( Editor’s note: This blog post and/or video, first appeared on one of the “pages” appearing in the menu bar at the top of this website many months ago. We reprint/repost it here while we work on supplementing and updating our video on the Federal Reserve Bank, interest rates and monetary policy and because some of our visitors do not realize that there is also substantive content found in this website’s pages —not just in the blog posts. It is reprinted below along with the associated video, if any, on August 1, 2019.)