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In the US the Federal Reserve Banks assisted with the ebb and flow of money from the heartland to the East Coast for agricultural financing. Note the presence of FRBs in Cleveland, Chicago, Kansas City, St. Louis and Minnesota. Derivatives to hedge the exposure of farm products started with commodity futures in Chicago. These origins and agricultural commodity financing is as old as human settlement and a focus on agriculture. In the Maslow's pyramid, these basic needs are at the base. The Federal Reserve Banks started as a way for East Coast Financiers to f
Date 10th Jan 2024 (Wednesday)
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