The Federal Reserve System

Answer the following questions.

1. What is the Federal Reserve System?

2. Why can the Federal Reserve System be thought to have unlimited authority? (Thomas Jefferson and Andrew Jackson treated it as "The Monster").

3. What ideas is the Institute dedicated to?

4. What has happened to the living standard of Americans for recent 20 years?

5. What’s happened to their incomes? How many incomes does it require to afford a home?

6. What kind of the so called “social stuff” is getting more and more expensive?

7. Are the youth going to live better then their parents? Will a good job provide a decent living?

8. What is said about

v a good job

v taxes

v social security

v private pensions?

9. What are politicians doing?

10. Where do the roots of this situations come from?

11. How does the Federal Reserve System react? What is happening to money?

12. What does the Professor compare the actions of the Federal Reserve System with?

Complete the sentences according to the film.

1. According to the film, money is the source of ….., not of ……..

2. Money is ….. of any economic activity.

3. In early times people traded goods and services …..

4. Wheat and fish were not reliable as indirect exchange means because …

5. What kind of goods were efficient in indirect exchange?

6. Money is just another name for ….

7. What kind of goods used to serve as money in the past in

v Central America

v East Asia

v North America

v By the first colonists of America?

8. When and where did first coins appear? What were they made of?

9. What qualities were they valued for?

Translate the part of the video from English into Russian.

VI. Translator’s Communicative Competence

Students should work together in pairs and read the following dialogue, one student reading one part, the other student reading the other. Note the expressions used in the dialogue and the progression of the conversation. The dialogue can be used as a model to have similar conversations. The third student is to translate them into Russian.