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What Is a Banking Panic,and What Role Did Banking Panics

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Essay

What is a banking panic,and what role did banking panics play in the decision by Congress to establish the Federal Reserve?


Definitions:

Nasal Septum

The cartilage and bone wall that divides the nasal cavity into two nostrils, which can sometimes be deviated, causing breathing difficulty.

Paranasal Sinuses

Air-filled spaces located within the bones around the nasal cavity, contributing to the resonance of voice and humidifying the air we inhale.

Cilia

Microscopic, hair-like structures that protrude from the surface of cells, involved in movement and sensing environmental stimuli.

Pharynx

The muscular tube at the back of the nose and mouth that connects them to the esophagus.

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