Write a paper summarizing the banking system, starting with why we need it in the first place and its development up to the modern Federal Reserve System.

To achieve maximum points for content and analysis, the following elements need thoroughly addressed:

Clearly delineate why a trustworthy banking system is important.

Briefly outline the development of the American banking system from the Goldsmiths to the modern Federal Reserve.

Compare and contrast the American banking system to one or two foreign systems.

What are the strengths and weaknesses of each?

Provide at least two academic resources.