Casework – Select one case from the list below. All cases are related to “The Challenge of Central Banking in a Democratic Society” speech. Only one case must be completed. You must complete a cover page (stating your name and the case) along with a reference page. There is a three-page minimum body (750 word minimum) for each case. Case I: In his speech, Greenspan refers to the functions of money and the monetary aggregates. Identify and explain both the functions and aggregates. Then discuss how the role of technology has and will continue to play a role in these capacities. Case II: In his speech, Greenspan refers to William Jennings Bryan’s 1896 Democratic Convention “Cross of Gold” speech. Explain what Bryan was referring to and what he was attempting to accomplish with his speech. Preface your explanation with a desсrіption of the fixed exchange rate system the major economies of the world had been participating in. Conclude your explanation with a desсrіption of the flexible exchange rate system the major economies of the world currently participates in. Case III: In his speech, Greenspan suggests that the central bank has not been immune from the suspicion and lack of respect that has come to affect other institutions in our society. In this context, he is referring to controversy that the Fed should not operate as an independent government agency. Identify and explain in detail the controversy itself. Support your explanation by outlining the composition of the Fed’s organizational structure, including appointments and responsibilities. Case IV: In his speech, Greenspan unknowingly foreshadowed the burst of the stock market’s speculative bubble in early 2001. In doing so, he suggested the following: (1) the Federal Reserve’s task of being guardian of the purchasing power of the dollar will become increasingly difficult due to pinning down the notion of what constitutes a stable general price level; (2) when industry and production were the centerpiece of the economy, valuing inflation could be reasonably computed and compared over a period of years; and (3) the simple notion of price has become decidedly ambiguous as the economy has become service-oriented, but as long as contractual arrangements for future payments valued in dollars, there should be some general sense of the purchasing power of money. Explain in detail what Greenspan is referring to. Then answer the following open-ended questions posed by Greenspan…
