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History of the Federal Reserve System
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Federal Reserve Board, 1917
This article is about the history of the United States Federal Reserve System from its creation to the present.
Contents
[hide]
1 Central banking prior to the Federal Reserve
2 The Federal Reserve Act, 1913
2.1 The National Monetary Commission, 1907-1913
2.2 Enactment of the Federal Reserve Act (1913)
3 Operations, 1915-1951
4 Accord of 1951 between the Federal Reserve and the Treasury Department
5 Post Bretton-Woods era
6 2001 recession to present
6.1 2008 subprime mortgage crisis
7 Key laws affecting the Federal Reserve
8 References
9 External links
Central banking prior to the Federal Reserve[edit]
Main article: History of central banking in the United States
The Federal Reserve System is the third central banking system in United States history. The First Bank of the United States (1791–1811) and the Second Bank of the United States (1817–1836) each had a 20-year charter. Both banks issued currency, made commercial loans, accepted deposits, purchased securities, maintained multiple branches and acted as fiscal agents for the U.S. Treasury.[1] The U.S. Federal Government was required to purchase 20% of the bank capital stock shares and to appoint 20% of the board members (directors) of each of those first two banks "of the United States." Therefore, each bank's majority control was placed squarely in the hands of wealthy investors who purchased the remaining 80% of the stock. These banks were opposed by state-chartered banks, who saw them as very large competitors, and by many who insisted that they were in reality banking cartels compelling the common man to maintain and support them. President Andrew Jackson vetoed legislation to renew the Second Bank of the United States, starting a period of free banking. Jackson staked the legislative success of his second presidential term on the issue of central banking. "Every monopoly and all exclusive privileges are granted at the expense of the public, which ought to receive a fair equivalent. The many millions which this act proposes to bestow on the stockholders of the existing bank must come directly or indirectly out of the earnings of the American people," Jackson said in 1832.[2] Jackson's second term in office ended in March 1837 without the Second Bank of the United States's charter being renewed.
In 1863, as a means to help finance the Civil War, a system of national banks was instituted by the National Currency Act. The banks each had the power to issue standardized national bank notes based on United States bonds held by the bank. The Act was totally revised in 1864 and later named as the National-Bank Act, or National Banking Act, as it is popularly known. The administration of the new national banking system was vested in the newly created Office of the Comptroller of the Currency and its chief administrator, the Comptroller of the Currency. The Office, which still exists today, examines and supervises all banks chartered nationally and is a part of the U.S. Treasury Department.
The Federal Reserve Act, 1913[edit]
Main article: The Federal Reserve Act
National bank currency was considered inelastic because it was based on the fluctuating value of U.S. Treasury bonds rather than the growing desire for easy credit. If Treasury bond prices declined, a national bank had to reduce the amount of currency it had in circulation by either refusing to make new loans or by calling in loans it had made already. The related liquidity problem was largely caused by an immobile, pyramidal reserve system, in which nationally chartered rural/agriculture-based banks were required to set aside their reserves in federal reserve city banks, which in turn were required to have reserves in central city banks. During the planting seasons, rural banks would exploit their reserves to finance full plantings, and during the harvest seasons they would use profits from loan interest payments to restore and grow their reserves. A national bank whose reserves were being drained would replace its reserves by selling stocks and bonds, by borrowing from a clearing house or by calling in loans. As there was little in the way of deposit insurance, if a bank was rumored to be having liquidity problems then this might cause many people to remove their funds from the bank. Because of the crescendo effect of banks which lent more than their assets could cover, during the last quarter of the 19th century and the beginning of the 20th century, the United States economy went through a series of financial panics.[3]
The National Monetary Commission, 1907-1913[edit]
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Prior to a particularly severe panic in 1907, there was a motivation for renewed demands for banking and currency reform.[4] The following year, Congress enacted the Aldrich-Vreeland Act which provided for an emergency currency and established the National Monetary Commission to study banking and currency reform.[5]
The chief of the bipartisan National Monetary Commission was financial expert and Senate Republican leader Nelson Aldrich. Aldrich set up two commissions – one to study the American monetary system in depth and the other, headed by Aldrich, to study the European central-banking systems and report on them.[5]
Aldrich went to Europe opposed to centralized banking but, after viewing Germany's banking system, he came away believing that a centralized bank was better than the government-issued bond system that he had previously supported. Centralized banking was met with much opposition from politicians, who were suspicious of a central bank and who charged that Aldrich was biased due to his close ties to wealthy bankers such as J.P. Morgan and his daughter's marriage to John D. Rockefeller, Jr.[5]
In 1910, Aldrich and executives representing the banks of J.P. Morgan, Rockefeller, and Kuhn, Loeb & Co., secluded themselves for ten days at Jekyll Island, Georgia.[5] The executives included Frank A. Vanderlip, president of the National City Bank of New York, associated with the Rockefellers; Henry Davison, senior partner of J.P. Morgan Company; Charles D. Norton, president of the First National Bank of New York; and Col. Edward M. House, who would later become President Woodrow Wilson's closest adviser and founder of the Council on Foreign Relations.[6] There, Paul Warburg of Kuhn, Loeb, & Co. directed the proceedings and wrote the primary features of what would be called the Aldrich Plan. Warburg would later write that "The matter of a uniform discount rate (interest rate) was discussed and settled at Jekyll Island." Vanderlip wrote in his 1935 autobiography From Farmboy to Financier:[7]
Despite my views about the value to society of greater publicity for the affairs of corporations, there was an occasion, near the close of 1910, when I was as secretive, indeed, as furtive as any conspirator. None of us who participated felt that we were conspirators; on the contrary we felt we were engaged in a patriotic work. We were trying to plan a mechanism that would correct the weaknesses of our banking system as revealed under the strains and pressures of the panic of 1907. I do not feel it is any exaggeration to speak of our secret expedition to Jekyl Island as the occasion of the actual conception of what eventually became the Federal Reserve System. … Discovery, we knew, simply must not happen, or else all our time and effort would be wasted. If it were to be exposed publicly that our particular group had gotten together and written a banking bill, that bill would have no chance whatever of passage by Congress. Yet, who was there in Congress who might have drafted a sound piece of legislation dealing with the purely banking problem with which we were concerned?
Despite meeting in secret, from both the public and the government, the importance of the Jekyll Island meeting was revealed three years after the Federal Reserve Act was passed, when journalist Bertie Charles Forbes in 1916 wrote an article about the "hunting trip".[8]
The 1911–12 Republican plan was proposed by Aldrich to solve the banking dilemma, a goal which was supported by the American Bankers’ Association. The plan provided for one great central bank, the National Reserve Association, with a capital of at least $100 million and with 15 branches in various sections. The branches were to be controlled by the member banks on a basis of their capitalization. The National Reserve Association would issue currency, based on gold and commercial paper, that would be the liability of the bank and not of the government. The Association would also carry a portion of member banks’ reserves, determine discount reserves, buy and sell on the open market, and hold the deposits of the federal government. The branches and businessmen of each of the 15 districts would elect thirty out of the 39 members of the board of directors of the National Reserve Association.[9]
Aldrich fought for a private monopoly with little government influence, but conceded that the government should be represented on the board of directors. Aldrich then presented what was commonly called the "Aldrich Plan" – which called for establishment of a "National Reserve Association" – to the National Monetary Commission.[5] Most Republicans and Wall Street bankers favored the Aldrich Plan,[6] but it lacked enough support in the bipartisan Congress to pass.[10]
Because the bill was introduced by Aldrich, who was considered[by whom?] the epitome of the "Eastern establishment", the bill received little support. It was derided by southerners and westerners who believed that wealthy families and large corporations ran the country and would thus run the proposed National Reserve Association.[10] The National Board of Trade appointed Warburg as head of a committee to persuade Americans to support the plan. The committee set up offices in the then-45 states and distributed printed materials about the proposed central bank.[5] The Nebraskan populist and frequent Democratic presidential candidate William Jennings Bryan said of the plan: "Big financiers are back of the Aldrich currency scheme." He asserted that if it passed, big bankers would "then be in complete control of everything through the control of our national finances."[11]
There was also Republican opposition to the Aldrich Plan. Republican Sen. Robert M. La Follette and Rep. Charles Lindbergh Sr. both spoke out against the favoritism that they contended the bill granted to Wall Street. "The Aldrich Plan is the Wall Street Plan…I have alleged that there is a 'Money Trust'", said Lindbergh. "The Aldrich plan is a scheme plainly in the interest of the Trust". In response, Rep. Arsène Pujo, a Democrat from Louisiana, obtained congressional authorization to form and chair a subcommittee (the Pujo Committee) within the House Committee Banking Committee, to conduct investigative hearings on the alleged "Money Trust". The hearings continued for a full year and were led by the subcommittee's counsel, Democratic lawyer Samuel Untermyer, who later also assisted in drafting the Federal Reserve Act. The "Pujo hearings"[12] convinced much of the populace that America's money largely rested in the hands of a select few on Wall Street. The Subcommittee issued a report saying:[13]
"If by a 'money trust' is meant an established and well-defined identity and community of interest between a few leaders of finance…which has resulted in a vast and growing concentration of control of money and credit in the hands of a comparatively few men…the condition thus described exists in this country today...To us the peril is manifest...When we find...the same man a director in a half dozen or more banks and trust companies all located in the same section of the same city, doing the same class of business and with a like set of associates similarly situated all belonging to the same group and representing the same class of interests, all further pretense of competition is useless.... "[11]
Seen as a "Money Trust" plan, the Aldrich Plan was opposed by the Democratic Party as was stated in its 1912 campaign platform, but the platform also supported a revision of banking laws intended to protect the public from financial panics and "the domination of what is known as the "Money Trust." During the 1912 election, the Democratic Party took control of the presidency and both chambers of Congress. The newly elected president, Woodrow Wilson, was committed to banking and currency reform, but it took a great deal of his political influence to get an acceptable plan passed as the Federal Reserve Act in 1913.[10] Wilson thought the Aldrich plan was perhaps "60–70% correct".[5] When Virginia Rep. Carter Glass, chairman of the House Committee on Banking and Currency, presented his bill to President-elect Wilson, Wilson said that the plan must be amended to contain a Federal Reserve Board appointed by the executive branch to maintain control over the bankers.[11]
After Wilson presented the bill to Congress, a group of Democratic congressmen revolted. The group, led by Representative Robert Henry of Texas, demanded that the "Money Trust" be destroyed before it could undertake major currency reforms. The opponents particularly objected to the idea of regional banks having to operate without the implicit government protections that large, so-called money-center banks would enjoy. The group almost succeeded in killing the bill, but were mollified by Wilson's promises to propose antitrust legislation after the bill had passed, and by Bryan's support of the bill.[11]
Enactment of the Federal Reserve Act (1913)[edit]
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Main article: The Federal Reserve Act
After months of hearings, amendments, and debates the Federal Reserve Act passed Congress in December, 1913. The bill passed the House by an overwhelming majority of 298 to 60 on December 22, 1913[14] and passed the Senate the next day by a vote of 43 to 25.[15] An earlier version of the bill had passed the Senate 54 to 34,[16] but almost 30 senators had left for Christmas vacation by the time the final bill came to a vote. Most every Democrat was in support of and most Republicans were against it.[11] As noted in a paper by the American Institute of Economic Research:
In its final form, the Federal Reserve Act represented a compromise among three political groups. Most Republicans (and the Wall Street bankers) favored the Aldrich Plan that came out of Jekyll Island. Progressive Democrats demanded a reserve system and currency supply owned and controlled by the Government in order to counter the "money trust" and destroy the existing concentration of credit resources in Wall Street. Conservative Democrats proposed a decentralized reserve system, owned and controlled privately but free of Wall Street domination. No group got exactly what it wanted. But the Aldrich plan more nearly represented the compromise position between the two Democrat extremes, and it was closest to the final legislation passed.[6]
Frank Vanderlip, one of the Jekyll Island attendees and the president of National City Bank, wrote in his autobiography:[7]
Although the Aldrich Federal Reserve Plan was defeated when it bore the name Aldrich, nevertheless its essential points were all contained in the plan that was finally adopted.
Ironically, in October 1913, two months before the enactment of the Federal Reserve Act, Frank Vanderlip proposed before the Senate Banking Committee his own competing plan to the Federal Reserve System, one with a single central bank controlled by the Federal government, which almost derailed the legislation then being considered and already passed by the U.S. House of Representatives.[17] Even Aldrich stated strong opposition to the currency plan passed by the House.[18]
However, the former point was also made by Republican Representative Charles Lindbergh Sr. of Minnesota, one of the most vocal opponents of the bill, who on the day the House agreed to the Federal Reserve Act told his colleagues:
"But the Federal reserve board have no power whatever to regulate the rates of interest that bankers may charge borrowers of money. This is the Aldrich bill in disguise, the difference being that by this bill the Government issues the money, whereas by the Aldrich bill the issue was controlled by the banks...Wall Street will control the money as easily through this bill as they have heretofore."(Congressional Record, v. 51, page 1447, Dec. 22, 1913)
Republican Congressman Victor Murdock of Kansas, who voted for the bill, told Congress on that same day:
"I do not blind myself to the fact that this measure will not be effectual as a remedy for a great national evil – the concentrated control of credit...The Money Trust has not passed [died]...You rejected the specific remedies of the Pujo committee, chief among them, the prohibition of interlocking directorates. He [your enemy] will not cease fighting...at some half-baked enactment...You struck a weak half-blow, and time will show that you have lost. You could have struck a full blow and you would have won."[19]
In order to get the Federal Reserve Act passed, Wilson needed the support of populist William Jennings Bryan, who was credited with ensuring Wilson's nomination by dramatically throwing his support Wilson's way at the 1912 Democratic convention.[11] Wilson appointed Bryan as his Secretary of State.[10] Bryan served as leader of the agrarian wing of the party and had argued for unlimited coinage of silver in his "Cross of Gold Speech" at the 1896 Democratic convention.[20] Bryan and the agrarians wanted a government-owned central bank which could print paper money whenever Congress wanted, and thought the plan gave bankers too much power to print the government's currency. Wilson sought the advice of prominent lawyer Louis Brandeis to make the plan more amenable to the agrarian wing of the party; Brandeis agreed with Bryan. Wilson convinced them that because Federal Reserve notes were obligations of the government and because the president would appoint the members of the Federal Reserve Board, the plan fit their demands.[11] However, Bryan soon became disillusioned with the system. In the November 1923 issue of "Hearst's Magazine" Bryan wrote that "The Federal Reserve Bank that should have been the farmer's greatest protection has become his greatest foe."
Southerners and westerners learned from Wilson that the system was decentralized into 12 districts and surely would weaken New York and strengthen the hinterlands. Sen. Robert L. Owen of Oklahoma eventually relented to speak in favor of the bill, arguing that the nation's currency was already under too much control by New York elites, whom he alleged had singlehandedly conspired to cause the 1907 Panic.[6]
Large bankers thought the legislation gave the government too much control over markets and private business dealings. The New York Times called the Act the "Oklahoma idea, the Nebraska idea" – referring to Owen and Bryan's involvement.[11]
However, several Congressmen, including Owen, Lindbergh, La Follette, and Murdock claimed that the New York bankers feigned their disapproval of the bill in hopes of inducing Congress to pass it. The day before the bill was passed, Murdock told Congress:
"You allowed the special interests by pretended dissatisfaction with the measure to bring about a sham battle, and the sham battle was for the purpose of diverting you people from the real remedy, and they diverted you. The Wall Street bluff has worked."[21]
When Wilson signed the Federal Reserve Act on December 23, 1913, he said he felt grateful for having had a part "in completing a work ... of lasting benefit for the country,"[22] knowing that it took a great deal of compromise and expenditure of his own political capital to get it enacted. This was in keeping with the general plan of action he made in his First Inaugural Address on March 4, 1913, in which he stated:
We shall deal with our economic system as it is and as it may be modified, not as it might be if we had a clean sheet of paper to write upon; and step-by-step we shall make it what it should be, in the spirit of those who question their own wisdom and seek counsel and knowledge, not shallow self-satisfaction or the excitement of excursions we can not tell.
[23]
While a system of 12 regional banks was designed so as not to give eastern bankers too much influence over the new bank, in practice, the Federal Reserve Bank of New York became "first among equals". The New York Fed, for example, is solely responsible for conducting open market operations, at the direction of the Federal Open Market Committee.[24] Democratic Congressman Carter Glass sponsored and wrote the eventual legislation,[10] and his home state capital of Richmond, Virginia, was made a district headquarters. Democratic Senator James A. Reed of Missouri obtained two districts for his state.[25] However, the 1914 report of the Federal Reserve Organization Committee, which clearly laid out the rationale for their decisions on establishing Reserve Bank districts in 1914, showed that it was based almost entirely upon current correspondent banking relationships.[26] To quell Elihu Root's objections to possible inflation, the passed bill included provisions that the bank must hold at least 40% of its outstanding loans in gold. (In later years, to stimulate short-term economic activity, Congress would amend the act to allow more discretion in the amount of gold that must be redeemed by the Bank.)[6] Critics of the time (later joined by economist Milton Friedman) suggested that Glass's legislation was almost entirely based on the Aldrich Plan that had been derided as giving too much power to elite bankers. Glass denied copying Aldrich's plan. In 1922, he told Congress, "no greater misconception was ever projected in this Senate Chamber."[20]
Operations, 1915-1951[edit]
This section needs expansion. You can help by adding to it. (July 2017)
Wilson named Warburg and other prominent experts to direct the new system, which began operations in 1915 and played a major role in financing the Allied and American war efforts.[27] Warburg at first refused the appointment, citing America's opposition to a "Wall Street man", but when World War I broke out he accepted. He was the only appointee asked to appear before the Senate, whose members questioned him about his interests in the central bank and his ties to Kuhn, Loeb, & Co.'s "money trusts".[5]
Accord of 1951 between the Federal Reserve and the Treasury Department[edit]
Main article: 1951 Accord
Post Bretton-Woods era[edit]
In July 1979, Paul Volcker was nominated, by President Carter, as Chairman of the Federal Reserve Board amid roaring inflation. He tightened the money supply, and by 1986 inflation had fallen sharply.[28] In October 1979 the Federal Reserve announced a policy of "targeting" money aggregates and bank reserves in its struggle with double-digit inflation.[29]
In January 1987, with retail inflation at only 1%, the Federal Reserve announced it was no longer going to use money-supply aggregates, such as M2, as guidelines for controlling inflation, even though this method had been in use from 1979, apparently with great success. Before 1980, interest rates were used as guidelines; inflation was severe. The Fed complained that the aggregates were confusing. Volcker was chairman until August 1987, whereupon Alan Greenspan assumed the mantle, seven months after monetary aggregate policy had changed.[30]
2001 recession to present[edit]
From early 2001 to mid-2003 the Federal Reserve lowered its interest rates 13 times, from 6.25 to 1.00%, to fight recession. In November 2002, rates were cut to 1.75, and many interest rates went below the inflation rate. On June 25, 2003, the federal funds rate was lowered to 1.00%, its lowest nominal rate since July, 1958, when the overnight rate averaged 0.68%. Starting at the end of June 2004, the Federal Reserve System raised the target interest rate and then continued to do so 17 straight times.
In February 2006, Ben Bernanke was appointed by President George W. Bush as the chairman of the Federal Reserve.[31]
In March 2006, the Federal Reserve ceased to make public M3, because the costs of collecting this data outweighed the benefits.[32] M3 includes all of M2 (which includes M1) plus large-denomination ($100,000 +) time deposits, balances in institutional money funds, repurchase liabilities issued by depository institutions, and Eurodollars held by U.S. residents at foreign branches of U.S. banks as well as at all banks in the United Kingdom and Canada.
2008 subprime mortgage crisis[edit]
Main article: Federal Reserve responses to the subprime crisis
Due to a credit crunch caused by the sub-prime mortgage crisis in September 2007, the Federal Reserve began cutting the federal funds rate. The Fed cut rates by 0.25% after its December 11, 2007 meeting and disappointed many individual investors who expected a higher rate cut: the Dow Jones Industrial Average dropped by nearly 300 points at its close that day. The Fed slashed the rate 0.75% in an emergency action on January 22, 2008 to assist in reversing a significant market slide influenced by weakening international markets. The Dow Jones Industrial Average initially fell nearly 4% (465 points) at the start of trading and then rebounded to a more tolerable 1.06% (128 point) loss. On January 30, 2008, eight days after the 75 points decrease, the Fed lowered its rate again, this time by 50 points.[33]
On August 25, 2009, President Barack Obama announced he would nominate Bernanke to a second term as chairman of the Federal Reserve.[34]
In October 2013, Janet Yellen was nominated to succeed Ben Bernanke as the chairperson of the Federal Reserve.
In December 2015, the Fed raised its benchmark interest rates by a quarter of a percentage point to between 0.25 and 0.50 percent, after 9 years of an unchanged and stable very low interest rate.[35]
Key laws affecting the Federal Reserve[edit]
Key laws affecting the Federal Reserve have been:[36]
Banking Act of 1935
Employment Act of 1946
Federal Reserve-Treasury Department Accord of 1951
Bank Holding Company Act of 1956 and the amendments of 1970
Federal Reserve Reform Act of 1977
International Banking Act of 1978
Full Employment and Balanced Growth Act (1978)
Depository Institutions Deregulation and Monetary Control Act (1980)
Financial Institutions Reform, Recovery and Enforcement Act of 1989
Federal Deposit Insurance Corporation Improvement Act of 1991
Gramm-Leach-Bliley Act (1999)
References[edit]
Jump up ^ Johnson, Roger T. "Historical Beginnings ... The Federal Reserve" (PDF). Federal Reserve Bank of Boston.
Jump up ^ Andrew Jackson, "Veto Message, Washington, July 10, 1832," in Richardson, ed., Messages and Papers of the Presidents, II, 576–591.
Jump up ^ Flaherty, Edward. "A Brief History of Central Banking in the United States". University of Groningen, Netherlands.
Jump up ^ Herrick, Myron (March 1908). "The Panic of 1907 and Some of Its Lessons". Annals of the American Academy of Political and Social Science.
^ Jump up to: a b c d e f g h Whithouse, Michael (May 1989). "Paul Warburg's Crusade to Establish a Central Bank in the United States". Minnesota Federal Reserve.
^ Jump up to: a b c d e "America's Unknown Enemy: Beyond Conspiracy". American Institute of Economic Research.
^ Jump up to: a b Frank Arthur Vanderlip; Boyden Sparkes (1935). "XXI. A Conclave on Jekyl Island". From farm boy to financier. D. Appleton-Century Co. pp. 210–219. OCLC 1000045. Excerpts at Eric deCarbonnel (June 19, 2009). "Frank Vanderlip And The Creation Of The Federal Reserve". Market Skeptics. Retrieved 2012-02-10.
Jump up ^ Leslie's Weekly, Oct. 19, 1916, p. 423. Collected in B. C. Forbes (1917). Men who are making America. B. C. Forbes Publishing Co. pp. 398–400. OCLC 629297.
Jump up ^ Link, Arthur. Wilson and the Progressive Era New York: Harper, (1954) pp. 44–45
^ Jump up to: a b c d e "Born of a panic: Forming the Federal Reserve System". Minnesota Federal Reserve. August 1988. Archived from the original on 2007-06-20.
^ Jump up to: a b c d e f g h Johnson, Roger (December 1999). "Historical Beginnings… The Federal Reserve" (PDF). Federal Reserve Bank of Boston.
Jump up ^ "Pujo, Arsene, a brief biography".
Jump up ^ "U.S. Congress, Excerpts from the Report of the Committee Appointed to Investigate the Concentration of Money and Credit, House Report No. 1593, 3 vols. (Washington, D.C., 1913), III: pp. 55–56, 89, 129, 140".
Jump up ^ "Money Bill Goes to Wilson To-day". New York Times: 1. December 23, 1913.
Jump up ^ "Wilson signs the currency bill". New York Times: 1. December 24, 1913.
Jump up ^ "Currency Bill Passes Senate". New York Times: 1. December 20, 1913.
Jump up ^ "Wilson Upholds Glass Money Bill; But Senators Think His Statement Offers a Loophole for His Accepting Vanderlip Plan" (PDF). New York Times. October 25, 1913.
Jump up ^ "Aldrich Sees Bryan Back of Money Bill; Socialist, Unconstitutional Measure, Says Ex-Senator". New York Times. October 18, 1913. Retrieved May 4, 2010.
Jump up ^ (Congressional Record, v. 51, pp. 1443–44, Dec. 22, 1913)
^ Jump up to: a b Page, Dave (December 1997). "Carter Glass: A Brief Biography". Minnesota Federal Reserve. Archived from the original on 2008-05-16.
Jump up ^ (Congressional Record, 22 December 1913)
Jump up ^ "Wilson Signs Currency Bill". New York Times, December 24, 1913. December 24, 1913. Retrieved May 4, 2010.
Jump up ^ "President Wilson's First Inaugural Address". Civic Webs Virtual Library.
Jump up ^ Keleher, Robert (March 1997). "The Importance of the Federal Reserve". Joint Economic Committee. US House of Representatives. Archived from the original on 2008-02-28.
Jump up ^ A Foregone Conclusion: The Founding of the Federal Reserve Bank of St. Louis by James Neal Primm – stlouisfed.org – Retrieved January 1, 2007
Jump up ^ Reserve Bank Organization Committee (April 14, 1914). "Decision of the Reserve Bank Organization Committee Determining the Federal Reserve Districts and the Location of Federal Reserve Banks under the Federal Reserve Act approved December 23, 1913" (PDF). U.S. Government Printing Office.
Jump up ^ Arthur Link, Wilson: The New Freedom; pp. 199–240 (1956).
Jump up ^ Bartlett, Bruce (2004-06-14). "Warriors Against Inflation". National Review.
Jump up ^ Source: A Monetary Chronology of the United States, American Institute for Economic Research, July 2006
Jump up ^ A Monetary Chronology of the United States, American Institute for Economic Research, July 2006
Jump up ^ "Bernanke Biography". US Federal Reserve Bank. Archived from the original on January 24, 2010. Retrieved 2010-01-30.
Jump up ^ "FRB: H.6 Release--Discontinuance of M3". Retrieved 2010-12-28.
Jump up ^ Michael M. Grynbaum and John Holusha (2008-01-22). "Fed Cuts Rate 0.75% and Stocks Swing". The New York Times. The New York Times Company. Retrieved 2008-01-22.
Jump up ^ Hilsenrath, Jon; Williamson, Elizabeth; Weisman, Jonathan (August 26, 2009). "Calm in Crisis Won Fed Job". The Wall Street Journal. Archived from the original on February 4, 2010. Retrieved January 30, 2010.
Jump up ^ "Fed raises interest rates, citing ongoing U.S. recovery". Reuters. 2015-12-17. Retrieved 2016-05-05.
Jump up ^ ebook: The Federal Reserve – Purposes and Functions:http://www.federalreserve.gov/pf/pf.htm
for info on government regulations, see pages 13 and 14. Addressing bank panics on page 83. Implementation of monetary policy on page 12 and 36. Board and reserve banks responsibility on page 12. Key laws affecting the federal reserve on page 11. Monetary policy uncertainties on pages 18–19.
External links[edit]
Records of the Federal Reserve System, Record Group 82, materials held at the National Archives and Records Center, digitized and made available on FRASER
Committee on the History of the Federal Reserve System materials, collected for the 50th anniversary of the Federal Reserve System, are available on FRASER
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Mead
From Wikipedia, the free encyclopedia
Jump to: navigation, search
This article is about the alcoholic beverage. For other uses, see Mead (disambiguation).
Swedish elderflower flavored mead.
Mead (/ˈmiːd/; archaic and dialectal meath or meathe,[1] from Old English medu[2]) is an alcoholic beverage created by fermenting honey with water, sometimes with various fruits, spices, grains, or hops.[3][4][5] The alcoholic content ranges from about 3.5% ABV[6] to more than 20%. The defining characteristic of mead is that the majority of the beverage's fermentable sugar is derived from honey.[7] It may be still, carbonated, or naturally sparkling; dry, semi-sweet, or sweet.[8]
Mead was produced in ancient history throughout Europe, Africa and Asia,[9][10][11][12][13] and has played an important role in the mythology of some peoples. In Norse mythology, for example, the Mead of Poetry was crafted from the blood of the wise being Kvasir and turned the drinker into a poet or scholar.
The terms "mead" and "honey-wine" often are used synonymously.[14][15] Some cultures, though, differentiate honey-wine from mead. For example, Hungarians hold that while mead is made of honey, water and beer-yeast (barm), honey-wine is watered honey fermented by recrement of grapes or other fruits.[16]
Contents
[hide]
1 History
2 Etymology
3 Fermentation process
4 Varieties
4.1 Regional variants
4.2 List of mead variants
5 Festivals
6 In literature
7 See also
8 References
9 Further reading
History[edit]
Pottery vessels dating from 7000 BC discovered in northern China have shown chemical signatures consistent with the presence of honey, rice, and organic compounds associated with fermentation.[17][18][19] In Europe, it is first attested in residual samples found in the characteristic ceramics of the Bell Beaker Culture (c. 2800–1800 BC).[20]
The earliest surviving description of mead is in the hymns of the Rigveda,[21] one of the sacred books of the historical Vedic religion and (later) Hinduism dated around 1700–1100 BC. During the Golden Age of Ancient Greece, mead was said to be the preferred drink.[22] Aristotle (384–322 BC) discussed mead in his Meteorologica and elsewhere, while Pliny the Elder (23–79 AD) called mead militites in his Naturalis Historia and differentiated wine sweetened with honey or "honey-wine" from mead.[23] The Hispanic-Roman naturalist Columella gave a recipe for mead in De re rustica, about 60 AD.
Take rainwater kept for several years, and mix a sextarius[24] of this water with a [Roman] pound[25] of honey. For a weaker mead, mix a sextarius of water with nine ounces[26] of honey. The whole is exposed to the sun for 40 days, and then left on a shelf near the fire. If you have no rain water, then boil spring water.[27]
There is a poem attributed to the Brythonic-speaking bard Taliesin, who lived around 550 AD, called the Kanu y med or "Song of Mead."[28] The legendary drinking, feasting and boasting of warriors in the mead hall is echoed in the mead hall Din Eidyn (modern day Edinburgh) as depicted in the poem Y Gododdin, attributed to the poet Aneirin who would have been a contemporary of Taliesin. In the Old English epic poem Beowulf, the Danish warriors drank mead. In both Insular Celtic and Germanic cultures mead was the primary heroic drink in poetry.
Later, taxation and regulations governing the ingredients of alcoholic beverages led to commercial mead becoming a more obscure beverage until recently.[29] Some monasteries kept up the old traditions of mead-making as a by-product of beekeeping, especially in areas where grapes could not be grown, a well-known example being at Lindisfarne, where mead continues to be made to this day, albeit not in the monastery itself.
Etymology[edit]
The English word mead derives from the Old English meodu,[2] from Proto-Germanic meduz, from Proto-Indo-European *médʰu (honey, fermented honey drink). Slavic med / miod , which means both "honey" and "mead", (Russian, Czech, Slovak, Macedonian, Serbian, Ukrainian, Bulgarian, Croatian: med vs. medovina, Polish 'miód' pronounce [mʲjut] – honey, mead) and Baltic medus "honey"/midus "mead", also derive from the same Proto-Indo-European root (cf. Welsh medd, Old Irish mid, Latin mel, Italian miele, Romanian miere, Sanskrit madhu, Sogdian: muð, Avestan: maðu, Classical Persian: مُل mul, Classical and New Persian: مِی mey).[30]
Fermentation process[edit]
Mead
The yeast used in mead making is often identical to that used in wine making. Many home mead makers choose to use wine yeasts (particularly those used in the preparation of white wines) to make their meads.[31]
By measuring the specific gravity of the mead once before fermentation and throughout the fermentation process by means of a hydrometer or refractometer, mead makers can determine the proportion of alcohol by volume that will appear in the final product. This also serves another purpose. By measuring specific gravity throughout fermentation, a mead maker can quickly troubleshoot a "stuck" batch, one where the fermentation process has been halted prematurely.[32]
Meads will often ferment well at the same temperatures in which wine is fermented.
After primary fermentation slows down significantly the mead is then racked into a second container. This is known as secondary fermentation. Some larger commercial fermenters are designed to allow both primary and secondary fermentation to happen inside of the same vessel. Racking is done for two reasons: it lets the mead sit away from the remains of the yeast cells (lees) that have died during the fermentation process. Second, this lets the mead have time to clear. If the mead maker wishes to backsweeten the product or prevent it from oxidizing, potassium metabisulfite and potassium sorbate are added. After the mead clears, it is bottled and distributed.
Varieties[edit]
Czech Medovina
Mead can have a wide range of flavors depending on the source of the honey, additives (also known as "adjuncts" or "gruit") including fruit and spices, the yeast employed during fermentation and the aging procedure.[33] Some producers have marketed white wine sweetened and flavored with honey after fermentation as mead, sometimes spelling it "meade."[33] This is closer in style to a Hypocras. Blended varieties of mead may be known by the style represented; for instance, a mead made with cinnamon and apples may be referred to as either a cinnamon cyser or an apple metheglin.
A mead that also contains spices (such as cloves, cinnamon or nutmeg), or herbs (such as meadowsweet, hops, or even lavender or chamomile), is called a metheglin /mɪˈθɛɡlɪn/.[34][35]
A mead that contains fruit (such as raspberry, blackberry or strawberry) is called a melomel,[36] which was also used as a means of food preservation, keeping summer produce for the winter. A mead that is fermented with grape juice is called a pyment.[36]
Mulled mead is a popular drink at Christmas time, where mead is flavored with spices (and sometimes various fruits) and warmed, traditionally by having a hot poker plunged into it.[citation needed]
Some meads retain some measure of the sweetness of the original honey, and some may even be considered as dessert wines. Drier meads are also available, and some producers offer sparkling meads.
There are faux-meads, which are actually wines with honey added after fermentation as a sweetener and flavoring.[37]
Historically, meads were fermented with wild yeasts and bacteria (as noted in the recipe quoted above) residing on the skins of the fruit or within the honey itself. Wild yeasts can produce inconsistent results. Yeast companies have isolated strains of yeast which produce consistently appealing products. Brewers, winemakers and mead makers commonly use them for fermentation, including yeast strains identified specifically for mead fermentation. These are strains that have been selected because of their characteristic of preserving delicate honey flavors and aromas.
Mead can also be distilled to a brandy or liqueur strength. A version called "honey jack" can be made by partly freezing a quantity of mead and straining the ice out of the liquid (a process known as freeze distillation), in the same way that applejack is made from cider.
Regional variants[edit]
In Finland, a sweet mead called sima (cognate with the root of zymurgy[citation needed]) is still an essential seasonal fermented product connected with the Finnish Vappu (May Day) festival. It is usually spiced by adding both the pulp and rind of a lemon. During secondary fermentation, raisins are added to control the amount of sugars and to act as an indicator of readiness for consumption; they will rise to the top of the bottle when the drink is ready. However, the sugar used in modern practice is typically brown sugar, not honey.[38]
Ethiopian mead (Tej)
Ethiopian mead is called tej (ጠጅ, [ˈtʼədʒ]) and is usually home-made. It is flavored with the powdered leaves and bark of gesho, a hop-like bittering agent which is a species of buckthorn. A sweeter, less-alcoholic version called berz, aged for a shorter time, is also made. The traditional vessel for drinking tej is a rounded vase-shaped container called a berele.
Mead known as iQhilika is traditionally prepared by the Xhosa of South Africa.[citation needed]
Mead in Poland is part of culinary tradition for over a thousand years.[39]
In the United States, mead is enjoying a resurgence, starting with small home meaderies and now with a number of small commercial meaderies.[40] As mead becomes more widely available, it is seeing increased attention and exposure from the news media.[41][42]
List of mead variants[edit]
A homebrewed melomel mead
An American rich dry black hopped mead made from black currants and wildflower honey
Off dry American botanical (Metheglin) mead with juniper, lavender, and marjoram infusions
Bottles of "medica" (r.meditsa) – a mead made in Međimurje County, northern Croatia
Trójniak — a Polish mead, made using two units of water for each unit of honey
This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (July 2017) (Learn how and when to remove this template message)
Acerglyn: A mead made with honey and maple syrup.
Balche: A native Mexican version of mead.
Bilbemel: A mead made with blueberries, blueberry juice, or sometimes used for a varietal mead that uses blueberry blossom honey.
Black mead: A name sometimes given to the blend of honey and blackcurrants.
Blue mead: A type of mead where fungal spores are added during first fermentation, lending a blue tint to the final product.
Bochet: A mead where the honey is caramelized or burned separately before adding the water. Yields toffee, caramel, chocolate and toasted marshmallow flavors.
Bochetomel: A Bochet style mead that also contains fruit such as elderberries, black raspberries and blackberries.
Braggot: Also called bracket or brackett. Originally brewed with honey and hops, later with honey and malt—with or without hops added. Welsh origin (bragawd).
Capsicumel: A mead flavored with chilli peppers, the peppers may be hot or mild.
Chouchenn: A kind of mead made in Brittany.
Cyser: A blend of honey and apple juice fermented together; see also cider.
Czwórniak (TSG): A Polish mead, made using three units of water for each unit of honey.
Dandaghare: A mead from Nepal, combines honey with Himalayan herbs and spices. It has been produced since 1972 in the city of Pokhara.
Dwójniak (TSG): A Polish mead, made using equal amounts of water and honey.
Great mead: Any mead that is intended to be aged several years. The designation is meant to distinguish this type of mead from "short mead" (see below).
Gverc or Medovina: Croatian mead prepared in Samobor and many other places. The word "gverc" or "gvirc' is from the German "Gewürze" and refers to various spices added to mead.
Hydromel: Name derived from the Greek ὑδρόμελι hydromeli, i.e. literally "water-honey" (see also μελίκρατον melikraton and ὑδρόμηλον hydromelon). It is also the French name for mead hydromel. (See also and compare with the Catalan hidromel and aiguamel, Galician aiguamel, Portuguese hidromel, Italian idromele and Spanish hidromiel and aguamiel). It is also used as a name for a light or low-alcohol mead.
Medica/Medovica: Slovenian, Slovakian, variety of mead.
Medovina: Czech, Croatian, Serbian, Montenegrin, Bulgarian, Bosnian and Slovak for mead. Commercially available in the Czech Republic, Slovakia and presumably other Central and Eastern-European countries.
Medovukha: Eastern Slavic variant (honey-based fermented drink).[43]
Melomel: Melomel is made from honey and any fruit. Depending on the fruit base used, certain melomels may also be known by more specific names (see cyser, pyment, and morat for examples). Possibly from the Greek μηλόμελι melomeli, literally "apple-honey" or "treefruit-honey" (see also μελίμηλον melimelon).
Metheglin: Metheglin is traditional mead with herbs or spices added. Some of the most common metheglins are ginger, tea, orange peel, nutmeg, coriander, cinnamon, cloves or vanilla. Its name indicates that many metheglins were originally employed as folk medicines. The Welsh word for mead is medd, and the word "metheglin" derives from meddyglyn, a compound of meddyg, "healing" + llyn, "liquor".
Midus: Lithuanian for mead, made of natural bee honey and berry juice. Infused with carnation blossoms, acorns, poplar buds, juniper berries and other herbs, it is often made as a mead distillate or mead nectar, some of the varieties having as much as 75% of alcohol.[citation needed]
Mõdu: An Estonian traditional fermented drink with a taste of honey and an alcohol content of 4.0% [44]
Morat: Morat blends honey and mulberries.
Mulsum: Mulsum is not a true mead, but is unfermented honey blended with a high-alcohol wine.
Myod: Traditional Russian mead, historically available in three major varieties:
aged mead ("мёд ставленный"): a mixture of honey and water or berry juices, subject to a very slow (12–50 years) anaerobic fermentation in airtight vessels in a process similar to the traditional balsamic vinegar, creating a rich, complex and high-priced product.
drinking mead ("мёд питный"): a kind of honey wine made from diluted honey by traditional fermentation.
boiled mead ("мёд варёный"): a drink closer to beer, brewed from boiled wort of diluted honey and herbs, very similar to modern medovukha.
Omphacomel: A mead recipe that blends honey with verjuice; could therefore be considered a variety of pyment (q.v.). From the Greek ὀμφακόμελι omphakomeli, literally "unripe-grape-honey".
Oxymel: Another historical mead recipe, blending honey with wine vinegar. From the Greek ὀξύμελι oxymeli, literally "vinegar-honey" (also ὀξυμελίκρατον oxymelikraton).
Pitarrilla: Mayan drink made from a fermented mixture of wild honey, balché-tree bark and fresh water.[45]
Pyment: Contemporary pyment is a melomel made from the fermentation of a blend of grapes and honey and can be considered either a grape mead or honeyed wine.[46][47] Pyment made with white grapes is sometimes called "white mead".[citation needed] In previous centuries piment was synonymous with Hippocras, a grape wine with honey added post-fermentation.[48]
Półtorak (TSG): A Polish great mead, made using two units of honey for each unit of water.
Red mead: A form of mead made with redcurrants.
Rhodomel: Rhodomel is made from honey, rose hips, rose petals or rose attar, and water. From the Greek ῥοδόμελι rhodomeli, literally "rose-honey".
Rubamel: A specific type of Melomel made with raspberries.
Sack mead: This refers to mead that is made with more honey than is typically used. The finished product contains a higher-than-average ethanol concentration (meads at or above 14% ABV are generally considered to be of sack strength) and often retains a high specific gravity and elevated levels of sweetness, although dry sack meads (which have no residual sweetness) can be produced. According to one theory, the name derives from the fortified dessert wine, sherry (which is sometimes sweetened after fermentation) that, in England, once bore the nickname "sack").[49] Another theory is that the term is a phonetic reduction of "sake" the name of a Japanese beverage that was introduced to the West by Spanish and Portuguese traders.[50]
Short mead: Also called "quick mead". A type of mead recipe that is meant to age quickly, for immediate consumption. Because of the techniques used in its creation, short mead shares some qualities found in cider (or even light ale): primarily that it is effervescent, and often has a cidery taste.[citation needed] It can also be champagne-like.
Show mead: A term which has come to mean "plain" mead: that which has honey and water as a base, with no fruits, spices or extra flavorings. Since honey alone often does not provide enough nourishment for the yeast to carry on its life cycle, a mead that is devoid of fruit, etc. will sometimes require a special yeast nutrient and other enzymes to produce an acceptable finished product. In most competitions, including all those that subscribe to the BJCP style guidelines, as well as the International Mead Fest, the term "traditional mead" refers to this variety (because mead is historically a variable product, these guidelines are a recent expedient, designed to provide a common language for competition judging; style guidelines per se do not apply to commercial or historical examples of this or any other type of mead).[citation needed]
Sima: a quick-fermented low-alcoholic Finnish variety, seasoned with lemon and associated with the festival of vappu.
Tej/Mes: Tej/Mes is an Ethiopian and Eritrean mead, fermented with wild yeasts and the addition of gesho.
Tella/Suwa: Tella is an Ethiopian and Eritrean style of beer; with the inclusion of honey some recipes are similar to braggot.
Trójniak (TSG): A Polish mead, made using two units of water for each unit of honey.
White mead: A mead that is colored white with herbs, fruit or, sometimes, egg whites.
Festivals[edit]
This section needs expansion. You can help by adding to it. (December 2011)
Mazer Cup International Mead Competition and Tasting Event This event is held every year in March in Boulder, Colorado. It is the largest mead event in the world, with over 300 home meads and over 200 commercial meads in competition. There is a Friday tasting event with the gold medal winning commercial meads from the previous year, plus feature meads from around the world.[51]
Real Ale Festival in Chicago, Illinois, includes categories for mead as well as cider and perry.[52]
Woodbridge International Mead Festival – Sponsored by local residents, it claims to be the only mead festival east of the Mississippi. While few types of mead are available, all are homemade and go through a rigorous judging process.
Orcas Island Cider and Mead Festival – Sponsored by the Northwest Cider Association – Held each year on the second Saturday in May on Orcas Island in Washington State, includes cider and mead producers along the West Coast of the United States and Canada.[53]
In literature[edit]
See also: Mead of poetry
Mead is featured in many Germanic myths and folktales such as Beowulf, as well as in other popular works that draw on these myths. Notable examples include books by Tolkien, George R. R. Martin, T. H. White, and Neil Gaiman. It is often featured in books using a historical Germanic setting and in writings about the Viking age. Mead is mentioned many times in Neil Gaiman's 2001 novel, American Gods; it is referred to as the drink of the gods. In The Inheritance Cycle series by Christopher Paolini, the protagonist, Eragon, often drinks mead at feasts. It is also referenced in The Kingkiller Chronicle novel series by Patrick Rothfuss. The protagonist Kvothe is known to drink metheglin. The non-existent "Greysdale Mead" is also drunk, although it is merely water.
See also[edit]
Wine portal
Beer portal
History of alcoholic beverages
Kilju
Mead hall
Sima
References[edit]
Jump up ^ Recipes from Kenelme Digbie, 1669 – The Closet of the Eminently Learned Sir Kenelme Digbie Kt Opened, transcribed by Joyce Miller (1st ed.). 1669.
^ Jump up to: a b "mead". The Oxford Universal Dictionary on Historical Principles (3rd ed.). Oxford University Press. 1944. p. 1222.
Jump up ^ http://www.yourdictionary.com/mead
Jump up ^ Beer is produced by the fermentation of grain, but grain can be used in mead provided it is strained off immediately. As long as the primary substance fermented is still honey, the drink is still mead. Fitch, Edward (1990). Rites of Odin. St. Paul, Minnesota: Llewellyn Worldwide. p. 290. ISBN 9780875422244.
Jump up ^ Hops are better known as the bitter ingredient of beer. However, they have also been used in mead both ancient and in modern times. The Legend of Frithiof mentions hops: Mohnike, G.C.F. (September 1828 – January 1829). "Tegner's Legend of Frithiof". The Foreign Quarterly Review. London: Treuttel and Würtz, Treuttel, Jun and Richter. III. He next ... bids ... Halfdan recollect ... that to produce mead hops must be mingled with the honey; That this formula is still in use is shown by the recipe for "Real Monastery Mead" in Molokhovets, Elena (1998). Classic Russian Cooking. Joyce Stetson (trans.). Indiana University Press. p. 474. ISBN 0-253-21210-3.
Jump up ^ Lichine, Alexis. Alexis Lichine’s New Encyclopedia of Wines & Spirits (New York: Alfred A. Knopf, 1987), 328.
Jump up ^ Gayre, Robert (1986). Brewing Mead. Brewers Publications. p. 158. ISBN 0-937381-00-4. ...Therefore to our synopsis: Mead is the general name for all drinks made of honey.
Jump up ^ Rose, Anthony H. (1977). Alcoholic Beverages. Michigan: Academic Press. p. 413.
Jump up ^ Maguelonne Toussaint-Samat (Anthea Bell, tr.) The History of Food, 2nd ed. 2009:30.
Jump up ^ Hornsey, Ian (2003). A History of Beer and Brewing. Royal Society of Chemistry. p. 7. ISBN 0-85404-630-5. ...mead was known in Europe long before wine, although archaeological evidence of it is rather ambiguous. This is principally because the confirmed presence of beeswax or certain types of pollen ... is only indicative of the presence of honey (which could have been used for sweetening some other drink) – not necessarily of the production of mead.
Jump up ^ http://www.penn.museum/sites/biomoleculararchaeology/wp-content/uploads/2010/02/GrogGreeks.pdf
Jump up ^ http://www.penn.museum/sites/Midas/feastremains.shtml
Jump up ^ Lévi-Strauss, J. and D. Weightman, tr. From Honey to Ashes, London:Cape 1973 (Du miel aux cendres, Paris 1960)
Jump up ^ Morse, Roger (1992). Making Mead (Honey Wine). Wicwas Press. ISBN 978-1878075048.
Jump up ^ Schramm, Ken (2003). The Compleat Meadmaker: Home Production of Honey Wine From Your First Batch to Award-winning Fruit and Herb Variations. Brewers Publications. ISBN 978-0-937381-80-9.
Jump up ^ History of beer in Hungary – difference between mead and honey-wine (in Hungarian)
Jump up ^ Odinsson, Eoghan (2010). Northern Lore: A Field Guide to the Northern Mind-Body-Spirit. p. 159. ISBN 9781452851433.
Jump up ^ [1]. Prehistoric China - The Wonders That Were Jiahu The World’s Earliest Fermented Beverage. Professor Patrick McGovern the Scientific Director of the Biomolecular Archaeology Project for Cuisine, Fermented Beverages, and Health at the University of Pennsylvania Museum in Philadelphia. Retrieved on 3 January 2017.
Jump up ^ McGovern, P. E.; Zhang, J; Tang, J; Zhang, Z; Hall, G. R.; Moreau, R. A.; Nuñez, A; Butrym, E. D.; et al. (6 December 2004). "Fermented beverages of pre- and proto-historic China". Proceedings of the National Academy of Sciences of the United States of America. 101 (51): 17593–8. doi:10.1073/pnas.0407921102. PMC 539767  . PMID 15590771.
Jump up ^ https://books.google.com/books?id=V3sCCLcsJFkC&pg=PA159&lpg=PA159&dq=archaeological+evidence+for+the+European+production+of+mead&source=bl&ots=m_pLTrmTgO&sig=isBbJMpYQIOWldDJ8cV_hIhPDPc&hl=en&sa=X&ved=0CCkQ6AEwAmoVChMItvitqJizxwIVh3ySCh3BPwEN#v=onepage&q=archaeological%20evidence%20for%20the%20European%20production%20of%20mead&f=false
Jump up ^ Rigveda Book 5 v. 43:3–4, Book 8 v. 5:6, etc
Jump up ^ Kerenyi, Karl (1976). Dionysus: Archetypal Image of Indestructible Life. Princeton University Press. p. 35. ISBN 0-691-09863-8.
Jump up ^ Pliny the Elder. Natural History XIV. XII:85 etc.
Jump up ^ about half a liter
Jump up ^ about 1/3 kg
Jump up ^ about ¼ kilograms
Jump up ^ Columella, 60 AD De re rustica
Jump up ^ Llyfr Taliesin XIX
Jump up ^ Buhner, Stephen Harrod (1998). Sacred and Herbal Healing Beers: The Secrets of Ancient Fermentation. Siris Books. ISBN 0-937381-66-7.
Jump up ^ Online Etymology Dictionary entry for 'mead'
Jump up ^ "Making Mead: the Art and the Science" (PDF). Beer Judge Certification Program. Retrieved 18 February 2015.
Jump up ^ Schramm, Ken (2003). The Compleat Meadmaker. Brewers Publications. pp. 31, 37. ISBN 978-0-937381-80-9.
^ Jump up to: a b Eoghan Odinsson, Northern Lore, p. 160
Jump up ^ Tayleur, W.H.T.; Michael Spink (1973). The Penguin Book of Home Brewing and Wine-Making. Penguin. p. 292. ISBN 0-14-046190-6.
Jump up ^ Aylett, Mary (1953). Country Wines, Odhams Press. p. 79
^ Jump up to: a b Tayleur, p. 291.
Jump up ^ http://www.gotmead.com/index2.php?option=com_content&do_pdf=1&id=1094
Jump up ^ "Archived copy". Archived from the original on 5 June 2013. Retrieved 2012-04-17.
Jump up ^ "Polska miodem stała". www.smakizpolski.com.pl (in Polish). Retrieved 2017-05-31.
Jump up ^ Gittleson, Kim (2 October 2013). "The drink of kings makes a comeback". BBC News Online. Retrieved 3 October 2013.
Jump up ^ Bender, Andrew. "Top 10 Food Trends". Forbes.
Jump up ^ "Mead, the honey-based brew producing a real buzz". CBS News. 24 November 2013.
Jump up ^ "Russian Honey Drink". EnglishRussia.com. Accessed May 2010.
Jump up ^ "Mead". Saku Brewery. Retrieved 17 February 2015.
Jump up ^ La Barre, Weston (1938). "Native American Beers" (PDF). American Anthropologist. 40. doi:10.1525/aa.1938.40.2.02a00040. Retrieved 18 September 2016.
Jump up ^ Gordon Strong; Kristen England. "2015 Mead Guidelines" (PDF). Beer Judge Certification Program. p. 5. Retrieved 7 December 2016. A Pyment is a melomel made with grapes (generally from juice). Pyments can be red, white, or blush, just as with wine.
Jump up ^ "Mazer Cup Guidelines (commercial)". American MEad Makers Association. Retrieved 7 December 2016. Pyment: Honeywine made with grapes/grape juice/grape concentrate.
Jump up ^ Earnshaw, Steven (2000). The Pub in Literature: England's Altered State. Manchester University Press. p. 28.
Jump up ^ Sack in the Oxford Companion to Wine
Jump up ^ Chisholm, Hugh, ed. (1911). "Saké". Encyclopædia Britannica. 24 (11th ed.). Cambridge University Press. p. 54.
Jump up ^ .The Mazer Cup International official website
Jump up ^ Real Ale Festival official website
Jump up ^ Orcas Island Cider and Mead Festival official website
Further reading[edit]
Find more aboutMeadat Wikipedia's sister projects
Definitions from Wiktionary
Media from Commons
Schramm, Ken (2003). The Compleat Meadmaker. Brewers Publications. ISBN 978-0937381809.
Kerenyi, Karl (1976). Dionysus: Archetypal Image of Indestructible Life. Princeton University Press. ISBN 0-691-09863-8.
Digby, Kenelm; Jane Stevenson; Peter Davidson (1997). The Closet of the Eminently Learned Sir Kenelme Digbie Kt Opened 1669. Prospect Books. ISBN 0-907325-76-9.
Gayre, Robert; Papazian, Charlie (1986). Brewing Mead: Wassail! In Mazers of Mead. Brewers Publications. ISBN 0-937381-00-4.
Wikisource has the text of the 1911 Encyclopædia Britannica article mead.
Wikibooks Cookbook has a recipe/module on
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List of most streamed artists on Spotify
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No. 1 is Drake with 49 million monthly listeners.
No. 2 is J Balvin with 45 million monthly listeners.
No. 3 is Post Malone with 45 million monthly listeners.
This list of most-streamed artists on Spotify contains the top 20 artists with the most monthly streams, as derived from Spotify charts in May 2018. Drake is currently the most streamed artist on Spotify with 49 million monthly listeners. He is also the most streamed artist of all time with over 10 billion combined streams.[1]
Contents
[hide]
1 Most streamed artists
1.1 Monthly streams
1.2 All-time streams
2 Most followers
3 Peak position on chart
4 Most streamed artists by year
4.1 2017
4.2 2016
4.3 2015
4.4 2014
4.5 2013
5 See also
6 References
Most streamed artists[edit]
Non-English speaking
Monthly streams[edit]
Rank
Artist
Monthly listeners
(rounded to the nearest million)
Country
Ref(s)
1. Drake 49 CAN [1]
2. J Balvin 45 COL [2]
3. Post Malone USA [3]
4. Dua Lipa 43 GBR [4]
5. Calvin Harris 41 [5]
6. Ed Sheeran 40 [6]
7. Marshmello 39 USA [7]
8. David Guetta 38 FRA [8]
9. Sia 36 AUS [9]
10. Khalid USA [10]
11. Ariana Grande 35 [11]
12. The Weeknd 34 CAN [12]
13. Kendrick Lamar 33 USA [13]
14. Cardi B [14]
15. Bad Bunny PRI [15]
16. Camila Cabello CUB /
USA [16]
17. Shawn Mendes 32 CAN [17]
18. Rihanna 31 BAR [18]
19. The Chainsmokers USA [19]
20. Daddy Yankee PRI [20]
As of May 30, 2018
All-time streams[edit]
This list enumerates the streams artists' song accrued on the Spotify Global Top 200, which is less than the artist's total streams.[21]
Rank
Artist
Total streams
(billions)
Country
1. Drake 10.9 CAN
2. Justin Bieber 8.6
3. Ed Sheeran 8.5 GBR
4. The Weeknd 5.7 CAN
5. The Chainsmokers 4.9 USA
6. J Balvin 4.7 COL
7. Post Malone USA
8. Rihanna 4.4 BAR
9. Kendrick Lamar USA
10. Daddy Yankee 4.1 PUR
11. Ozuna 3.8
12. Calvin Harris 3.7 GBR
13. Selena Gomez 3.4 USA
14. Future 3.2
15. Sia AUS
16. Ariana Grande USA
17. Nicki Minaj 3.1
18. Major Lazer USA /
TTO /
JAM
19. Bad Bunny 2.9 PUR
20. Maluma COL
As of May 25, 2018
Most followers[edit]
Also among the 20 most streamed artists
Rank
Artist
Followers
(millions)
Country
Ref(s)
1. Ed Sheeran 24.5 GBR [6]
2. Rihanna 22.9 BAR [22]
3. Justin Bieber 22.0 CAN [23]
4. Drake 20.5 [1]
5. Eminem 16.6 USA [24]
6. Ariana Grande 14.6 [25]
7. David Guetta 13.8 FRA [8]
8. Beyoncé 13.2 USA [26]
9. Bruno Mars 12.7 [27]
10. Taylor Swift 12.3 [28]
11. Coldplay 11.7 GBR [29]
12. Calvin Harris 11.3 [5]
13. Shakira 11.0 COL [30]
14. Maroon 5 10.7 USA [31]
15. Nicki Minaj 10.7 [32]
16. The Weeknd 10.5 CAN [12]
17. Katy Perry 9.9 USA [33]
18. Selena Gomez 9.7 [34]
19. Maluma 9.5 COL [35]
20. One Direction 9.3 GBR /
IRL [36]
As of May 25, 2018
Peak position on chart[edit]
Timeline of artists who have held the peak position each month as the most streamed artist since September 2015, when the feature was first made public.[37]
Indicates most streamed artist of the year
Year
Month
Artist
Ref(s)
2015 September The Weeknd [40]
October
November
December Justin Bieber [45]
2016 January
February
March
April Rihanna [46]
May Drake [47]
June
July
August
September
October
November
December The Weeknd [49]
2017 January
February Ed Sheeran [53]
March
April
May
June
July
August
September
October
November
December
2018 January Ed Sheeran
February
March Drake [54]
April
May
Most streamed artists by year[edit]
Ed Sheeran was the most streamed artist of 2014 and 2017.
Macklemore & Ryan Lewis were the most streamed artists of 2013.
2017[edit]
Spotify's most streamed artist of 2017 was Ed Sheeran with 6.3 billion streams that year. This was his second year topping the list.[55]
Rank
Chg
Artist
Country
1. Ed Sheeran GBR
2. Drake CAN
3. The Weeknd
4. Kendrick Lamar USA
5. The Chainsmokers
2016[edit]
Spotify's most streamed artist of 2016 was Drake with 4.7 billion streams that year. He topped the list for a second year in a row.[56]
Rank
Chg
Artist
Country
1. Drake CAN
2. Justin Bieber
3. Rihanna BAR
4. Twenty One Pilots USA
5. Kanye West
2015[edit]
Spotify's most streamed artist of 2015 was Drake with 1.8 billion streams that year.[57]
Rank
Chg
Artist
Country
1. Drake CAN
2. Ed Sheeran GBR
3. The Weeknd CAN
4. Maroon 5 USA
5. Kanye West
2014[edit]
Spotify's most streamed artist of 2014 was Ed Sheeran with 860 million streams that year.[58]
Rank
Chg
Artist
Country
1. Ed Sheeran GBR
2. Eminem USA
3. Coldplay GBR
4. Calvin Harris
5. Katy Perry USA
2013[edit]
Spotify's most streamed artists of 2013 were Macklemore & Ryan Lewis.[59]
Rank
Artist
Country
1. Macklemore & Ryan Lewis USA
2. Avicii SWE
3. Daft Punk FRA
4. Eminem USA
5. Imagine Dragons
6. Jay-Z
7. Bruno Mars
8. Rihanna BAR
9. Calvin Harris GBR
10. Drake CAN
See also[edit]
List of most streamed songs on Spotify
List of most-subscribed YouTube channels
List of most-followed Twitter accounts
List of most-followed Instagram accounts
References[edit]
^ Jump up to: a b c "Drake". Spotify. Retrieved April 17, 2018.
Jump up ^ "J Balvin". Spotify. Retrieved March 28, 2018.
Jump up ^ "Post Malone". Spotify. Retrieved April 19, 2018.
Jump up ^ "Dua Lipa". Spotify. Retrieved March 28, 2018.
^ Jump up to: a b "Calvin Harris". Spotify. Retrieved March 28, 2018.
^ Jump up to: a b "Ed Sheeran". Spotify. Retrieved March 28, 2018.
Jump up ^ "Marshmello". Spotify. Retrieved March 28, 2018.
^ Jump up to: a b "David Guetta". Spotify. Retrieved March 28, 2018.
Jump up ^ "Sia". Spotify. Retrieved April 27, 2018.
Jump up ^ "Khalid". Spotify. Retrieved March 28, 2018.
Jump up ^ "Ariana Grande". Spotify. Retrieved April 26, 2018.
^ Jump up to: a b "The Weeknd". Spotify. Retrieved April 19, 2018.
Jump up ^ "Kendrick Lamar". Spotify. Retrieved April 19, 2018.
Jump up ^ "Cardi B". Spotify. Retrieved April 30, 2018.
Jump up ^ "Bad Bunny". Spotify. Retrieved April 19, 2018.
Jump up ^ "Camila Cabello". Spotify. Retrieved March 28, 2018.
Jump up ^ "Shawn Mendes". Spotify. Retrieved May 23, 2018.
Jump up ^ "Rihanna". Spotify. Retrieved March 28, 2018.
Jump up ^ "The Chainsmokers". Spotify. Retrieved March 28, 2018.
Jump up ^ "Daddy Yankee". Spotify. Retrieved March 28, 2018.
Jump up ^ Spotify Chart History
Jump up ^ Cite error: The named reference Rihanna was invoked but never defined (see the help page).
Jump up ^ "Justin Bieber". Spotify. Retrieved March 28, 2018.
Jump up ^ "Eminem". Spotify. Retrieved May 5, 2018.
Jump up ^ "Ariana Grande". Spotify. Retrieved March 28, 2018.
Jump up ^ "Beyoncé". Spotify. Retrieved March 28, 2018.
Jump up ^ "Bruno Mars". Spotify. Retrieved April 27, 2018.
Jump up ^ Cite error: The named reference Taylor Swift was invoked but never defined (see the help page).
Jump up ^ "Coldplay". Spotify. Retrieved March 28, 2018.
Jump up ^ "Shakira". Spotify. Retrieved March 28, 2018.
Jump up ^ "Maroon 5". Spotify. Retrieved April 27, 2018.
Jump up ^ "Nicki Minaj". Spotify. Retrieved March 28, 2018.
Jump up ^ "Katy Perry". Spotify. Retrieved March 28, 2018.
Jump up ^ "Selena Gomez". Spotify. Retrieved March 28, 2018.
Jump up ^ "Maluma". Spotify. Retrieved May 25, 2018.
Jump up ^ "One Direction". Spotify. Retrieved March 28, 2018.
Jump up ^ Spotify’s new About tab reveals artists’ monthly listeners
Jump up ^ The Weeknd tops Spotify artists chart with 24m monthly listeners
Jump up ^ Spotify's new Number of Monthly Listeners stat / chart is pretty interesting (The Weeknd currently #1 in the world).
Jump up ^ [38][39]
Jump up ^ The most listened artist on Spotify is Justin Bieber. And you still ask why the aliens didn't come to Earth.
Jump up ^ Justin Bieber ranks the #1 most popular artist on Spotify w/ over 4 million followers & 31 million monthly listeners
Jump up ^ Justin Bieber is most popular Spotify artist with 31.7 million monthly listeners. Can you guess who is in second and third? Hint: Adele 4th
Jump up ^ Justin Bieber got the most number of monthly listener in spotify.
Jump up ^ [41][42][43][44]
Jump up ^ Rihanna has bypassed Justin Bieber as the number one artist on Spotify, with over 31 million monthly listeners!
^ Jump up to: a b Ingham, Tim (December 1, 2016). "Drake finally loses his Spotify crown to record-breaking The Weeknd". Music Business Worldwide. Retrieved March 29, 2018.
Jump up ^ The Weeknd passed Drake for the most monthly listeners on spotify. About time.🙄
Jump up ^ [47][48]
Jump up ^ Ed Sheeran is now officially the biggest artist on Spotify worldwide
Jump up ^ Artists with the most monthly listeners on Spotify currently: Ed Sheeran, The Chainsmokers, Drake, Coldplay
Jump up ^ Taylor is now the second most listened to artist on Spotify with 36M+ monthly listeners - right behind Ed Sheeran 🎶🎵
Jump up ^ [50][51][52]
Jump up ^ Drake is back in 1st place with more monthly listeners on Spotify.
Jump up ^ Associated Press (December 12, 2017). "Ed Sheeran Tops Spotify's 2017 Most-Streamed List". Billboard. Retrieved March 28, 2018.
Jump up ^ Stutz, Colin (December 1, 2016). "Drake & Rihanna Top Spotify's Year-End Lists". Billboard. Retrieved March 28, 2018.
Jump up ^ The Spotify Team (December 1, 2015). "Drake Is The World's Most Streamed Artist on Spotify for 2015". Spotify. Retrieved March 28, 2018.
Jump up ^ "Ed Sheeran is Spotify's most-streamed artist of 2014". BBC News. December 3, 2014. Retrieved March 29, 2018.
Jump up ^ The Spotify Team (December 17, 2013). "Spotify reveals Macklemore & Ryan Lewis are 2013's most-streamed artists". Spotify. Retrieved March 29, 2018.
Retrieved from "https://en.wikipedia.org/w/index.php?title=List_of_most_streamed_artists_on_Spotify&oldid=843641585"
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