Social Sciences & Economics: 5 Free Places to Learn About Money

 Economics, a branch of social science, studies human behavior and scare means.  This article dedicated to my friend working in the Congressional Budget Office in DC.

Kids can learn about goods and resources every time we go shopping and discuss income and expenses.  There's so much more to discuss.  Economist study business climate, the labor market, drivers in fluctuations in oil prices, inflation, and foreign exchange.  President Wilson signed the Federal Reserve Act in 1913.  The US needed a system to stabilize markets, promote financial stability, and setting monetary policy.  Consumers needed confidence and protection and federal banks could ensure banks remained compliant with consumer protection laws.  Bank mergers and acquisitions could be reviewed at the federal level.  The economist and government helped identify solutions to the stock market crash of 1929 and 1987 and financial crisis of 2007-2008.

History, economics, politics, and business can come together in stories.  In 1933, President Franklin Roosevelt needed to rebuild confidence in banking and Congress passed the Emergency Banking Act.  It allowed twelve Federal Reserve Banks to issue additional currency.  Later, the 1933 Banking Act formed the Federal Deposit Insurance Corporation (FDIC).

If you want to bring the concepts alive, consider visiting a money museum.  Please note you'll need to pass security and show government-issue photo id for such government run money museums.  We took the kids to the Federal Reserve Bank of Kansas City The Money Museum (1 Memorial Drive, open 9:30-4PM).  When you enter, you'll see the Harry S. Truman Coin Collection containing over 500 historic coins.  The exhibit includes a $40 million wall with $40 million stacked up.  See a gold bar worth nearly $500K (depends on the timing).  Kids also learn about counterfeit at an exhibit explaining security features designed in currency.  At the end, the employees gave each kid a small bag of shredded cash.  That may have created the most excitement.

Here's five more free entrance places to learn about the economy and banking:

1. Federal Reserve Bank of New York, New York, NY (44 Maiden Lane), M-F 1 & 2PM one hour tours, limited space for public tours and registration opens 30 days prior to requested date, no strollers, no late entrance, security screening first 

2. Atlanta Money Museum, Atlanta, GA (1000 Peachtree Street NE), M-F 9AM-4PM self-guided tours, M-F guided tours at 9:30 AM, 11AM, and 1PM, vie of the banks' automated vault and cash processing area, see robotic transportation, see where dollars are counted, sorted, and shredded daily

3.  Chicago Fed's Money Museum, Chicago, IL (Federal Reserve Bank on 230 South LaSalle St), M-F 8:30-5PM, 45 minute self guided tour, 30 minute guided tour M-F 1PM

4.  Detroit Branch Visitors Center, Detroit, MI (1600 East Warren Avenue), M-Thur. 9AM-4PM, one hour tours

5.  The Denver Money Museum, Denver, CO, (1020 16th St), free, kids can use crayons to design currency, learn the history of the Federal Reserve

Thinking Global in the USA #2: 7 US Cities to Celebrate Chinese New Year

Chinese New Year has been celebrated for more than four thousand years.  It's a two week festival marking the end of winter and beginning of spring.  Over a billion people around the world celebrate Chinese New Year.  For a fun geography lesson, mix holidays and locations;  challenge your kids to find 7 countries/territories in Asia that celebrate the Chinese New Year:  1) China, 2) Hong Kong, 3) Philippines, 4) Malaysia, 5) Indonesia, 6) Thailand, 7) Singapore.

Festivities at Chinese New Year; Evansville, IN

Before the event, practice a few of the traditions: 
1) Clean the house, sweeping out the ill fortune, making space for good luck
2) Decorate the house, place tangerines and oranges on display as a sign of luck and wealth
3) Give kids money in a red envelope, symbolizing happiness, good luck, and wealth

Ribbons and Beautiful Costumes; Evansville, IN

You don't need to travel to China for your family to enjoy the Chinese New Year celebration.  Chinese make up the 3rd largest immigration group in the US and they welcome you to celebrate Chinese New Year, also known as the Spring Festival or Lunar New Year. 
It occurs on the last day of the month of the Chinese calendar (Feb. this year).

Dragon in Evansville, IN; Photo by Krenda

A friend of mine at work asked if my family would like to attend Chinese New Year at St. Paul's Lutheran Church in Evansville, IN.  My friend and his wife planned to perform a duet.  Of course I replied "Yes!"  We enjoyed the traditional dragon dance (photo above), violin and yo-yo performances, dances, costume show, and delicious dinner.  Dragons are a powerful symbol in China and believed to bring good luck.

Chinatown in Chicago

Dragon at parade

 When we moved to Chicago, of course I wanted to visit Chinatown.  I coordinated the timing to occur on the New Year's parade.  If you go, go early.  Parking proved more difficult than we anticipated.  After a brisk walk in the cool weather, we arrived and listened to government officials introduce the events.  The streets were crowded, making it difficult for the kids to see everything.  Glad the dragon bobs and weaves above and floats had scale and height.  The restaurants also had crowds and waiting lines.  Just another excuse for us to return on another day.


Look for parades and events in your town.  Here's 7 US cities offering festival events:

Float in Chicago parade

1.  Kansas City - $20 tickets include speech competition, cultural fair, piano and violin recital
2.  Chicago, IL - 2 parade - Argyle and Chinatown, concert at Symphony Center
3.  Philadelphia, PA - midnight lion dance at 11PM and parade at 11AM

Chinatown in Chicago

4.  New York, NY - parade in Chinatown and martial arts demonstrations
5.  Butte, Montana - parade and 10,000 fireworks
6.  San Francisco, CA - Lunar New Year parade and Miss Chinatown USA crowning
7.  Seattle, Washington - parade, costume content, Hawaiian dances, Japanese taiko drumming