air conditioning services. These companies have experienced and efficient technicians who are qualified to service, repair, and install any kind of air conditioner you want.

The technicians from these companies will visit your home, office, shop or factory and provide thorough, professional air conditioning services and make it work like before. Air conditioning machines have complex systems and thus they may breakdown after years of functioning. In this way you can keep the contact details of your nearest provider of air conditioning services handy in case you need it in an emergency.

One of the best ways to avoid emergencies such as breakdowns is by getting preventive maintenance packages from the HVAC company. These companies provide maintenance packages for your air conditioner on regular intervals. They have separate plans for homes and commercial places and thus you can choose according to your requirement. The preventive maintenance includes routine services like the cleaning of filters, tune-ups, checking the electrical parts, cooling tips, and others. The preventive maintenance services may vary from one company to another.

If you are planning to get one of these preventive maintenance services then you may search for the best air conditioning services around. The air conditioning services offered by the HVAC companies also involve installing new machines. If you have bought a new air conditioner and do not know how to fix it, then the best thing would be to call professionals for help. This will save your time, energy, and give you a professionally executed installation service.

Proper maintenance of your air conditioner will give high efficiency and you can save hugely on your electricity bill. If you are not really comfortable with the complex maintenance yourself then you should contact an HVAC company for technical and professional air conditioning services. One of the best things about these companies is that they work around the clock and provide emergency services at your doorstep no matter what time of the day it is!

Roberts Heating and Air Conditioning Services can provide the air conditioning services you are looking for. Get affordably priced services when you visit them online at Robertsheating.com. Click here for more details.

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Oil pipeline explosion kills 27 in central Mexico

Monday, December 20, 2010

The explosion of an oil pipeline in San Martín Texmelucan de Labastida in central Mexico has killed at least 27 individuals and injured 56 others. Twelve of the dead are children. Over 100 homes were damaged and at least 30 of them were destroyed. The explosion had an estimated blast radius of three miles.

Describing exploding gas tanks that flew through the air, Carlos Hipolito, who fled the scene with approximately 60 relatives, described the incident to Milenio Television as a “catastrophe”. Living ten blocks from where the explosion occurred, 58-year-old Jose Luis Chavez explained that he had heard a minimum of two loud explosions and witnessed flames rising over 10 meters (30 feet) into the air.

It is thought that at the Petróleos Mexicanos (Pemex) pumping station where the incident occurred, a gang of criminals were attempting to illegally tap crude oil from the pipeline when they punctured it. Valentin Meneses, Puebla state interior secretary, stated: “They lost control because of the high pressure with which the fuel exits the pipeline.”

Pemex has explained that the theft of oil from the pipelines causes them to lose hundreds of millions of dollars every year. Juan José Suárez Coppel, the head of the company, stated that the pipeline section near to the location of the blast was tapped illegally on 60 occasions. He also reported that across Mexico, 550 cases of illegal tapping had occurred.

Expressing his condolences to the families of those that had died because of this incident, Mexican president Felipe Calderon stated that the federal government is to launch an investigation to try to establish the identities of the offenders and apprehend them.

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